Federal School Code : 002314
If your SVSU Cost of Attendance is not met with scholarships, grants, federal loans or other aid, you may want to consider an alternative loan (also known as a private educational loan). Each loan may have different interest rates, repayment plans, and eligibility requirements. You should explore the options to find the loan that works best for you. These alternative loans do have certain credit, debt to income ratio, and/or employment requirements. A co-signer may be necessary.
Students should always consider Federal Stafford Loan options first.
Some important items to consider when deciding which loan works best for you:
Listed below are some sources of alternative loans. This information is not a comprehensive listing of educational loans, nor does it constitute any endorsement by the University for any lender. It is designed simply to help you learn about many of the loan options and assist you to begin that process of securing an appropriate loan. We also encourage you to seek other alternative loan options, including your local or family financial institution or even the yellow pages of your telephone book.
For up to date information on each individual lender, please visit the lender site. This information is reviewed throughout the year, but is subject to change at any time. View the lender websites for specific information about future options for release cosigner and for interest rate reduction opportunities for timely payments or auto-deduction of payments from your banking institution.
To obtain loan information on Catholic Federal Credit Union, please visit http://www.cathfcu.com
Available beginning July 1, 2009
| Lender: | Charter One Bank |
| Borrower: | Student |
| Interest Rate: | www.charterone.com/trufitstudentloan |
| Interest Rate Change: | Monthly |
| Minimum Enrollment Status: |
Half-Time: |
| Degree Seeking Program Required? | Yes |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | No, but must have a U.S. citizen cosigner |
| Minimum Loan Amount: | $1000 |
| Yearly Loan Limits: | Cost of Attendance minus Financial Aid |
| Aggregate Loan Limits: |
Aggregate limits include both federal and private loans: Undergraduate: $120,000, Graduate: $150,000, Business and Law: $175,000, Medical: $225,000 |
| Loan Fees: | None |
| Start of Repayment Term: | Three options: Immediate, Interest Only, or Deferred (6 months after graduation, withdraw, or falling below half-time) |
| Repayment Period: |
Up to 15 years |
| Web Address: | www.charterone.com/trufitstudentloan |
| Telephone Number: | 1.800.721.3969 |
To obtain loan information on Credit Union Student Choice, please visit http://www.studentchoice.org/
| Lender: | JP Morgan Chase Bank, NA |
| Borrower: | Student |
| Interest Rate: | www.chaseselectloans.com |
| Interest Rate Change: | Quarterly |
| Minimum Enrollment Status: |
None |
| Degree Seeking Program Required? | Yes |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | No, but must have a U.S. citizen cosigner |
| Minimum Loan Amount: | $1001 |
| Yearly Loan Limits: | Cost of Attendance minus Financial Aid |
| Aggregate Loan Limits: | Undergraduate: $120,000 Graduate: $180,000 |
| Loan Fees: | None for qualified borrowers |
| Start of Repayment Term: | Option for 6 months after graduation, withdraw, or falling below half-time |
| Repayment Period: | Up to 25 years |
| Web Address: | www.chaseselectloans.com |
| Telephone Number: | 1.866.306.0868 |
| Lender: | CitiBank |
| Borrower: | Student |
| Interest Rate: | www.studentloan.com |
| Interest Rate Change: | Quarterly |
| Minimum Enrollment Status: |
None |
| Degree Seeking Program Required? | No |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | No, but must have a U.S. citizen cosigner |
| Minimum Loan Amount: | $1000 (first loan only) |
| Yearly Loan Limits: | Cost of Attendance minus Financial Aid |
| Aggregate Loan Limits: | Undergraduate: $120,000 Graduate: $150,000 |
| Loan Fees: | None |
| Start of Repayment Term: | 6 months after graduation, withdraw, or falling below half-time |
| Repayment Period: | 20 years plus any years of deferment or forbearance |
| Web Address: | www.studentloan.com |
| Telephone Number: | 1.800.692.8200 |
| Lender: |
Citizens Bank Wealth Management Student Loan Program |
| Borrower: | Student |
| For Students: | In Saginaw County |
| Interest Rates: |
3% while attending college 5% after graduation or if student falls below full time status |
| Basic Requirements: |
-Saginaw County Resident |
| Maximum amount per academic year per approved applicant: | $3000.00 at SVSU |
| Loan is for tuition and books: |
Checks are made payable to student and school (NO exceptions) |
| Enrollment Period: |
March 1, 2012 through June 1, 2012 |
| Applicant must submit: |
-An essay (one page brief story of influences and interests) and -Current transcript with application |
| Questions: |
Contact Amy at (989) 776-7294 or amy.jones@citizensbanking.com |
| Lender: | Discover Bank |
| Borrower: | Student (cosigner required) |
| Interest Rate: | www.discoverstudentloans.com |
| Interest Rate Change: | Quarterly |
| Minimum Enrollment Status: |
Half-Time: |
| Degree Seeking Program Required? | Yes |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | Yes, must be a U.S. citizen or permanent resident |
| Minimum Loan Amount: | None |
| Yearly Loan Limits: | Cost of Attendance minus Financial Aid |
| Aggregate Loan Limits: | None specified, always Cost of Attendance minus Financial Aid |
| Loan Fees: | None |
| Start of Repayment Term: | 6 months after graduation, withdraw, or falling below half-time |
| Repayment Period: |
Undergraduate: 15 years |
| Web Address: | www.discoverstudentloans.com |
| Telephone Number: | 1.877.728.3030 |
Available for classes that begin on or after June 1, 2009
| Lender: | Fifth Third Bank |
| Borrower: | Student |
| Interest Rate: | http://web.53educationlending.com/smart-option.asp |
| Interest Rate Change: | LIBOR |
| Minimum Enrollment Status: |
None |
| Degree Seeking Program Required? | No |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | No, but must have a U.S. citizen cosigner |
| Minimum Loan Amount: | $1000 |
| Yearly Loan Limits: | Cost of Attendance minus Financial Aid |
| Aggregate Loan Limits: | $250,000 |
| Loan Fees: | None |
| Start of Repayment Term: |
Three options: Interest Only, $25 minimum payment or Deferred (6 months after graduation or withdrawal) |
| Repayment Period: | 5-15 years based on loan balance and year in school |
| Web Address: | |
| Telephone Number: | 1.800.222.7192 |
To obtain loan information on Genysis Credit Union, please visit www.genisyscu.org
To obtain loan information on Lake Trust Credit Union, please visit www.laketrust.org
To obtain loan information on Lend Key Technologies, please visit http://www.custudentloans.org/
To obtain loan information on Northwest Federal Credit Union, please visit www.nwfcu.org
To obtain loan information on Saginaw Medical Federal Credit Union, please visit www.smfcu.com
Available for classes that begin on or after June 1, 2009
| Lender: | SallieMae |
| Borrower: | Student |
| Interest Rate: | www.salliemae.com/smartoption |
| Interest Rate Change: | LIBOR |
| Minimum Enrollment Status: |
None |
| Degree Seeking Program Required? | No |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | No, but must have a U.S. citizen cosigner |
| Minimum Loan Amount: | $1000 |
| Yearly Loan Limits: | Cost of Attendance minus Financial Aid |
| Aggregate Loan Limits: | $250,000 |
| Loan Fees: | None |
| Start of Repayment Term: |
Three options: Interest Only, $25 minimum payment or Deferred (6 months after graduation or withdrawal) |
| Repayment Period: | 5-15 years based on loan balance and year in school |
| Web Address: |
www.salliemae.com/smartoption |
| Telephone Number: | 1.888.272.5543 |
| Lender: | SunTrust Bank |
| Borrower: | Student |
| Interest Rate: | http://www.suntrusteducation.com/custom choice.asp |
| Interest Rate Change: |
Choice of:
|
| Minimum Enrollment Status: |
Half-Time: |
| Degree Seeking Program Required? | Yes |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | Yes |
| Minimum Loan Amount: | $1001 |
| Yearly Loan Limits: |
Cost of Attendance minus Financial Aid or $65,000, whichever is less |
| Aggregate Loan Limits: | $150,000 (includes both federal and private loans) |
| Loan Fees: |
|
| Start of Repayment Term: |
You choose! Borrowers may be offered the following options:
|
| Repayment Period: |
You choose! Borrowers are offered the following options:
|
| Web Address: | http://customchoice.suntrusteducation.com/applynow.html |
| Telephone Number: | 1.866.232.3889 |
| Lender: |
Union Federal Savings Bank www.ufpsl.com |
| Borrowers: |
Customer Service: (866) 513-8445 Monday-Friday: 9:00am-8:00pm ET www.ufpsl.com
Servicer: AES Success www.aessuccess.org Monday-Friday: 7:30am-9:00pm ET (800) 233-0557 |
| Interest Rate: |
1M LIBOR +2.60% to 1M LIBOR + 8.99%¹ Quarterly LIBOR: average of the 1M Libor for the 3 Calender Months immediately preceding the quarterly change date |
| Eligibility: |
• Enrolled at least 1/2 time in a degree-granting program •U.S. Citizen or Permanent Resident • International Student with U.S. Cosigner • 24 months of continuous postive income (verification required) |
| Loan Amounts Required |
• Minimum: $2,000 • Annual: CLA or $65,000 (whichever is less) • Aggregate: $150,000 inclusive of all education debt |
| Borrower Benefits |
•0.25% rate reduction after 36 on time payments •0.25% rate reduction with ACH payments •Cosigner Release after 36 consecutive payments •No origination fee •Student loan protection in case of death •Past-Due Balance Option |
| Repayment Options: |
•Full Deferment •Immediate Repayment •Interest Only Repayment •Partial Interest (Student Starter $25 monthly payment while in school) |
| Repayment Terms |
•5 year •10 year •15 year (only available for loans of $5,000 or more) |
| Web Address |
|
| Lender: |
| Lender: | Wells Fargo |
| Borrower: | Student |
| Interest Rate: | http://wfefs.wellsfargo.com/jump/rates.html |
| Interest Rate Change: | Prime |
| Minimum Enrollment Status: |
None |
| Degree Seeking Program Required? | Yes |
| Satisfactory Academic Progress Required? | No |
| U.S. Citizenship Requirement: | No, but must have a U.S. citizen cosigner |
| Minimum Loan Amount: | $1000 ($500 for repeat borrowers) |
| Yearly Loan Limits: | Cost of Attendance minus Financial Aid |
| Aggregate Loan Limits: | $120,000 |
| Loan Fees: | None |
| Start of Repayment Term: |
Repayment begins 6 months after graduation or withdraw |
| Repayment Period: | 15 years |
| Web Address: | |
| Telephone Number: | 1.800.658.3567 |
