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Alternative Loans

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:

  1. Repayment Options
  2. Interest Rates (Fixed v. Variable)
  3. Other Eligibility Requirements (i.e. academic progress, minimum enrollment, etc.)

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.

Catholic Federal Credit Union

To obtain loan information on Catholic Federal Credit Union, please visit http://www.cathfcu.com

Charter One TruFit Student Loan

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:
Undergraduate: 6 credits
Graduate: 5 credits

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

 

Credit Union Student Choice

To obtain loan information on Credit Union Student Choice, please visit http://www.studentchoice.org/

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Chase Select Loans 

*Chase is no longer offering Private student Loans*

 

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

 

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CitiAssist Loans

 

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

 

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Citizens Bank Wealth Management Student Loan Program  

 

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
-2.0 cumulative GPA
-Demonstrate financial need (liberal)
-Between 15 and 30 years old
-Must attend an accredited college
-Must maintain full time status
-Cannot be related to a current
Citizens Bank employee

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

  

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Discover Private Educational Loan

 

Lender: Discover Bank
Borrower: Student (cosigner required)
Interest Rate: www.discoverstudentloans.com
Interest Rate Change: Quarterly
Minimum Enrollment Status:

Half-Time:
Undergraduate: 6 credits
Graduate: 5 credits

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
Graduate: 20 years

Web Address: www.discoverstudentloans.com
Telephone Number: 1.877.728.3030

 

Fifth Third Bank SMART Option Student Loan

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:

http://web.53educationlending.com/smart-option.asp

Telephone Number: 1.800.222.7192

 

Genysis Credit Union

Genisys Credit Union is no longer accepting no student loan applications     www.genisyscu.org 

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Lake Trust Credit Union

To obtain loan information on Lake Trust Credit Union, please visit www.laketrust.org 

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Lend Key Technologies

To obtain loan information on Lend Key Technologies, please visit http://www.custudentloans.org/

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Northwest Federal Credit Union

To obtain loan information on Northwest Federal Credit Union, please visit www.nwfcu.org

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Saginaw Medical Federal Credit Union

To obtain loan information on Saginaw Medical Federal Credit Union, please visit www.smfcu.com

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Sallie Mae Smart Option Student Loan

Available for classes that begin on or after June 1, 2009

Lender: SallieMae
Borrower: Student
Interest Rate:

https://www.salliemae.com

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:

https://www.salliemae.com
Sallie Mae Smart Option Student Loan is also available with these lenders:
Fifth Third Bank
Regions Bank

Telephone Number: 1.888.272.5543

 

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SunTrust Bank

 

Lender: SunTrust Bank
Borrower: Student
Interest Rate:  http://www.suntrusteducation.com/custom choice.asp
Interest Rate Change:

Choice of:

 

Minimum Enrollment Status:

Half-Time:
Undergraduate: 6 credits
Graduate: 4 credits

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:
  • No origination fees for borrowers who elect the variable interest rate product
  • No origination fees for borrowers who elect the fixed interest rate and Immediate Repayment option
  • 1-6% for borrowers who elect fixed interest rate and the Interest Only Repayment, Partial Interest Repayment (Student Starter) or the Fully Deferred Repayment options
Start of Repayment Term:

You choose! Borrowers may be offered the following options:

  • Immediate Repayment
  • Interest Only
  • Student Starter $25/month partial interest payments while in school (minimum $5,000)
  • Full Deferment
Repayment Period:

You choose! Borrowers are offered the following options:

  • 5 year
  • 10 year
  • 15 year (minimum $5,000)
  • 20 year (minimum $5,000)
Web Address: http://customchoice.suntrusteducation.com/applynow.html
Telephone Number: 1.866.232.3889

 

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Union Federal Private Student Loan

 

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:

www.ufpsl.com

 

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Wells Fargo Collegiate Loan

 

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:

www.wellsfargo.com/student

Telephone Number: 1.877.451.5039

 

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