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include ("header-loans.html"); ?>include ("nav-loans.html"); ?> | Additional Lenders Who Offer Private Loans to Graduate Students
Access Group
Loan Limits: All Access Group loans have a minimum loan
amount of $500. Loan maximums vary by program, and are generally
limited to the cost of attendance less other aid received, though
there may be other limits depending on enrollment status and
school. Maximums include all outstanding undergraduate and graduate
educational debt. The aggregate limits are $120,000 for Graduate
Access and Business Access, $130,000 for Law Access (including Bar
Examination Loan), $195,000 for Medical Access (including the Medical
Residency Loan) and Dental Access (including the Dental
Residency/Board Examination Loan).
Interest Rates: Interest may be deferred while the borrower
is in school. Deferred interest is capitalized once, at
repayment. Interest rates vary quarterly, and are based on the 91-day
T-bill rate plus a spread. The spreads are 2.5% for Medical Access,
2.75% for Dental Access, 2.9% for Law Access, 3.0% for Business
Access, and 3.4% for Graduate Access.
Loan Fees: The guarantee fee for Access Group private loans
is 6.0% at disbursement for all borrowers. A supplemental guarantee
fee is added to the principal balance immediately prior to
repayment. This fee is significantly determined by the borrower's past
credit behavior and ranges from 1.5% to 6.9%. (For any loan for which
a cosigner is required, the supplemental guarantee fee is 6.9%.)
Repayment: Repayment begins 9 months after graduation or when
enrollment status drops below half-time. Borrowers may take up to 20
years to repay the loan. The minimum monthly payment is $50. There is
no penalty for prepayment.
To apply for a loan, or for more information on any Access Group
product or service, call the Access Loan Line at 1-800-282-1550
weekdays 9-8 ET. Use the new online loan application or place an order
for a paper application using the materials order form. You can also
fax 1-302-477-4080, write to the Access Group, 1411 Foulk Road, Box
7430, Wilmington, DE 19803-0430, or send email to general@accessgroup.org.
College Funding Company
For more information, call 1-800-745-6646, send email to loaninfo@nebfef.com, or use the
contact form on their website.
Citibank Student
Loans
All of the loans have a minimum loan amount of $500. Annual maximums
are $15,000 for the GradAssist and MBAAssist loans, $20,000 for the
MedicalAssist Loan, and $8,500 for the EngAssist and Nursing
loans. Cumulative maximum limits include the Citibank loans and are
$100,000 for the GradAssist and MBAAssist loans, $135,000 for the
MedicalAssist Loan, and $80,000 for the EngAssist and Nursing
loans.
Interest may be deferred while the borrower is in school. Deferred
interest is capitalized once, at repayment. Interest rates are based
on 91-day T-bill rates plus a spread. The rates for the GradAssist
Loan are T-bill plus 4.00% before repayment and T-bill plus 4.50%
during repayment. The rates for the MBAAssist loan are T-bill plus
3.40% and T-bill plus 4.25%. The rates for the MedicalAssist loans are
T-bill plus 2.60% and T-bill plus 2.85%. The rates for the EngAssist
loan are T-bill plus 3.25% and T-bill plus 3.50%. The rates for the
Nursing loan are T-bill plus 3.50% and T-bill plus 4.00%.
The guarantee fee is 6.00% at disbursement if the loan is borrowed
with a cosigner, 9.00% if there is no cosigner. The guarantee fee for
MBAAssist and MedicalAssist Loans is 8.50%.
Repayment for all loans begins 6 months after graduation or when
enrollment status drops below half-time. You have up to 15 years to
repay the loan, 20 years for MedicalAssist loans. MedicalAssist
borrowers may request a second deferment for residency and internship,
and have the option of paying three years interest-only upon enterring
repayment. The minimum monthly payment is $50. There is no penalty for
prepayment.
Fluctuations in interest rate are reflected in the length of the
repayment term, not in the monthly payment amount, unless an increase
in monthly amount is needed to keep the payment period within the
program maximum. Citibank offers three repayment options:
Educap Inc.
The P.L.A.T.O. student loan
program, which lets you borrow from $1,500 up to $25,000 a year
with a $100,000 cumulative borrowing limit. The loan can be used to
pay educational expenses incurred during the previous year in addition
to expenses from the current year. Up to $5,000 can be borrowed for
purchasing a personal computer. The loan has a repayment term of up to
15 years with no prepayment penalty. If the student does not earn
$15,000 per year, a co-signer will be required. Students have the
option of deferring payments of principal for up to five years or
graduation, whichever comes first. The interest rate is the Prime rate
plus a 1.90% spread during the in-school period and the Prime rate
plus a 2.90% spread during repayment. There is an 8% origination
fee. US citizenship or permanent residency is required. A good credit
history is also required. They also offer an introductory rate of 7.9%
with a 7% origination fee.
The Merlin loan
consolidation program, which lowers monthly loan payments by as
much as 45% by using a 20 year repayment period. You can consolidate
between $5,000 and $100,000 in loans, and you can borrow up to an
additional $25,000 in student loans. There is no prepayment
penalty. US citizenship or permanent residency required. The Merlin
Consolidation Loan program can be used to consolidate all
education-related debt to include both private and US federal loans
and credit card debt. There is a 5% origination fee and the interest
rate is the Commercial Paper Rate plus 6.0%.
The P.L.A.T.O. Junior Education
Loan, which is similar in structure and requirements to the
P.L.A.T.O. loan, but is aimed at families with students in private
schools grades K-12. The main difference is an interest rate of prime
plus 3.7% and a 6% origination fee.
For more information, call 1-800-230-4080, write to Complete Source
for Financing Education, 205 Van Buren Street, Suite 200, Herndon, VA
22070, or send email to <ussinfo@aol.com.
Education Funding Services, Inc. (EFS)
The Chiroloan program lets the student borrow from $1,000 to $8,000
annually. The OpLoan and VLoan programs let the student borrow from
$1,500 to $20,000 annually. The Canadian Chiroloan programs let the
student borrow from US$1,000 to US$10,000 annually.
The Chiroloan, OpLoan, and VLoan programs have a variable interest
rate based on the 91-day T-Bill rate plus 2.5% during the in-school
period and the 91-day T-Bill rate plus 2.9% during repayment. The
Canadian Chiroloan program has a variable interest rate of Prime plus
1.5% during in-school and deferment periods, and Prime plus 2% during
repayment.
The term of all four loan programs is up to 20 years, with a $50
minimum monthly payment. Except for the Chiroloan program, which has
an in-school deferment period of 5 consecutive years, all of the
programs have an in-school deferment period of 4 consecutive years,
with interest capitalized at graduation. Repayment begins 12 months
after graduation or withdrawal from school. All loans have
interest-only and interest and principal payment options for the
in-school period.
The Chiroloan has a $10 application fee and a 10% guarantee fee (6%
with cosigner). The Canadian Chiroloan program has a $10 application
fee and an 11% guarantee fee. The VLoan and OpLoan have no application
fees, but a guarantee fee of 6% at disbursement and 1% at
repayment. For schools with high default rates, the guarantee fees are
7% and 2%, respectively.
For more information about these programs and a list of participating
schools, contact EFS at 1-800-252-2041.
International Health Education Loan Program (IHELP)
The IHELP program lets students borrow from $1,500 to $15,000 per
year, with an aggregate limit of $75,000. The interest rate is the
91-day T-Bill rate plus 3.5% during the in-school and repayment
periods. There is a 10.5% guarantee fee.
Repayment begins 12 months after graduation. There is a 4-year
deferment period for medical students and a 1-year deferment period
for veterinary students during residency. The term of the loan is up
to 20 years, with a $50 minimum monthly payment.
This loan program is administered by International Education Finance
Company (IEFC), division of Education Funding Services,
Inc. (EFS). IHELP federal loans are guaranteed by USA Funds and IHELP
alternative loans by TERI.
For more information, call 1-800-255-TERI (1-800-255-8374), write to
The Education Resources Institute (TERI), 330 Stuart Street, Suite
500, Boston, MA 02116-5237, or send email to custserv@teri.org. Customer
service is x4210, school relations is x4262, lender relations is
x4218, claims and collections is x4270, and loan origination is x4287
(fax 1-617-695-3637). Financial aid administrators should call
1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800.
Key
Education Resources
Alternative
DEAL(DEAL = Dental Education Assistance Loan), a private loan for
students pursuing dental or post-doctoral dental degrees. Repayment
may be deferred during school and a 24-month grace period by
capitalizing the interest, and the borrower may choose an optional
interest-only repayment for the first three years.
MedAchiever,
a private loan for full-time students pursuing allopathic or
osteopathic medical degrees. Repayment may be deferred during school
and a 48 month grace residency/intership period by capitalizing the
interest, and the borrower may choose an optional interest-only
repayment for the first three years.
GradAchiever<,
a private loan for full-time graduate students in most fields of
study. Repayment may be deferred during school and for a 9 month grace
period after graduation by capitalizing the interest.
MBAchiever,
a private loan program for full time graduate business
students. Repayment may be deferred during school and for a 9 month
grace period after graduation by capitalizing the interest.
LawAchiever, a private loan program for any student attending an
ABA-approved law school at least half-time pursuing a J.D., J.S.D.,
LL.M., or joint degree program.
There is an aggregate loan limit of $130,000. The interest rate is the
91-day T-Bill rate plus 3.25% during the in-school and grace period,
and the 91-day T-Bill rate plus 2.50% to 3.25% during repayment
depending on the borrower's choice of payment plans. There are loan
fees of 6% at disbursement and up to 3% at repayment. All loan
payments are deferred during the in-school period and for 9 months
after graduation. There is no penalty for prepayment. Each month the
borrower may choose a payment tied to a 10, 15, or 25 year repayment
schedule, with shorter repayment periods having a lower interest
rate. (The 10, 15, and 25 year interest rates are the 91 day T-Bill
rate plus 2.50%, 2.90%, and 3.25%, respectively.) The Select/2
Repayment Option allows students to make interest-only payments for
the first two years, followed by principal and interest payments for
the balance of the loan term. Students who have their monthly payment
automatically debited from their checking or savings account are
eligible for an additional 0.25% reduction in the interest rate. Key
Education Resources is the largest educational lender to law schools.
The annual loan limit for these loans is the cost of education less
other financial aid received ($7,500 for LawAchiever BarLoan). For
more information, call 1-800-KEY-LEND or send email to Key Education
Resources at EducationRes@KeyBank.com.
International Student Loan
Program (ISLP)
Graduate students may borrow up to the full cost of education,
including tuition, fees, and room and board, subject to a $15,000
maximum. The minimum loan amount is $1,000 per academic year for US
students, $2,000 per academic year for international
students. Students may take up to 25 years to repay the loan (20 years
for Canadian students). There is a $50 minimum payment and some
deferment provisions.
The interest rate is variable, and is pegged to the prime lending
rate. There are different interest rates and fees depending on whether
the student is engaged in a study abroad program or is actually
enrolled at a foreign institution. For study abroad programs the
interest rate is the prime rate and there is a 9% guarantee fee. For
graduate students enrolled in a foreign school the interest rate is
the prime rate plus 0.25%, and there is a 10% guarantee fee and a 0.5%
origination fee. For Canadian students the interest rate is the prime
rate plus 1.5%, and there is a 7% guarantee fee with co-signer or a 9%
guarantee fee at disbursement and a 2% guarantee fee at repayment
without a co-signer. For international students the interest rate is
the prime rate and there is a 6% guarantee fee.
For more information, call 1-617-696-7840, fax 1-617-698-3001, write
to Joe Cronin, VP/IEFC, 424 Adams Street, Milton, MA 02186, or send
email to iefc@aol.com.
Massachusetts Educational Financing
Authority (MEFA)
MEFA is able to offer one of the lowest interest rates on their loans
because they are non-profit and exempt for federal and state
tax. Students can borrow up to the full cost of education. These loans
have a term of up to 15 years and there is no penalty for
prepayment. Payments may be deferred while the student is in school
for a maximum of three years. The interest can be made tax-deductible
through their Home Equity Option.
For more information about MassPlan, GEL, or U.Plan, call
1-800-449-MEFA (6332) or 1-617-261-9760. For more information about
PRISM, call 1-800-842-1531 or 1-617-261-9760, or fax
1-617-261-9765. You can also write to MEFA, 125 Summer Street, Boston,
MA 02110.
MedFunds
The MedFunds Alternative Gradute Loan is offered for graduate students
in Allopathic, Dentistry, Pharmacy, Podiatry, Physical Therapy, Public
Health, Occupational Therapy, Optometry, Osteopathy, Veterinary,
Nursing, Nutrition, and Physician's Assistant disciplines. The
eligibility requirements include a credit check and the debt-to-income
ratio for all applicants as a group must not exceed 40% after
including the loan. Debt includes a percentage of credit lines on
credit cards, regardless of the current balance. The loans are
restricted to US citizens, nationals, and permanent residents, and the
student must also have applied for a MedFunds Stafford Loan. Students
may borrow from $1,000 up to the cost of education or $20,000,
whichever is less, with a cumulative maximum of $80,000. There is an
aggregate education debt limit of $152,500 with the Medfunds
Option. (The MedFunds Option allows students to borrow an additional
$10,000 during the final year of graduate studies to cover internship
and residency interviewing and relocation costs.) Repayment begins 9
months after graduation or when the student's enrollment status drops
below half-time. An additional deferment of up to four years is
available for residency and internship. Interest is capitalized once,
at repayment. The interest rate is based on the 91 day T-bill rate
plus a spread. The spread is 2.4% before repayment and 2.7% during
repayment. The guarantee fee is 6.00% at origination, plus an
additional 3% at repayment if there is no cosigner. The term of the
loan is up to 20 years, and there is no penalty for prepayment.
For more information, call 1-800-665-1016, fax 1-216-231-0453, write
to MedFunds, 10515 Carnegie Avenue, Cleveland, OH 44160, or send email
to ccorr@ocpm.edu. Servicing
questions should be directed to SLSC at 1-800-233-0557.
Mohela
They offer the CASH LOAN private loan program as a supplement to FFELP
and FDSLP loans for graduate students. These loans include the
MedCash, LawCash, BarCash, MBACash, and GradCash loan programs. US
citizenship is required.
Under the MedCash program, medical school students can borrow up to
$20,000 per year, with an aggregate maximum of $80,000 and a total
educational debt limit of $128,500 (including MedCash loans). The
interest rate is the 91-day T-Bill rate plus a spread of 2.50% while
the student is still in school and 2.85% during repayment. There is a
5% guarantee fee, and an additional 2% guarantee fee is added when the
student enters repayment. Repayment begins 36 months after graduation
or 9 months after the student withdraws to less than half-time
enrollment without graduating. No payments are required while the
student is in school, and the term of the loan is up to 20 years.
Under the LawCash program, law students can borrow up to $15,000 per
year, with an aggregate maximum of $45,000 and a total educational
debt limit of $90,000 (including LawCash loans). The interest rate is
the 91-day T-Bill rate plus a spread of 3.25% while the student is
still in school and 3.40% during repayment. There is an 8% guarantee
fee at disbursement, and an additional 2% guarantee fee when the
student enters repayment. Repayment begins 9 months after the student
either graduates or withdraws. No payments are required while the
student is in school, and the term of the loan is up to 15 years.
For more information call 1-800-6-MOHELA (1-800-666-4352) or
1-314-469-0600, TDD/TT 1-314-469-6390, fax 1-314-469-4561, or write to
Mohela, 14528 South Outer Forty Road, Suite 300, Chesterfield, MO
63017.
Nellie Mae LOAN LINK
The Nellie Mae EXCEL Education Loan Program lets parents and spouses
borrow from $2,000 up to the cost of attendance less other financial
aid received each year. Repayment options include paying interest only
while the student is in school or making monthly payments of principal
and interest while the student is in school. You can take up to 20
years to repay the loan depending on the amount borrowed (15 years for
a $10,000 loan).
The GradEXCEL, LawEXCEL, MBA-EXCEL, and MedDent-EXCEL Education Loan
Programs lets graduate and professional students borrow from $2,000 to
$10,000 a year (up to $12,000 for law students) on their own, or up to
the cost of attendance with a cosigner. Medical and Dental students
have the option to borrow an additional $5,000 in the final year of
medical or dental school for use during residency interviews or
relocation expenses. Repayment options include defering principal and
interest until six months after leaving school (MedDent-EXCEL
borrowers can continue to defer principal during residency or
internship, but must pay interest), making monthly payments of
interest only while the student is in school, or making monthly
payments of principal and interest while the student is in school. You
can take up to 20 years to repay the loan depending on the amount
borrowed.
Interest rates are the same for all loans and are pegged to the Prime
rate. You can choose either a monthly variable rate of Prime plus 0.5%
during the first year and Prime plus 1.0% during subsequent years, or
a one-year renewable rate of Prime plus 2-3%.
There are no origination fees. EXCEL Loans have a 7% guarantee
fee. With a cosigner, the GradEXCEL, LawEXCEL, MBA-EXCEL, and
MedDent-EXCEL loans have a 7% guarantee fee. Without a cosigner, the
guarantee fees are 9% for MBA and medical students and 10% for
graduate, law, and dental students.
You can request an application through their online
form. For more information, call 1-800-9-TUITION (1-800-988-4846),
1-800-634-9308, or 1-617-849-3447, fax 1-617-849-6006, write to Nellie
Mae, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184, or send
email to info@nelliemae.org.
Sallie Mae
The private loan programs include:
All loans have let you borrow a minimum of $1,000 ($500 for continuing
borrowers). Each program has a different maximum loan amount. The
LAWLOANS maximum is $60,000 without a cosigner, $100,000 with a
cosigner. The Bar Study Loan lets you borrow up to $7,500. The
MEDLOANS lets you borrow up to $20,000 per year. The MEDEX loan lets
you borrow up to $7,000. In addition, the LAWLOANS has an aggregate
maximum for all educational loans of $102,500 without a cosigner,
$150,000 with a cosigner. For MEDLOANS the aggregate maximum is
$142,500.
The interest rates are based on the 91-day T-bill rates, plus a
spread, and vary quarterly. For LAWLOANS the interest rate for FFELP
borrowers is T-bill plus 3.25% during the in-school period and for
FDSLP it is T-bill plus 3.50%. During repayment the rate for both is
T-bill plus 3.50%. For MEDLOANS it is T-bill plus 2.5% during the
in-school period, and T-bill plus 2.85% during repayment. For MBALOANS
the rate for FFELP borrowers is T-bill plus 3.25% during the in-school
period, T-bill plus 3.40% during repayment, and T-bill plus 3.50% for
FDSLP borrowers. Interest is capitalized at the beginning of
repayment, except for MEDLOANS where the interest is capitalized upon
leaving medical school and annually until repayment begins.
Loan fees for LAWLOANS are 7.5% at disbursement, plus an additional
4.25% at repayment if there is no cosigner. Loan fees for MEDLOANS are
7% at disbursement, plus 2% of principal and accrued interest at the
beginning of repayment. The MEDEX loan has an additional origination
fee of 1.5%. Loan fees for MBALOANS are 7.5% at disbursement, plus an
additional 2.5% at repayment if there is no cosigner.
The minimum payment for all loans is $50. The loan term for LAWLOANS
is up to 15 years and begins following a 9 month grace period after
leaving school or 4 years after disbursement, whichever comes
first. The loan term for MEDLOANS is up to 20 years, and begins 3-4
years after graduation (depending on length of the residency program)
or 9 months after withdrawal. MEDLOANS offers a repayment option of 3
years of interest-only payments and 17 years of interest and principal
payments. The loan term for MBALOANS is 12-15 years, depending on the
loan balance, and begins 6 months after leaving school or 3 years
after disbursement, whichever comes first. The MBALOANS offers level
or graduated repayment options.
Borrowers of these private loans get access to Sallie Mae discounts,
including a 0.25% interest rate reduction for authorizing an automatic
monthly deduction of the education loan payments from your check or
savings account (Direct Repay) and a 0.5% interest rate reduction for
Law Student or Bar Study loan borrowers who make their first 48
scheduled monthly payments on time (Law Rewards).
Call 1-800-239-4211 to request copies of Sallie Mae brochures or to
talk to a College Answer[sm] representative. Customer service
telephone numbers are 1-800-366-5626 for the LAWLOANS, 1-800-858-5050
for MEDLOANS, and 1-800-366-6227 for MBALOANS.
TERI Alternative Loan
Program
Repayment begins 45 days after disbursement. There is an alternate
deferred repayment option in which payments are interest-only while
the student is in school (for up to four consecutive years), with
repayment of interest and principal beginning 45 days after graduation
or withdrawal from school. There is a $50 minimum payment. The term of
the loan is for up to 25 years, depending on the amount borrowed, and
there is no penalty for prepayment.
There is a 5% guarantee fee. The interest rate depends on the lender,
and is variable, ranging from a low of Prime plus 0% (Bank of Boston,
Household Bank, and PNC Bank) to a high of Prime plus 2%
(Citibank). First Union National Bank offers the loan at Prime +
1.25%. On the variable interest rate loans, any fluctuation in the
interest rate will be reflected in the length of repayment, not in the
size of the monthly payment, unless an increase in the monthly amount
is needed to keep the repayment period within the 25 year maximum.
The Maine Education Loan Authority offers the MELA loan for Maine
students and Maine residents. There is a $50 application fee, and the
loan is offered with either a fixed interest rate or a variable
interest rate based on the 91-day T-Bill rate plus a spread determined
by the lender.
For more information, call 1-800-255-TERI (1-800-255-8374), write to
The Education Resources Institute (TERI), 330 Stuart Street, Suite
500, Boston, MA 02116-5237, or send email to custserv@teri.org. Customer
service is x4210, school relations is x4262, lender relations is
x4218, claims and collections is x4270, and loan origination is x4287
(fax 1-617-695-3637). Financial aid administrators should call
1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800.
TERI Professional Education Program
(PEP)
There are aggregate borrowing limits depending on the
profession. These aggregate limits include all education debt,
undergraduate and graduate. Graduate students who are creditworthy or
who apply with a creditworthy cosigner are not subject to these
limits. The aggregate limits are:
There is a $50 minimum monthly payment and the term of the loan is for
up to 20 years. Fluctuations in the interest rate will be reflected in
the length of repayment, not in the size of the monthly payment,
unless an increase in the monthly amount is needed to keep the
repayment period within the 20 year maximum.
A guarantee fee is deducted at origination. The guarantee fee is 6%
with a cosigner, 9% without. The interest rate is variable, and
depends on the lender. The Bank of Boston, Household Bank, and PNC
Bank offer the TERI PEP loans at an interest rate of Prime + 0%. The
Bank of Boston charges a origination fee of 0.5%, with a $50
cap. First Union National Bank offers TERI PEP loans at Prime +
1.25%. Citibank offers the Citibank PEP loan at Prime + 2%.
For more information, call 1-800-255-TERI (1-800-255-8374), write to
The Education Resources Institute (TERI), 330 Stuart Street, Suite
500, Boston, MA 02116-5237, or send email to custserv@teri.org. Customer
service is x4210, school relations is x4262, lender relations is
x4218, claims and collections is x4270, and loan origination is x4287
(fax 1-617-695-3637). Financial aid administrators should call
1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800.
TERI Continuing Education
Loan
For more information, call 1-800-255-TERI (1-800-255-8374), write to
The Education Resources Institute (TERI), 330 Stuart Street, Suite
500, Boston, MA 02116-5237, or send email to custserv@teri.org. Customer
service is x4210, school relations is x4262, lender relations is
x4218, claims and collections is x4270, and loan origination is x4287
(fax 1-617-695-3637). Financial aid administrators should call
1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800.
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