Recommended Private Loan Lender List

Recommended Private Loan Lender List

(in no particular order)

Private loans have variable interest rates.

Please review current LIBOR and Prime Rates before applying for this type of loan.

Final loan approvals are subject to credit approval by the lending institution and successful submission of required documents to your chosen lender. New Federal Regulations now require any student who applies for a Private Loan to complete a Self Certification Form. Most lenders will provide the Self Certification Form during the online application process. The form must be completed and submitted to the lender prior to any disbursements being made to your student account. Although blank forms are available in Student Financial Services, we recommend using the certification form supplied by the lender as it will contain the necessary lender id information.

	NYHelps Private Loan	Wells Fargo “Collegiate”	Chase “Select”	Sallie Mae “Smart Option”	Citibank “CitiAssist”	Discover Certified Private Loan	Citizens Bank “TruFit”
Phone	888- 697-4372	800-869-3557	866-306-0870	888-2-SALLIE	800-STUDENT	877-728-3030	800-708-6684
Interest Rates P= principal I = Interest	FIXED based on repay, 7.55% P & I 8.25% I-only 8.55% to defer both P & I	Prime Rate + 0.25% - 6.74%	3-mo. LIBOR + 3.40 - 8.35%	1-mo. LIBOR + 2.5% – 9.875%	3-mo LIBOR + 3.25% - 11%	Prime Rate + 1 % - 7.75%	1-mo LIBOR + 3 % - 11.25%
In-School Deferment	Yes	Yes	Yes	MANDATORY Interest payments	Yes	Yes	Yes
Annual Max Loan Limits	Frosh - $10K, Soph - $15K, Other-$20K	Full Cost minus finaid	Full Cost minus finaid	Full Cost minus finaid	Full Cost minus finaid	Full Cost minus finaid	Full Cost minus finaid
Origination Fees	4 - 8%	None	None	None	None or 3%	None	None
Auto-Debit Payment Benefits IRR= Interest Rate Reduction	0.25% IRR	0.25% IRR, + 0.50% IRR upon graduation	0.25% IRR	0.25% IRR, 2% Upromise® reward for on-time payments while in school	0.25% IRR	0.25% IRR, 2% cash reward on principal bal at graduation	0.50% IRR with a Citizens Bank account
Co-signer Release	N/A	Yes	Yes	Yes	Yes	Yes	Yes
Aggregate (Total) Maximum Loan Limits	$50K undergrad, $70K undergrad/ grad combined	$120,000	$120,000	No aggregate for cosigned loans $150,00 without a co-signer	$120,000	None	$120,000
Disclosures	.PDF	.PDF	.PDF	.PDF	.PDF	.PDF	.PDF
Apply	Apply Here	Apply Here	Apply Here	Apply Here	Apply Here	Apply Here	Apply Here

About Private Education Loans