Alternative - Student Loans

From UConn Student Financial Aid Services

Contents 1 Alternative Loan Information 1.1 Before You Borrow 2 Suggested Alternative Loan Lenders 2.1 Suggested Alternative Loan Lenders for Undergraduate Students 2.2 Suggested Alternative Loan Lenders for Graduate Students

Alternative Loan Information

• Non-federal private loan options
• Variable interest rates; most have no cap
• Must apply directly with your chosen lender
• Repayment options vary by lender
• FAFSA is not required
• Borrowers use ELMNet to check their loan status
• Before applying for an alternative loan, read our Borrowing for Your Education page.
• Read more about the impact of the credit crunch on student loans.

View Our Suggested Alternative Loan Lenders

Before You Borrow

We strongly suggest that you exhaust all federal borrowing options before turning to a costlier alternative loan. Almost all students are eligible for at least a Federal Stafford Loan.

The recent passage of the "Ensuring Continued Access to Student Loans Act" may have increased the amount of Unsubsidized Federal Stafford Loan for which you are eligible. More information about the differences between alternative and federal loans can be found on our Borrowing for Your Education page. You must file the FAFSA to obtain a Stafford loan.

These private sector loan products vary and terms frequently depend on the creditworthiness of the borrower and/or cosigner. In general, borrowers must be U.S. citizens or Permanent Residents and enrolled half-time. Interest rates and repayment terms are unique to the loan product selected. Students may borrow cost of attendance minus any financial aid received. Student and co-signer, if applicable, must complete a Master Promissory Note (MPN).

The University certifies alternative loans electronically through Educational Loan Management (ELM). To access your loans, you must log in to ELMNet.

Note: If your most recent alternative loan does not appear in ELMNet, contact the lender you applied through. Status appears on ELMNet approximately two days after the borrower has been approved by the lender. If your status appears as "awaiting certification", our office certifies the loan within two business days of ELM posting (if student has eligibility).

Suggested Alternative Loan Lenders

The Suggested Alternative Loan Lenders are divided into two lists: one for Undergraduate Students and one for Graduate students.

Suggested Alternative Loan Lenders for Undergraduate Students

Note: Due to changes in the credit market, some alternative lenders have recently changed their Alternative Loan terms. Please contact your lender of choice for the most up-to-date information. All benefits are subject to change at the lender's discretion.

For more information on how our Suggested Lenders were chosen, please see our Lender Selection page.

(For loans first disbursed on or after 7/1/08; in alphabetical order)

Chase Select Loan - Chase Bank	CitiAssist Loan - Citibank	Citizens Bank – TruFit Student Loan
Fees Paid by Borrower: None Interest Rate: Variable interest rates range from 3-Month LIBOR plus 4.40% to 3-Month LIBOR plus 9.75% Eligibility Criteria: Student must be enrolled in a degree seeking program at least half time. Students enrolled in a non-degree or certificate program are not eligible. Funds may not be used for past due balances. Minimum and Maximum Loan Amounts:Minimum = $500, Aggregate limit = $120,000 for undergraduate students Borrower Benefits: Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by : Chase Bank Is Lender Affiliated with other Lender on List?: No How to Apply/Contact Information: Chase Bank Website Telephone 1-866-421-2341	Fees Paid by Borrower: Origination fees range from 0.00% to 6.00 % Interest Rate: Variable interest rates range from 3-Month LIBOR plus 4.75% to 3-Month LIBOR plus 11.50% Eligibility Criteria: Students may be enrolled Full Time, Half Time or Less than Half Time. Non-degree and certificate students may qualify. Funds may not be used for past due balances. Minimum and Maximum Loan Amounts: Minimum = $1,000, Aggregate limit = $120,000 for undergraduates Borrower Benefits: Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by: Citibank Is Lender Affiliated with other Lender on List?: No How to Apply/Contact Information:Citibank Website Telephone 1-800-967-2400	Fees Paid by Borrower: Range from 0% to 4% if borrower elects to start repayment while in-school; range from 1% to 5% if the borrower elects to defer payments while in-school Interest Rate: Variable interest rates range from 1- Month LIBOR plus 3.00% to 1-Month LIBOR plus 10.5% if borrower elects to start repayment while in-school; range from 1-Month LIBOR plus 5.00% to 1-Month LIBOR plus 12.50% if borrower elects to defer payments while in-school. Eligibility Criteria: Student must be enrolled in a degree seeking program at least half time. Funds may be used for past due balances incurred within 6 months if currently enrolled or a recent graduate. Minimum and Maximum Loan amounts: Minimum = $1,000, Aggregate Limit = $120,000 Borrower Benefits: Borrowers who sign up to have their payments deducted automatically from a qualified Citizens Bank account will qualify for a 0.50% interest rate reduction. Repayment: Borrowers have the option to defer payments of principal and interest while in school, pay interest only, or begin repayment immediately. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by: FirstMark Services Is Lender Affiliated with other Lender on List: No How to Apply/Contact Information: Citizens Bank Website
Discover Student Loan	Wells Fargo – Collegiate Loan and Graduate Loan
Fees Paid by Borrower: None Interest Rate: Variable interest rates range from Prime minus 0.50% to Prime plus 4.75 % Eligibility Criteria: Student must be enrolled in a degree seeking program at least half time Funds may be used for past due balances incurred within the past 6 months Minimum and Maximum Loan Amounts: Minimum = $1,000, Aggregate Limit = $160,000. Borrower Benefits: Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. If the student graduates within 6 years, he/she may be eligible for a rebate of 2% of the principal balance. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis (9 months for Graduate students). Loan is Serviced by: Great Lakes Is Lender Affiliated with Other Lender on List?: No How to Apply/Contact Information: Discover Student Loan Website Telephone 1-877-728-3030	Fees Paid by Borrower: None Interest Rate: Variable interest rates range from Prime plus 1% to Prime plus 7.99 % Eligibility Criteria: Students may be enrolled Full Time, Half Time, or Less than Half Time. Borrowers are also eligible if enrolled in a non-degree or certificate program. Funds may be used for past due balances of the previous semester if currently enrolled. Minimum and Maximum Loan Amounts: Minimum = $1,000, Aggregate Limit = $120,000. Borrower Benefits: Borrowers who sign up to have their payments automatically debited will qualify for 0.25% interest reduction. Interest rate may be reduced by 0.50% upon verification (provided by the student) that the student has graduated. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by: Wells Fargo Is Lender Affiliated with Other Lender on List?: No How to Apply/Contact Information: Wells Fargo Website Telephone 1-800-378-5526

Suggested Alternative Loan Lenders for Graduate Students

(For loans first disbursed on or after 7/1/08; in alphabetical order)

Note: Due to changes in the credit market, some alternative lenders have recently changed their Alternative Loan terms. Please contact your lender of choice for the most up-to-date information. As information is received, the University will update the Suggested Lender List to reflect these changes. New lenders may be added based on proposals submitted via an RFP process initiated in 2007.

For more information on how our Suggested Lenders were chosen, please see our Lender Selection page.

Chase Select Loan - Chase Bank	CitiAssist Loan - Citibank	TruFit Student Loan - Citizens Bank
Fees Paid by Borrower: None Interest Rate: Variable interest rates range from 3-Month LIBOR plus 4.40% to 3-Month LIBOR plus 9.75% Eligibility Criteria: Student must be enrolled in a degree seeking program at least half time. Students enrolled in a non-degree or certificate program are not eligible. Funds may not be used for past due balances. Minimum and Maximum Loan Amounts:Minimum = $500, Aggregate limit = $180,000 for graduate students Borrower Benefits: Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by : Chase Bank Is Lender Affiliated with other Lender on List?: No How to Apply/Contact Information: Chase Bank Website Telephone 1-866-421-2341	Fees Paid by Borrower: Origination fees range from 0.00% to 6.00 % Interest Rate: Variable interest rates range from 3-Month LIBOR plus 4.75% to 3-Month LIBOR plus 11.50% Eligibility Criteria: Students may be enrolled Full Time, Half Time or Less than Half Time. Non-degree and certificate students may qualify. Funds may not be used for past due balances. Minimum and Maximum Loan Amounts: Minimum = $1,000, Aggregate limit = $150,000 for graduates Borrower Benefits: Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by: Citibank Is Lender Affiliated with other Lender on List?: No How to Apply/Contact Information:Citibank Website Telephone 1-800-967-2400	Fees Paid by Borrower: Range from 0% to 4% if borrower elects to start repayment while in-school; range from 1% to 5% if the borrower elects to defer payments while in-school Interest Rate: Variable interest rates range from 1- Month LIBOR plus 3.00% to 1-Month LIBOR plus 10.5% if borrower elects to start repayment while in-school; range from 1-Month LIBOR plus 5.00% to 1-Month LIBOR plus 12.50% if borrower elects to defer payments while in-school. Eligibility Criteria: Student must be enrolled in a degree seeking program at least half time. Funds may be used for past due balances incurred within 6 months if currently enrolled or a recent graduate. Minimum and Maximum Loan amounts: Minimum = $1,000, Aggregate Limit = $120,000 Borrower Benefits: Borrowers who sign up to have their payments deducted automatically from a qualified Citizens Bank account will qualify for a 0.50% interest rate reduction. Repayment: Borrowers have the option to defer payments of principal and interest while in school, pay interest only, or begin repayment immediately. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by: FirstMark Services Is Lender Affiliated with other Lender on List: No How to Apply/Contact Information: Citizens Bank Website
Discover Student Loan	Collegiate Loan and Graduate Loan - Wells Fargo
Fees Paid by Borrower: None Interest Rate: Variable interest rates range from Prime minus 0.50% to Prime plus 4.75 % Eligibility Criteria: Student must be enrolled in a degree seeking program at least half time Funds may be used for past due balances incurred within the past 6 months Minimum and Maximum Loan Amounts: Minimum = $1,000, Aggregate Limit = $160,000. Borrower Benefits: Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. If the student graduates within 6 years, he/she may be eligible for a rebate of 2% of the principal balance. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis (9 months for Graduate students). Loan is Serviced by: Great Lakes Is Lender Affiliated with Other Lender on List?: No How to Apply/Contact Information: Discover Student Loan Website Telephone 1-877-728-3030	Fees Paid by Borrower: None Interest Rate: Variable interest rates range from Prime plus 1% to Prime plus 7.99 % Eligibility Criteria: Students may be enrolled Full Time, Half Time, or Less than Half Time. Borrowers are also eligible if enrolled in a non-degree or certificate program. Funds may be used for past due balances of the previous semester if currently enrolled. Minimum and Maximum Loan Amounts: Minimum = $1,000, Aggregate Limit = $120,000. Borrower Benefits: Borrowers who sign up to have their payments automatically debited will qualify for 0.25% interest reduction. Interest rate may be reduced by 0.50% upon verification (provided by the student) that the student has graduated. Repayment: No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Loan is Serviced by: Wells Fargo Is Lender Affiliated with Other Lender on List?: No How to Apply/Contact Information: Wells Fargo Website Telephone 1-800-378-5526

Note: Prime refers to the Wall Street Journal published Prime rate. LIBOR refers to the London Interbank Offered Rate.

You have the right to choose to borrow your loan from any lender who participates in the program under which you are eligible to borrow.