University of Connecticut University of UC Title Fallback Connecticut

Alternative Loans – Undergraduate Students

Suggested Private (Alternative) Loan Lenders for Undergraduate Students

Note: Due to changes in the credit market, some private (alternative) lenders have recently changed their Private (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.

Citizens Bank Student Loan Discover Student Loans – Discover Undergraduate Loan Sallie Mae – Smart Option Loan U-fi – U-fi Student Loans Wells Fargo – Collegiate Loan
Fees Paid by Borrower None None None None None
Interest Rate Variable interest rates range from 1-Month LIBOR plus 2.50% to 1-Month LIBOR plus 9.75%. Fixed interest rates range from 5.75% to 11.99%. Variable interest rates range from 3-month LIBOR plus 2.74% to 3-month LIBOR plus 8.24%. : Fixed interest rates range from 6.24% to 11.49%. Variable interest rates range from 1-month LIBOR plus 2% to 1-month LIBOR plus 8.88%. Fixed interest rates range from 5.75% to 11.88%. Variable rates range from 2.74% to 8.24%. Fixed interest rates range from 6.24% to 11.49%. Variable interest rates range from Prime to Prime plus 3.25%-6.49%. Fixed interest rates range from 6.74% to 12.39%.
Enrollment Eligibility Criteria Student must be enrolled at least Half Time. Student must be enrolled at least Half Time. Students may be enrolled Full Time, Half Time, or Less than Half Time. Student must be enrolled at least Half Time. Students may be enrolled Full Time, Half Time, or Less than Half Time.
Program Eligibility Criteria Students must be in a degree seeking program. Students enrolled in a non-degree or certificate program are not eligible. Students must be in a degree seeking program. Students enrolled in a non-degree or certificate program are not eligible. Students enrolled in a degree seeking, certificate or a non-degree program may be eligible. Students must be in a degree seeking or certificate program. Students enrolled in a non-degree program are not eligible. Students must be in a degree seeking or certificate program. Students enrolled in a non-degree program are not eligible.
Academic Eligibility Criteria Students are not required to be meeting SAP. Students are required to be meeting SAP. Students are not required to be meeting SAP. Students are required to be meeting SAP. Students are not required to be meeting SAP.
Past Balance Eligibility Criteria Funds may be used for past due balances incurred within the past 180 days as long as the borrower is enrolled at least half time or has recently graduated. Funds may not be used for past due balances. Funds may be used for past due balances as long as fewer than 365 days have passed from the loan period end date to the first disbursement of the loan and the student is enrolled, intends to enroll, or has graduated. Funds may be used for past due balances up to 6 months after the end of the loan period. Funds may be used for past due balances of the prior year if currently enrolled. Funds may be used for past due balances up to 30 days past the end of the loan period for students not currently enrolled.
International Eligibility Criteria International students are eligible with a qualified cosigner who is a U.S. Citizen or permanent resident International students are eligible with an approved cosigner who is a U.S. Citizen or permanent resident. Non-U.S. Citizens students are eligible with a U.S. Citizens or permanent resident creditworthy cosigner and the appropriate U.S. Citizenship Immigrant Services documentation. Non-U.S. Citizens or non-permanent resident aliens who apply with an eligible cosigner who is a U.S. Citizen or permanent resident alien with a valid U.S. Social Security number. Students who are temporary resident aliens must have a current U.S. address and proper evidence of eligibility. For temporary resident aliens, a U.S. Citizen must cosign the loan.
Minimum and Maximum Loan Amounts Minimum = $1,000, Aggregate limit = $120,000 for undergraduate students. Minimum = $1,000, Aggregate Limit = $200,000. Minimum = $1,000, Aggregate Limit = $200,000. Minimum = $1,000, Aggregate Limit = $125,000. Minimum = $1,000, Aggregate Limit = $120,000.
Borrower Benefits Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Borrowers who are a current Citizens Bank account holder and/or have prior Citizens Bank Student Loans will qualify for a 0.25% interest rate reduction. Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Borrowers who sign up for immediate repayment may qualify for a lower interest rate. NEW 1% Cash Reward for Good Grades for applications received on or after May 1, 2014. Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Borrowers who elect either the Interest Repayment or Fixed Repayment Option earn a 2% reward in their Upromise account for making on-time payments while in-school. Borrowers may qualify for a 0.25% for automatic loan payment withdrawals. Borrowers may qualify up to a 1.5% cash back on disbursed loans with the Good Grades Reward. Borrowers who sign up to have their payments automatically debited will qualify for 0.25% interest reduction. Borrowers who are a current Wells Fargo checking account or have a prior Wells Fargo Student loan will qualify for a 0.25% interest rate reduction.
Repayment Borrowers may choose from deferred, interest only, or immediate repayment options. Borrowers have the option to defer payments of principal and interest while in school or make $25 fixed monthly payments while in-school. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Borrowers have the option to defer payments of principal and interest while in school, pay interest only while in-school, or make $25 fixed monthly payments while in-school. Borrower may be eligible for a cosigner release after 12 consecutive on-time principal and interest payments. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Graduating students can request to make 12 interest only payments instead of full principal and interest payments after their separation period. Borrowers have the option to defer payments of principal and interest while in school, or pay interest only while in-school. The borrower may be eligible for release of the cosigner if the most recent 24 consecutive monthly payments were made on time including the first required payment or, if the first required payment was not made on time, the most recent 48 consecutive monthly payments were made on time. 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 (up to 7 years after the date of first disbursement). The borrower may be eligible for release of the cosigner if the most recent 24 consecutive monthly payments were made on time including the first required payment or, if the first required payment was not made on time, the most recent 48 consecutive monthly payments were made on time.
Loan is Serviced by Firstmark Services Great Lakes Sallie Mae Firstmark Services Wells Fargo
Is Lender Affiliated with Other Lender on List? No No No No No
How to Apply/Contact Information Citizens Bank Website Telephone 1-800-708-6684 Discover Student Loan Website Telephone 1-800-STUDENT Sallie Mae Website Telephone 1-877-279-7172 U-fi Student Loans Website Telephone 1-844-307-3451 Wells Fargo Website Telephone 1-800-378-5526
Disclosure Truth in Lending Act Disclosures can be accessed via Citizen’s website. Truth in Lending Act Disclosures can be accessed on Discover’s website. Truth in Lending Act Disclosures can be accessed on Sallie Mae’s website. Truth in Lending Act Disclosures can be accessed on U-fi’s website Truth in Lending Act Disclosures can be accessed on Wells Fargo’s website.

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

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