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Alternative Loans – Graduate Students

Suggested Private (Alternative) Loan Lenders for Graduate 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 College Ave – Graduate Student Loan Kentucky Higher Education Student Loan Corporation (KHESLC) Sallie Mae – Graduate School Loan Wells Fargo Graduate Loan Academic
Fees Paid by Borrower None None None None None
Interest Rate Variable Rate Option: Interest rates range from 1-month LIBOR2 + 2.40% to 1-month LIBOR + 10.00%

Fixed Rate Option: Interest rates range from 6.24% to 11.99%

Variable Rates from 2.65%- 8.50%

Fixed Rate from 6.40%-12.25%

Only offers fixed interest rates from 4.05% – 6.99% Variable rates: LIBOR + 2.00% to LIBOR + 7.25% (APRs: 3.25% to 8.21%)

 

Fixed rates: 5.75% to 8.88% (APRs: 5.74% to 8.56%)

Variable rates: Index +0.99%,  Index +2.49%,  Index +4.24%,  Index +5.49%, and Index +6.49%

 

Fixed rates: 7.24%, 8.74%, 10.14%, 11.14, 12.14%

The Index is equal to the Prime Rate for all products. Interest rates are subject to change periodically. Please check their website for current rates.

 Enrollment Eligibility Criteria Student must be enrolled at least Half Time. Student must be enrolled at least Half Time. For a student to be eligible for all repayment options, they need to be enrolled at least Half Time. The student can be enrolled less than half-time if they select the Immediate Repayment — Principal Plus Interest repayment plan. Students may be enrolled Full Time, Half Time, or Less than 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 are required to be matriculated. Students that graduate then enroll in a certificate program post-graduation are eligible. Students enrolled in a degree seeking, certificate or a non-degree program may be eligible Students enrolled in a degree seeking program may be 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 Satisfactory Academic Progress (SAP). Students are required to be meeting Satisfactory Academic Progress (SAP). Students are not required to be meeting Satisfactory Academic Progress (SAP). Students are not required to be meeting Satisfactory Academic Progress (SAP). Students are required to be meeting Satisfactory Academic Progress (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. Loans can be utilized for past due balances resulting from the last major term of attendance. Advantage Education Loans can be used to cover a prior year’s balance as long as it is no more than

60 days past the end of the loan period and the student is enrolled in a subsequent term.

Fewer than 365 days have passed or will pass from the end of the prior enrollment period to the time of the first disbursement of the loan. At the time of the request, the student is enrolled, intends to enroll, or has graduated. The student was enrolled during the prior enrollment period for which the loan is requested and did not withdraw with no intention of re-enrolling, as verified by the school. 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. At this time, College Ave Student Loans are not available for international students. Under certain circumstances, international students are eligible for Advantage Education Loans. A non-citizen can apply for a loan if they have proof of residency card. 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. 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 graduate students Minimum = $2,000, Maximum = $80,000 Minimum = $1,000

KHESLC does not set an aggregate limit. We determine a borrower’s limit based on the debt to income ratio, year in school and other factors.

Minimum = $1,000

There is no aggregate loan limit.

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. All College Ave loans offer a 0.25% auto-pay interest rate reduction. Borrowers who sign up to have their payments deducted automatically will qualify for a 0.50% interest rate reduction. Borrowers can receive up to 120 free minutes of live online tutoring through Chegg Tutors™ or free access to step-by-step Textbook Solutions and Expert Q&A on Chegg Study®. Borrowers can also try a little of both. Quarterly FICO® Credit Scores are available online for free. 0.25% interest rate reduction while enrolled to make scheduled monthly automatic debit payments. Borrower may be eligible for a cosigner release after 12 consecutive on-time principal and interest payments. 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. 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.
Repayment Borrowers may choose from deferred, interest only, or immediate repayment options. Possible repayment options include: full principal and interest (begin immediate monthly repayment of principal and interest), interest only (pay monthly interest charges while in school), flat pay (pay $25 per month while in school), and deferred (make no payments while in school). Immediate Repayment — Principal Plus Interest, student can be enrolled less than half-time and repayment begins once the loan is fully disbursed.

Immediate Repayment — Interest Only, student must be enrolled at least half-time and interest payments begin once the loan is fully disbursed; full repayment begins six months after leaving school or dropping below half-time.

Postponed Repayment, student must be enrolled at least half-time and repayment begins six months after leaving school or dropping below half-time.

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. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Standard repayment plan (payments of principal and interest are divided into monthly installments throughout the repayment period),

Loan Modification

(customer must meet certain income guidelines in order to qualify. If the customer qualifies for the program Wells Fargo will lower the customer’s interest rate and, only if needed, also extend the duration of the loan term, in order to lower the customer’s payment to one they can afford) and private student loan consolidation.

Loan is Serviced by Firstmark Services University Accounting Service (UAS) Kentucky Higher Education Student Loan Corporation (KHESLC) Sallie Mae 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

College Ave Website

Telephone 1-844-422-7503

Kentucky Higher Education Student Loan Corporation (KHESLC) Website

Telephone 1- 888-678-4625

Sallie Mae Website

Telephone 1-877-279-7172

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 College Ave’s website  Truth in Lending Act Disclosures can be accessed on Kentucky Higher Education Student Loan Corporation (KHESLC) website. Truth in Lending Act Disclosures can be accessed on Sallie Mae’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.