Alternative Loans, sometime called Private Education loans, are loans that are to be used to assist with your educational costs. Unlike Federal Stafford Loans, Alternative Loans do not have set loan limits. Typically there is a credit check that is performed with the awarding of these loans. As you can see by the chart below, these loans also have various interest rates fees. Alternative Loans are designed to assist with additional funding after a borrower has maximized his or her Stafford loan eligibility.
Lender Information |
Servicer |
Special Benefits/Incentives |
How to Apply |
Excel
www.nelliemae.com
800-634-9308
|
Nellie Mae |
- Interest rate: Annual variable rate of Prime + 2.25% or monthly variable rate of Prime + 1.00%
- Fees: 2.00% with a co-signer, 6.00% without a co-signer
- Must be enrolled at least half-time
- Annual loan limit: From $500 up to cost of attendance minus aid
|
To complete an online Excel Application visit the ASU application page
Click Here
|
CitiAssist® Loan
www.studentloan.com
800-967-2400
|
Citibank |
- Interest Rate: As low as Prime minus 0.50%, based on credit rating and co-signer presence
- Zero Fees
- Enrollment: Full-time, half-time, less than half-time
- 0.25% interest rate reduction for auto debit(must enroll and only receive statements electronically)
- 0.50% interest rate reduction when you make your first 48 consecutive monthly payments on time
- Annual Maximum: Cost of attendance minus aid
- Repayment: Up to 20 years
- Co-signer release option
- Loans can be certified for balances incurred within the last 12 months
|
To complete an online
CitiAssist loan application visit
Click Here |
Signature Loan
www.salliemae.com
800-695-3317
|
Sallie Mae |
- Interest rate Prime + 0.00 - 2.00% , based upon credit
- 0.00-6.00% origination fee based upon credit
- 0.00% repayment fee with co-borrower; 3.00% repayment fee without co-borrower
- Annual maximum loan amount: Cost of attendance minus other aid • Up to 25 year repayment term based upon balance • Co-signer release available after 24 consecutive payments
|
To complete a Signature
Loan application visit
Click Here |
Visit the Bank of America Student page for information on there Alternative Loan. Click Here
Albany State University can certify Alternative Loans from any lender, including Alternative Loans provided to you via insurance and investment plans.
