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Private Alternative Loan Lender Comparison Chart

Standard Information:

  • Students should exhaust their full eligibility in federal loans before resorting to a private loan.  Federal loans may have more beneficial terms than the private loans available.
  • Variable interest rate
  • Eligibility based on creditworthiness, as determined by the lender
  • Loan amount determined by cost of attendance, minus other financial aid
  • No prepayment penalty
  • Flexible repayment and deferment options available
  • Apply directly with the lender

Lender Fees, Interest Rates, Special Benefits/Incentives
Sallie Mae
Smart Option Student Loan
  • No disbursement or repayment fees, regardless of the applicant's or cosigner's credit
  • Rates range from LIBOR + 2.875% to LIBOR + 10.25%
  • 0.25% interest rate reduction for payment made via auto debit 
  • Six month grace period before principal payment begins
  • Interest payments begin immediately upon first disbursement (for new academic year 10-11 applications initiated on or after June 28, 2010, there will be a new $25/month fixed repayment option available for all applicants)
  • Co-signer release option once student begins principal payments
  • Satisfactory academic progress is not required
  • Combined billing available
  • International students with an eligible U.S. co-signer may apply
 

Citibank
CitiAssist Alternative Loan
  • Origination fees 0.00% OR 3.00%
  • Rates range from 3-month LIBOR + 3.75% to 3-month LIBOR + 11.50%
  • 0.25% interest rate reduction for automatic payments from bank account 
  • Co-signer release after 24 on-time payments

Citizens Bank TruFit Student Loan
  • Interest rates range from LIBOR +3% to LIBOR +11.25%(Borrower with co-signer margin range of LIBOR +3% to 10.75%; Borrower only margin range of LIBOR +4.75% to 11.25%)
  • Zero fees
  • 0.50% interest rate reduction for automatic payments from any Citizens Bank account
  • Cosigner release option available after 36 on-time consecutive payments
  • Six month grace period
  • Satisfactory academic progress is not required
  • Can be used for previous school balances

JP Morgan Chase
Chase Select

Private Student Loan

  • No origination or repayment fees
  • Interest rates that recognize good credit (for current interest rate information, please visit Chase online)
  • Lower rates may be obtained by applying with a qualified cosigner
  • 0.25% interest rate reduction for automatic payments from bank account
  • Cosigner release option available after 36 on-time consecutive payments
  • No payments required while in school
  • Six month grace period
  • Loans originated and serviced by Chase

National Education

Smart Option Student Loan made by Sallie Mae

  • No fees (disbursement or repayment)
  • Interest rates range from LIBOR +2.5% to LIBOR +9.875%
  • 0.25% interest rate reduction for automatic payments from bank account
  • Six month grace period before principal payment begins
  • Interest payments begin immediately upon first disbursement
  • Co-signer release option once student begins principal payments
  • Combined billing available
  • International students with an eligible U.S. co-signer may apply