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Office of University Financial Aid

College of Arts & Sciences

Private Loans

How to Apply Online:

(Students without internet access should contact the financial aid office at 651.638.6241.)

  1. Determine loan amount: Don't borrow the maximum amount of Private Loan unless you need it. The maximum amount students can borrow is listed on their Financial Aid Award Letter. Students who have not applied for financial aid should contact a counselor in the financial aid office prior to applying for a private loan.
  2. Select a lender and complete Private Loan Application and Promissory Note: See recommended lenders below for benefits and to apply online. (Paper private loan applications and promissory notes are available upon request.) If you wish to borrow from a lender not listed below, please contact the Office of University Financial Aid for the required information necessary to process your loan.

Features

  • Students do not need to complete a FAFSA to borrow these loans.
  • Repayment begins six months after students graduate or drop below half time. There is no penalty for early repayment. Repayment terms range from 12-25 years.
  • Minimum monthly payment is $50.

Interest

  • Interest rates are based on credit and are variable.
  • Interest accrues while student is enrolled and is capitalized at repayment if not paid.

Current Preferred Private Lenders and Benefits

Lender
Fees*
Interest Rate**
Borrower Benefits***
Citibank

"CitiAssist Loan"



TO APPLY, complete online application at Citibank.
Fee: 0%-5% based on credit; added to principal at repayment


Interest Rate: 6.0%-11.25%
  • Credit-worthy cosigner required? Yes, if applicant is not credit worthy.
  • Cosigner release option? Yes, after 24 on-time payments and credit check.
  • Option to borrow for prior-year balance? Yes, must apply within 12 months.
  • Option to borrow when enrolled less than half time? Yes.
  • Other benefits available online? Yes.
  • Interest rate formula: Prime - 0.50% to Prime + 4.75%
  • Loan servicer: Citibank
Sallie Mae

"Signature Loan"



TO APPLY, complete online application at Sallie Mae.
Fee: no disbursement fee for most borrowers;
0% or 3% repayment fee


Interest Rate: 4.5%-10.0%
  • Credit-worthy cosigner required? Yes, if applicant is not credit worthy.
  • Co-borrower release option? Yes, after 24 on-time payments.
  • Option to borrow for prior-year balance? Yes, apply within 2 months without cosigner; apply within 12 months with cosigner.
  • Option to borrow when enrolled less than half time? No. (Use Tuition Answer loan if enrolled less than half time.)
  • Other benefits available online? Yes.
  • Interest rate formula: LIBOR + 2% to LIBOR + 7.5%
  • Loan servicer: Sallie Mae (800.448.3533, www.salliemae.com)
U.S. Bank

"Gap Loan"


TO APPLY for "Gap" loan, complete online application at U.S. Bank.
Fee:
4.0% or 8.0%


Interest Rate:
6.1%in school;
7.1% in repayment
  • Credit-worthy cosigner required? Optional.
  • Cosigner release option? Yes, after 36 on-time payments and a credit check.
  • Option to borrow for prior-year balance? Yes, must apply within 6 months. (The U.S. Bank Five Star Education Loan has a look-back feature with no time limit.)
  • Option to borrow when enrolled less than half time? Yes.
  • Other benefits available online? Yes.
  • Interest rate formula: In school and grace: 91 day T-bill + 2.5%
    In repayment: 91 day T-bill + 3.5%
  • Loan servicer: Great Lakes Higher Education (800.236.4300, www.mygreatlakes.com)
U.S. Bank

"No Fee Loan"



TO APPLY for "No Fee"  loan, complete online application at U.S. Bank.
Fee: none


Interest Rate:
6.5%-10.45%
  • Credit-worthy cosigner required? Optional.
  • Cosigner release option? Yes, after 36 on-time payments and a credit check.
  • Option to borrow for prior-year balance? Yes, must apply within six months.
  • Option to borrow when enrolled less than half time? Yes.
  • Other benefits available online? Yes.
  • Interest rate formula: Prime + 0.0% to Prime + 3.95%
  • Loan servicer: Great Lakes Higher Education (800.236.4300, www.mygreatlakes.com)
Wells Fargo

"Collegiate Loan"



TO APPLY, complete online application at Wells Fargo.
Fee: none


Interest Rate: 6.5%-12.49%
  • Credit-worthy cosigner required? Yes, if applicant is not credit worthy.
  • Cosigner release option? Yes, after 24 on-time payments.
  • Option to borrow for prior-year balance? Yes, if applicant is currently enrolled and borrowing for current term.
  • Option to borrow when enrolled less than half time? Yes.
  • Interest rate formula: Prime +0.0% to Prime +5.99%
  • Loan servicer: Wells Fargo
Wells Fargo

"MedCAP Alternative Loan for Health Professionals" (nursing students)



TO APPLY, complete online application at Wells Fargo.
Fee: none


Interest Rate:
with cosigner: 8%

without cosigner:
6.5%-9.0%
  • Credit-worthy cosigner required? Yes, if applicant is not credit worthy.
  • Cosigner release option? Yes, after 24 on-time payments.
  • Option to borrow for prior-year balance? Yes, if applicant is currently enrolled and borrowing for current term.
  • Option to borrow when enrolled less than half time? Yes.
  • Other benefits available online? Yes.
  • Interest rate formula: With cosigner: Prime +1.5%. Without cosigner: Prime +0.0% to Prime +2.5%.
  • Loan servicer: Wells Fargo

* The "fee" is charged by lenders for processing the loan and is deducted directly from the loan proceeds at each disbursement.

** Interest rates as of 2/1/2008
*** This table contains a summary of borrower benefits offered by each lender and is current as of 2/1/2008. Since interest rates and borrower benefits are subject to change without notice, contact the lender for definitive benefits.