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<TITLE>FinAid | Loans | Private Loan Lenders (Graduate)</TITLE>
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<!-- content goes in here -->
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<TD WIDTH="421" VALIGN="TOP"><BR><FONT FACE="ARIAL, HELVETICA" SIZE="3" CLASS=three><B>Additional Lenders Who Offer Private Loans to Graduate Students</B></FONT><P>
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<FONT FACE="ARIAL, HELVETICA" SIZE="2" CLASS=two><TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
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<TD><IMG SRC="/commonimages/corner_topleft.gif" WIDTH=11 HEIGHT=11 ALT="" BORDER="0"></TD>
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<TD BGCOLOR="#CCFFFF"><IMG SRC="/commonimages/corner_bottomright.gif" WIDTH=11 HEIGHT=11 ALT="" BORDER="0"></TD>
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<TD><IMG SRC="/commonimages/corner_topright.gif" WIDTH=11 HEIGHT=11 ALT="" BORDER="0"></TD>
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<TD BGCOLOR="#CCFFFF"> </TD>
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<TD BGCOLOR="#CCFFFF"><FONT FACE="ARIAL, HELVETICA" SIZE="3" CLASS=three><B>NATE: Remove this cell</B></FONT><BR>
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<FONT FACE="ARIAL, HELVETICA" SIZE="2" CLASS=two>Access Group<BR>
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</FONT></TD>
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</TABLE>
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& " < > (See the separate list of private loans for <a
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href="privateunder.phtml">undergraduate students</a>)<P>
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<A HREF="http://www.accessgroup.org"><B>Access Group</B></A><BR>
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fran<EFBFBD>ais
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Québec
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The Access Group is a nonprofit organization dedicated to providing
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access to education through affordable financing and related
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services. The Access Group provides federal and private loans to
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graduate and professional students. The Access Group offers the
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following loan programs of interest to graduate and professional
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students:
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<UL>
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<LI>Federal Stafford Loan (Subsidized and Unsubsidized)
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<LI>Law Access Loan and Bar Examination Loan
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<LI>Business Access Loan
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<LI>Medical Access Loan and Medical Residency Loan
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<LI>Dental Access Loan and Dental Residency/Board Exam Loan
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<LI>Graduate Access Loan
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</UL>
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<EM>Key Eligibility Requirements:</EM> Among other requirements,
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borrowers must be a US citizen, national or eligible noncitizen, must
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not be in default on any education loan or owe a refund on an
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education grant (Federal loan only), and must be attending an
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approved, accredited school. <P>
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<EM>Loan Limits:</EM> All Access Group loans have a minimum loan
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amount of $500. Loan maximums vary by program, and are generally
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limited to the cost of attendance less other aid received, though
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there may be other limits depending on enrollment status and
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school. Maximums include all outstanding undergraduate and graduate
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educational debt. The aggregate limits are $120,000 for Graduate
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Access and Business Access, $130,000 for Law Access (including Bar
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Examination Loan), $195,000 for Medical Access (including the Medical
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Residency Loan) and Dental Access (including the Dental
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Residency/Board Examination Loan). <P>
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<EM>Interest Rates:</EM> Interest may be deferred while the borrower
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is in school. Deferred interest is capitalized once, at
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repayment. Interest rates vary quarterly, and are based on the 91-day
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T-bill rate plus a spread. The spreads are 2.5% for Medical Access,
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2.75% for Dental Access, 2.9% for Law Access, 3.0% for Business
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Access, and 3.4% for Graduate Access. <P>
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<EM>Loan Fees:</EM> The guarantee fee for Access Group private loans
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is 6.0% at disbursement for all borrowers. A supplemental guarantee
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fee is added to the principal balance immediately prior to
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repayment. This fee is significantly determined by the borrower's past
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credit behavior and ranges from 1.5% to 6.9%. (For any loan for which
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a cosigner is required, the supplemental guarantee fee is 6.9%.) <P>
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<EM>Repayment:</EM> Repayment begins 9 months after graduation or when
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enrollment status drops below half-time. Borrowers may take up to 20
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years to repay the loan. The minimum monthly payment is $50. There is
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no penalty for prepayment. <P>
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To apply for a loan, or for more information on any Access Group
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product or service, call the Access Loan Line at 1-800-282-1550
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weekdays 9-8 ET. Use the new online loan application or place an order
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for a paper application using the materials order form. You can also
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fax 1-302-477-4080, write to the Access Group, 1411 Foulk Road, Box
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7430, Wilmington, DE 19803-0430, or send email to <A
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HREF="mailto:general@accessgroup.org">general@accessgroup.org</A>. <p>
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<A HREF="http://www.nhelp.net"><B>College Funding Company</B></A><BR>
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College Funding Company is a coalition of four Nebraska nonprofit
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organizations involved in educational financing. CFC's "Flexible
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College Funding Loan" is available to parents of undergraduate and
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graduate students. The term of the loan is up to 15 years, and it
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offers an in-school interest-only repayment plan in addition to a
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standard repayment plan in which interest and principal payments begin
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upon disbursement. The interest rate is prime plus 1.5% (prime plus
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1.75% during any interest-only payment periods). Parents may borrow up
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to the full cost of education less any financial aid received, with a
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cumulative limit of $100,000 plus fees. The minimum loan amount is
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$1,000. <P>
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For more information, call 1-800-745-6646, send email to <a
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href="mailto:loaninfo@nebfef.com">loaninfo@nebfef.com</a>, or use the
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contact form on their website. <P>
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<A HREF="http://www.citibank.com/student/CSLC.html"><B>Citibank Student
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Loans</B></A><BR>
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Citibank offers a variety of private graduate student loans, including:
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<UL>
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<LI>Citibank GradAssist Loan
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<LI>Citibank MBAAssist Loan
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<LI>Citibank MedicalAssist Loan (allopathic or osteopathic medicine)
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<LI>Citibank EngAssist Loan
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<LI>Citibank Nursing Loan
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</UL>
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The eligibility requirements require borrowers to be US citizens or
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permanent residents. International students can apply if they have a
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US citizen or permanent resident cosign the loan. Borrowers must also
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meet certain credit criteria and income standards. These loans are
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only available at accredited schools with a federal default rate of
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less than 15%. <P>
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All of the loans have a minimum loan amount of $500. Annual maximums
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are $15,000 for the GradAssist and MBAAssist loans, $20,000 for the
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MedicalAssist Loan, and $8,500 for the EngAssist and Nursing
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loans. Cumulative maximum limits include the Citibank loans and are
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$100,000 for the GradAssist and MBAAssist loans, $135,000 for the
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MedicalAssist Loan, and $80,000 for the EngAssist and Nursing
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loans. <P>
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Interest may be deferred while the borrower is in school. Deferred
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interest is capitalized once, at repayment. Interest rates are based
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on 91-day T-bill rates plus a spread. The rates for the GradAssist
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Loan are T-bill plus 4.00% before repayment and T-bill plus 4.50%
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during repayment. The rates for the MBAAssist loan are T-bill plus
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3.40% and T-bill plus 4.25%. The rates for the MedicalAssist loans are
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T-bill plus 2.60% and T-bill plus 2.85%. The rates for the EngAssist
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loan are T-bill plus 3.25% and T-bill plus 3.50%. The rates for the
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Nursing loan are T-bill plus 3.50% and T-bill plus 4.00%. <P>
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The guarantee fee is 6.00% at disbursement if the loan is borrowed
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with a cosigner, 9.00% if there is no cosigner. The guarantee fee for
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MBAAssist and MedicalAssist Loans is 8.50%. <P>
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Repayment for all loans begins 6 months after graduation or when
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enrollment status drops below half-time. You have up to 15 years to
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repay the loan, 20 years for MedicalAssist loans. MedicalAssist
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borrowers may request a second deferment for residency and internship,
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and have the option of paying three years interest-only upon enterring
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repayment. The minimum monthly payment is $50. There is no penalty for
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prepayment. <P>
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Fluctuations in interest rate are reflected in the length of the
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repayment term, not in the monthly payment amount, unless an increase
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in monthly amount is needed to keep the payment period within the
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program maximum. Citibank offers three repayment options:
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<UL>
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<LI>Pay interest-only during the in-school and 6 month grace period.
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<LI>Pay 15 years of principal and interest, capitalizing the interest during the in-school period.
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<LI>Pay two years of interest-only plus 13 years of principal and interest, capitalizing the interest during the in-school period.
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</UL>
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For more information, call 1-800-692-8200 x144 (1-800-846-1298 TDD),
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fax 1-716-248-7007, write to Citibank (NYS) Student Loans, PO Box
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22948, Rochester, NY 14692. Graduate students may call
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1-800-967-8677. <P>
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<A HREF="http://www.educap.org"><B>Educap Inc.</B></A><BR>
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Educap Inc., (formerly known as University Support Services, Inc.), is
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a non-profit corporation founded in 1986. They offer several loan
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programs:<P>
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<A HREF="http://www.educap.org/plato.htm">The P.L.A.T.O. student loan
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program</A>, which lets you borrow from $1,500 up to $25,000 a year
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with a $100,000 cumulative borrowing limit. The loan can be used to
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pay educational expenses incurred during the previous year in addition
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to expenses from the current year. Up to $5,000 can be borrowed for
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purchasing a personal computer. The loan has a repayment term of up to
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15 years with no prepayment penalty. If the student does not earn
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$15,000 per year, a co-signer will be required. Students have the
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option of deferring payments of principal for up to five years or
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graduation, whichever comes first. The interest rate is the Prime rate
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plus a 1.90% spread during the in-school period and the Prime rate
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plus a 2.90% spread during repayment. There is an 8% origination
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fee. US citizenship or permanent residency is required. A good credit
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history is also required. They also offer an introductory rate of 7.9%
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with a 7% origination fee. <P>
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<A HREF="http://www.educap.org/merlin.htm">The Merlin loan
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consolidation program</A>, which lowers monthly loan payments by as
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much as 45% by using a 20 year repayment period. You can consolidate
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between $5,000 and $100,000 in loans, and you can borrow up to an
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additional $25,000 in student loans. There is no prepayment
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penalty. US citizenship or permanent residency required. The Merlin
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Consolidation Loan program can be used to consolidate all
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education-related debt to include both private and US federal loans
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and credit card debt. There is a 5% origination fee and the interest
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rate is the Commercial Paper Rate plus 6.0%. <P>
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<A HREF="http://www.educap.org/pj.htm">The P.L.A.T.O. Junior Education
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Loan</A>, which is similar in structure and requirements to the
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P.L.A.T.O. loan, but is aimed at families with students in private
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schools grades K-12. The main difference is an interest rate of prime
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plus 3.7% and a 6% origination fee. <P>
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For more information, call 1-800-230-4080, write to Complete Source
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for Financing Education, 205 Van Buren Street, Suite 200, Herndon, VA
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22070, or send email to <<A
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HREF="mailto:ussinfo@aol.com">ussinfo@aol.com</A>. <P>
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<B>Education Funding Services, Inc. (EFS)</B><BR>
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In conjunction with <A HREF="http://www.teri.org">TERI</A>, EFS offers
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the Chiroloan for chiropractic study (Canadian Chiroloan for Canadian
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citizens attending ACC accredited chiropractic institutions in US),
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the OpLoan for optometry, and the VLoan for veterinary school. <P>
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The Chiroloan program lets the student borrow from $1,000 to $8,000
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annually. The OpLoan and VLoan programs let the student borrow from
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$1,500 to $20,000 annually. The Canadian Chiroloan programs let the
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student borrow from US$1,000 to US$10,000 annually. <P>
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The Chiroloan, OpLoan, and VLoan programs have a variable interest
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rate based on the 91-day T-Bill rate plus 2.5% during the in-school
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period and the 91-day T-Bill rate plus 2.9% during repayment. The
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Canadian Chiroloan program has a variable interest rate of Prime plus
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1.5% during in-school and deferment periods, and Prime plus 2% during
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repayment. <P>
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The term of all four loan programs is up to 20 years, with a $50
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minimum monthly payment. Except for the Chiroloan program, which has
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an in-school deferment period of 5 consecutive years, all of the
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programs have an in-school deferment period of 4 consecutive years,
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with interest capitalized at graduation. Repayment begins 12 months
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after graduation or withdrawal from school. All loans have
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interest-only and interest and principal payment options for the
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in-school period. <P>
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The Chiroloan has a $10 application fee and a 10% guarantee fee (6%
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with cosigner). The Canadian Chiroloan program has a $10 application
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fee and an 11% guarantee fee. The VLoan and OpLoan have no application
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fees, but a guarantee fee of 6% at disbursement and 1% at
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repayment. For schools with high default rates, the guarantee fees are
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7% and 2%, respectively. <P>
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For more information about these programs and a list of participating
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schools, contact EFS at 1-800-252-2041. <P>
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<B>International Health Education Loan Program (IHELP) </B><BR>
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The IHELP loan program provides loans for US graduate health
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profession students who are studying outside the US for an MD or
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DVM. US citizenship or permanent residency is required. Non-citizens
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must submit valid INS 151 or INS 551 forms with their
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applications. <P>
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The IHELP program lets students borrow from $1,500 to $15,000 per
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year, with an aggregate limit of $75,000. The interest rate is the
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91-day T-Bill rate plus 3.5% during the in-school and repayment
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|
periods. There is a 10.5% guarantee fee. <P>
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Repayment begins 12 months after graduation. There is a 4-year
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deferment period for medical students and a 1-year deferment period
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for veterinary students during residency. The term of the loan is up
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to 20 years, with a $50 minimum monthly payment. <P>
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This loan program is administered by International Education Finance
|
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Company (IEFC), division of Education Funding Services,
|
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Inc. (EFS). IHELP federal loans are guaranteed by USA Funds and IHELP
|
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alternative loans by TERI. <P>
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For more information, call 1-800-255-TERI (1-800-255-8374), write to
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The Education Resources Institute (TERI), 330 Stuart Street, Suite
|
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500, Boston, MA 02116-5237, or send email to <A
|
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|
HREF="mailto:custserv@teri.org">custserv@teri.org</A>. Customer
|
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service is x4210, school relations is x4262, lender relations is
|
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x4218, claims and collections is x4270, and loan origination is x4287
|
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(fax 1-617-695-3637). Financial aid administrators should call
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1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800. <P>
|
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<A HREF="http://www.keybank.com/educate/key_other.html"><B>Key
|
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|
Education Resources</A></B><BR>
|
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Key Education Resources offers several private loan programs for
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|
graduate and professional students:<P>
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<A HREF="http://www.keybank.com/educate/dental.html">Alternative
|
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DEAL</A>(DEAL = Dental Education Assistance Loan), a private loan for
|
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|
students pursuing dental or post-doctoral dental degrees. Repayment
|
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|
may be deferred during school and a 24-month grace period by
|
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|
|
capitalizing the interest, and the borrower may choose an optional
|
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|
|
interest-only repayment for the first three years. <P>
|
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|
<A HREF="http://www.keybank.com/educate/med_ach.html">MedAchiever</A>,
|
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|
|
a private loan for full-time students pursuing allopathic or
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|
|
osteopathic medical degrees. Repayment may be deferred during school
|
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|
and a 48 month grace residency/intership period by capitalizing the
|
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|
|
interest, and the borrower may choose an optional interest-only
|
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|
repayment for the first three years. <P>
|
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|
<A
|
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|
HREF="http://www.keybank.com/educate/grad_ach.html">GradAchiever<</A>,
|
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|
|
a private loan for full-time graduate students in most fields of
|
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|
|
study. Repayment may be deferred during school and for a 9 month grace
|
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|
|
|
period after graduation by capitalizing the interest. <P>
|
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|
<A HREF="http://www.keybank.com/educate/mba_ach.html">MBAchiever</A>,
|
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|
|
a private loan program for full time graduate business
|
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|
|
|
students. Repayment may be deferred during school and for a 9 month
|
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|
|
|
grace period after graduation by capitalizing the interest. <P>
|
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|
|
LawAchiever, a private loan program for any student attending an
|
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|
|
ABA-approved law school at least half-time pursuing a J.D., J.S.D.,
|
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|
|
LL.M., or joint degree program. <P>
|
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|
There is an aggregate loan limit of $130,000. The interest rate is the
|
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|
|
|
|
91-day T-Bill rate plus 3.25% during the in-school and grace period,
|
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|
|
|
|
and the 91-day T-Bill rate plus 2.50% to 3.25% during repayment
|
|
|
|
|
|
depending on the borrower's choice of payment plans. There are loan
|
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|
|
|
fees of 6% at disbursement and up to 3% at repayment. All loan
|
|
|
|
|
|
payments are deferred during the in-school period and for 9 months
|
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|
|
|
|
after graduation. There is no penalty for prepayment. Each month the
|
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|
|
|
borrower may choose a payment tied to a 10, 15, or 25 year repayment
|
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|
|
|
schedule, with shorter repayment periods having a lower interest
|
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|
|
|
|
rate. (The 10, 15, and 25 year interest rates are the 91 day T-Bill
|
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|
|
|
|
rate plus 2.50%, 2.90%, and 3.25%, respectively.) The Select/2
|
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|
|
Repayment Option allows students to make interest-only payments for
|
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|
|
the first two years, followed by principal and interest payments for
|
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|
|
the balance of the loan term. Students who have their monthly payment
|
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|
|
|
automatically debited from their checking or savings account are
|
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|
|
eligible for an additional 0.25% reduction in the interest rate. Key
|
|
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|
|
Education Resources is the largest educational lender to law schools.
|
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|
|
The annual loan limit for these loans is the cost of education less
|
|
|
|
|
|
other financial aid received ($7,500 for LawAchiever BarLoan). For
|
|
|
|
|
|
more information, call 1-800-KEY-LEND or send email to Key Education
|
|
|
|
|
|
Resources at <A
|
|
|
|
|
|
HREF="mailto:EducationRes@KeyBank.com">EducationRes@KeyBank.com</A>. <P>
|
|
|
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|
<A HREF="http://www.iefc.com/islp.html"><B>International Student Loan
|
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|
|
|
|
Program (ISLP)</B></A><BR>
|
|
|
|
|
|
|
|
|
|
|
|
ISLP is an alternative loan program for US students studying abroad or
|
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|
|
|
enrolled at foreign colleges or universities. It is also available to
|
|
|
|
|
|
international students for study in the US with a US citizen or
|
|
|
|
|
|
permanent resident as co-signer. The program for US students combines
|
|
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|
|
FFELP (Stafford and PLUS) loans with supplemental loan financing into
|
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|
|
|
single package.<P>
|
|
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|
|
|
|
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|
|
Graduate students may borrow up to the full cost of education,
|
|
|
|
|
|
including tuition, fees, and room and board, subject to a $15,000
|
|
|
|
|
|
maximum. The minimum loan amount is $1,000 per academic year for US
|
|
|
|
|
|
students, $2,000 per academic year for international
|
|
|
|
|
|
students. Students may take up to 25 years to repay the loan (20 years
|
|
|
|
|
|
for Canadian students). There is a $50 minimum payment and some
|
|
|
|
|
|
deferment provisions.<P>
|
|
|
|
|
|
|
|
|
|
|
|
The interest rate is variable, and is pegged to the prime lending
|
|
|
|
|
|
rate. There are different interest rates and fees depending on whether
|
|
|
|
|
|
the student is engaged in a study abroad program or is actually
|
|
|
|
|
|
enrolled at a foreign institution. For study abroad programs the
|
|
|
|
|
|
interest rate is the prime rate and there is a 9% guarantee fee. For
|
|
|
|
|
|
graduate students enrolled in a foreign school the interest rate is
|
|
|
|
|
|
the prime rate plus 0.25%, and there is a 10% guarantee fee and a 0.5%
|
|
|
|
|
|
origination fee. For Canadian students the interest rate is the prime
|
|
|
|
|
|
rate plus 1.5%, and there is a 7% guarantee fee with co-signer or a 9%
|
|
|
|
|
|
guarantee fee at disbursement and a 2% guarantee fee at repayment
|
|
|
|
|
|
without a co-signer. For international students the interest rate is
|
|
|
|
|
|
the prime rate and there is a 6% guarantee fee.<P>
|
|
|
|
|
|
|
|
|
|
|
|
For more information, call 1-617-696-7840, fax 1-617-698-3001, write
|
|
|
|
|
|
to Joe Cronin, VP/IEFC, 424 Adams Street, Milton, MA 02186, or send
|
|
|
|
|
|
email to <A HREF="mailto:iefc@aol.com">iefc@aol.com</A>. <P>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
<A HREF="http://www.mefa.org"><B>Massachusetts Educational Financing
|
|
|
|
|
|
Authority (MEFA)</B></A><BR>
|
|
|
|
|
|
|
|
|
|
|
|
MEFA is a not-for-profit state authority that provides college
|
|
|
|
|
|
financing for students attending Massachusetts colleges and
|
|
|
|
|
|
universities. They offer some of the lowest cost college loans
|
|
|
|
|
|
available, including GEL, a fixed rate graduate education loan program
|
|
|
|
|
|
available at many participating Massachusetts colleges and
|
|
|
|
|
|
universities (7.65% for the 1996-97 academic year), and PRISM, a fixed
|
|
|
|
|
|
rate international student loan program for students from Canada or
|
|
|
|
|
|
Argentina attending one of 65 participating schools in
|
|
|
|
|
|
Massachusetts. <P>
|
|
|
|
|
|
|
|
|
|
|
|
MEFA is able to offer one of the lowest interest rates on their loans
|
|
|
|
|
|
because they are non-profit and exempt for federal and state
|
|
|
|
|
|
tax. Students can borrow up to the full cost of education. These loans
|
|
|
|
|
|
have a term of up to 15 years and there is no penalty for
|
|
|
|
|
|
prepayment. Payments may be deferred while the student is in school
|
|
|
|
|
|
for a maximum of three years. The interest can be made tax-deductible
|
|
|
|
|
|
through their Home Equity Option. <P>
|
|
|
|
|
|
|
|
|
|
|
|
For more information about MassPlan, GEL, or U.Plan, call
|
|
|
|
|
|
1-800-449-MEFA (6332) or 1-617-261-9760. For more information about
|
|
|
|
|
|
PRISM, call 1-800-842-1531 or 1-617-261-9760, or fax
|
|
|
|
|
|
1-617-261-9765. You can also write to MEFA, 125 Summer Street, Boston,
|
|
|
|
|
|
MA 02110. <P>
|
|
|
|
|
|
|
|
|
|
|
|
<A HREF="http://www.medfunds.com"><B>MedFunds</B></A><BR>
|
|
|
|
|
|
|
|
|
|
|
|
MedFunds is a not-for-profit lender of Stafford, HEAL, and alternative
|
|
|
|
|
|
loans for students in various medical curriculums. They are a division
|
|
|
|
|
|
of the Ohio College of Podiatric Medicine. <P>
|
|
|
|
|
|
|
|
|
|
|
|
The MedFunds Alternative Gradute Loan is offered for graduate students
|
|
|
|
|
|
in Allopathic, Dentistry, Pharmacy, Podiatry, Physical Therapy, Public
|
|
|
|
|
|
Health, Occupational Therapy, Optometry, Osteopathy, Veterinary,
|
|
|
|
|
|
Nursing, Nutrition, and Physician's Assistant disciplines. The
|
|
|
|
|
|
eligibility requirements include a credit check and the debt-to-income
|
|
|
|
|
|
ratio for all applicants as a group must not exceed 40% after
|
|
|
|
|
|
including the loan. Debt includes a percentage of credit lines on
|
|
|
|
|
|
credit cards, regardless of the current balance. The loans are
|
|
|
|
|
|
restricted to US citizens, nationals, and permanent residents, and the
|
|
|
|
|
|
student must also have applied for a MedFunds Stafford Loan. Students
|
|
|
|
|
|
may borrow from $1,000 up to the cost of education or $20,000,
|
|
|
|
|
|
whichever is less, with a cumulative maximum of $80,000. There is an
|
|
|
|
|
|
aggregate education debt limit of $152,500 with the Medfunds
|
|
|
|
|
|
Option. (The MedFunds Option allows students to borrow an additional
|
|
|
|
|
|
$10,000 during the final year of graduate studies to cover internship
|
|
|
|
|
|
and residency interviewing and relocation costs.) Repayment begins 9
|
|
|
|
|
|
months after graduation or when the student's enrollment status drops
|
|
|
|
|
|
below half-time. An additional deferment of up to four years is
|
|
|
|
|
|
available for residency and internship. Interest is capitalized once,
|
|
|
|
|
|
at repayment. The interest rate is based on the 91 day T-bill rate
|
|
|
|
|
|
plus a spread. The spread is 2.4% before repayment and 2.7% during
|
|
|
|
|
|
repayment. The guarantee fee is 6.00% at origination, plus an
|
|
|
|
|
|
additional 3% at repayment if there is no cosigner. The term of the
|
|
|
|
|
|
loan is up to 20 years, and there is no penalty for prepayment. <P>
|
|
|
|
|
|
|
|
|
|
|
|
For more information, call 1-800-665-1016, fax 1-216-231-0453, write
|
|
|
|
|
|
to MedFunds, 10515 Carnegie Avenue, Cleveland, OH 44160, or send email
|
|
|
|
|
|
to <A HREF="mailto:ccorr@ocpm.edu">ccorr@ocpm.edu</A>. Servicing
|
|
|
|
|
|
questions should be directed to SLSC at 1-800-233-0557. <P>
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<A HREF="http://www.mohela.com"><B>Mohela</B></A><BR>
|
|
|
|
|
|
|
|
|
|
|
|
Mohela is a secondary market for student loans in Missouri and
|
|
|
|
|
|
neighboring states. Established in 1981, they have $1 billion in
|
|
|
|
|
|
assets and serve more than 125,000 student and parent borrowers and 83
|
|
|
|
|
|
lenders. More than three-quarters of all student loans in Missouri are
|
|
|
|
|
|
purchased by Mohela. <P>
|
|
|
|
|
|
|
|
|
|
|
|
They offer the CASH LOAN private loan program as a supplement to FFELP
|
|
|
|
|
|
and FDSLP loans for graduate students. These loans include the
|
|
|
|
|
|
MedCash, LawCash, BarCash, MBACash, and GradCash loan programs. US
|
|
|
|
|
|
citizenship is required. <P>
|
|
|
|
|
|
|
|
|
|
|
|
Under the MedCash program, medical school students can borrow up to
|
|
|
|
|
|
$20,000 per year, with an aggregate maximum of $80,000 and a total
|
|
|
|
|
|
educational debt limit of $128,500 (including MedCash loans). The
|
|
|
|
|
|
interest rate is the 91-day T-Bill rate plus a spread of 2.50% while
|
|
|
|
|
|
the student is still in school and 2.85% during repayment. There is a
|
|
|
|
|
|
5% guarantee fee, and an additional 2% guarantee fee is added when the
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student enters repayment. Repayment begins 36 months after graduation
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or 9 months after the student withdraws to less than half-time
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enrollment without graduating. No payments are required while the
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student is in school, and the term of the loan is up to 20 years. <P>
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Under the LawCash program, law students can borrow up to $15,000 per
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year, with an aggregate maximum of $45,000 and a total educational
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debt limit of $90,000 (including LawCash loans). The interest rate is
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the 91-day T-Bill rate plus a spread of 3.25% while the student is
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still in school and 3.40% during repayment. There is an 8% guarantee
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fee at disbursement, and an additional 2% guarantee fee when the
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student enters repayment. Repayment begins 9 months after the student
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either graduates or withdraws. No payments are required while the
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student is in school, and the term of the loan is up to 15 years. <P>
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For more information call 1-800-6-MOHELA (1-800-666-4352) or
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1-314-469-0600, TDD/TT 1-314-469-6390, fax 1-314-469-4561, or write to
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Mohela, 14528 South Outer Forty Road, Suite 300, Chesterfield, MO
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63017. <P>
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<A HREF="http://www.nelliemae.org"><B>Nellie Mae LOAN LINK</B></A><BR>
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Nellie Mae, established in 1982, is the largest nonprofit provider of
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student and parent education loan funds in the US. Nellie Mae offers
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the EXCEL Education Loan Program for parents and spouses of
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undergraduate and graduate students and the GradEXCEL, LawEXCEL,
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MBA-EXCEL, and MedDent-EXCEL Education Loan Programs for graduate and
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professional students. <P>
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The Nellie Mae EXCEL Education Loan Program lets parents and spouses
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borrow from $2,000 up to the cost of attendance less other financial
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aid received each year. Repayment options include paying interest only
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while the student is in school or making monthly payments of principal
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and interest while the student is in school. You can take up to 20
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years to repay the loan depending on the amount borrowed (15 years for
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a $10,000 loan). <P>
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The GradEXCEL, LawEXCEL, MBA-EXCEL, and MedDent-EXCEL Education Loan
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Programs lets graduate and professional students borrow from $2,000 to
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$10,000 a year (up to $12,000 for law students) on their own, or up to
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the cost of attendance with a cosigner. Medical and Dental students
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have the option to borrow an additional $5,000 in the final year of
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medical or dental school for use during residency interviews or
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relocation expenses. Repayment options include defering principal and
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interest until six months after leaving school (MedDent-EXCEL
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borrowers can continue to defer principal during residency or
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internship, but must pay interest), making monthly payments of
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interest only while the student is in school, or making monthly
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payments of principal and interest while the student is in school. You
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can take up to 20 years to repay the loan depending on the amount
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borrowed. <P>
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Interest rates are the same for all loans and are pegged to the Prime
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rate. You can choose either a monthly variable rate of Prime plus 0.5%
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during the first year and Prime plus 1.0% during subsequent years, or
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a one-year renewable rate of Prime plus 2-3%. <P>
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There are no origination fees. EXCEL Loans have a 7% guarantee
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fee. With a cosigner, the GradEXCEL, LawEXCEL, MBA-EXCEL, and
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MedDent-EXCEL loans have a 7% guarantee fee. Without a cosigner, the
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guarantee fees are 9% for MBA and medical students and 10% for
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graduate, law, and dental students. <P>
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You can request an application through their online
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form. For more information, call 1-800-9-TUITION (1-800-988-4846),
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1-800-634-9308, or 1-617-849-3447, fax 1-617-849-6006, write to Nellie
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Mae, 50 Braintree Hill Park, Suite 300, Braintree, MA 02184, or send
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email to <A
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HREF="mailto:info@nelliemae.org">info@nelliemae.org</A>. <P>
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<A HREF="http://www.salliemae.com"><B>Sallie Mae</B></A><BR>
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Sallie Mae is the nation's largest secondary market and holds
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approximately one third of all educational loans. Sallie Mae buys
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student loans from lenders and administers them from origination
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through repayment. Sallie Mae is affiliated with several lenders
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(currently Norwest Bank and Household Bank fsb) who offer private loan
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programs. <P>
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The private loan programs include:
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<UL>
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<LI>LAWLOANS: Law Student Loans and Bar Study Loans
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<LI>MEDLOANS: Alternative Loan Program (for allopathic medical students) and MEDEX (for residency interviews and relocation)
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<LI>MBALOANS: Tuition Loan Program (for students attending approved business schools) and Executive MBA Loan (for students enrolled in non-traditional MBA programs)
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</UL>
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Borrowers under these loan programs may be required to apply for
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federal student aid first. Eligibility is restricted to US citizens,
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nationals, and permanent residents. The LAWLOANS and MBALOANS require
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permanent residents to have a US citizen as cosigner. The MBALOANS
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requires international students to have creditworthy cosigners and to
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make interest payments during the in-school period. <P>
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All loans have let you borrow a minimum of $1,000 ($500 for continuing
|
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|
borrowers). Each program has a different maximum loan amount. The
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LAWLOANS maximum is $60,000 without a cosigner, $100,000 with a
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cosigner. The Bar Study Loan lets you borrow up to $7,500. The
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MEDLOANS lets you borrow up to $20,000 per year. The MEDEX loan lets
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you borrow up to $7,000. In addition, the LAWLOANS has an aggregate
|
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maximum for all educational loans of $102,500 without a cosigner,
|
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$150,000 with a cosigner. For MEDLOANS the aggregate maximum is
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$142,500. <P>
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|
The interest rates are based on the 91-day T-bill rates, plus a
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|
spread, and vary quarterly. For LAWLOANS the interest rate for FFELP
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|
borrowers is T-bill plus 3.25% during the in-school period and for
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|
FDSLP it is T-bill plus 3.50%. During repayment the rate for both is
|
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T-bill plus 3.50%. For MEDLOANS it is T-bill plus 2.5% during the
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|
|
in-school period, and T-bill plus 2.85% during repayment. For MBALOANS
|
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|
|
the rate for FFELP borrowers is T-bill plus 3.25% during the in-school
|
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|
period, T-bill plus 3.40% during repayment, and T-bill plus 3.50% for
|
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FDSLP borrowers. Interest is capitalized at the beginning of
|
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|
repayment, except for MEDLOANS where the interest is capitalized upon
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|
|
leaving medical school and annually until repayment begins. <P>
|
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Loan fees for LAWLOANS are 7.5% at disbursement, plus an additional
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|
4.25% at repayment if there is no cosigner. Loan fees for MEDLOANS are
|
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|
7% at disbursement, plus 2% of principal and accrued interest at the
|
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|
beginning of repayment. The MEDEX loan has an additional origination
|
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|
|
fee of 1.5%. Loan fees for MBALOANS are 7.5% at disbursement, plus an
|
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|
additional 2.5% at repayment if there is no cosigner. <P>
|
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|
The minimum payment for all loans is $50. The loan term for LAWLOANS
|
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|
is up to 15 years and begins following a 9 month grace period after
|
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|
|
leaving school or 4 years after disbursement, whichever comes
|
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|
|
first. The loan term for MEDLOANS is up to 20 years, and begins 3-4
|
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|
|
years after graduation (depending on length of the residency program)
|
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|
or 9 months after withdrawal. MEDLOANS offers a repayment option of 3
|
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|
|
years of interest-only payments and 17 years of interest and principal
|
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|
|
payments. The loan term for MBALOANS is 12-15 years, depending on the
|
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|
loan balance, and begins 6 months after leaving school or 3 years
|
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|
after disbursement, whichever comes first. The MBALOANS offers level
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|
or graduated repayment options. <P>
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Borrowers of these private loans get access to Sallie Mae discounts,
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|
|
including a 0.25% interest rate reduction for authorizing an automatic
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|
|
monthly deduction of the education loan payments from your check or
|
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|
|
savings account (Direct Repay) and a 0.5% interest rate reduction for
|
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|
Law Student or Bar Study loan borrowers who make their first 48
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|
|
scheduled monthly payments on time (Law Rewards). <P>
|
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Call 1-800-239-4211 to request copies of Sallie Mae brochures or to
|
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|
|
talk to a College Answer[sm] representative. Customer service
|
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|
telephone numbers are 1-800-366-5626 for the LAWLOANS, 1-800-858-5050
|
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|
for MEDLOANS, and 1-800-366-6227 for MBALOANS. <p>
|
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<A HREF="http://www.teri.org/alt.htm"><B>TERI Alternative Loan
|
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|
|
Program</B></A><BR>
|
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The TERI Alternative Loan Program program provides loans for graduate
|
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|
|
students who are enrolled at least half-time in a degree-granting
|
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|
|
program at a TERI-approved school. Approval is based on
|
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|
|
creditworthiness, not financial need. This program lets you borrow
|
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|
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|
|
from $2,000 up to the cost of education, less any financial aid
|
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|
|
|
|
received. You can borrow to cover past due balances owed to the school
|
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|
|
from a prior loan period. <P>
|
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|
Repayment begins 45 days after disbursement. There is an alternate
|
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|
|
|
deferred repayment option in which payments are interest-only while
|
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|
|
the student is in school (for up to four consecutive years), with
|
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|
|
|
repayment of interest and principal beginning 45 days after graduation
|
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|
|
|
|
or withdrawal from school. There is a $50 minimum payment. The term of
|
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|
|
the loan is for up to 25 years, depending on the amount borrowed, and
|
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|
|
there is no penalty for prepayment. <P>
|
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|
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|
There is a 5% guarantee fee. The interest rate depends on the lender,
|
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|
|
|
|
and is variable, ranging from a low of Prime plus 0% (Bank of Boston,
|
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|
|
|
|
Household Bank, and PNC Bank) to a high of Prime plus 2%
|
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|
|
|
|
(Citibank). First Union National Bank offers the loan at Prime +
|
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|
|
|
1.25%. On the variable interest rate loans, any fluctuation in the
|
|
|
|
|
|
interest rate will be reflected in the length of repayment, not in the
|
|
|
|
|
|
size of the monthly payment, unless an increase in the monthly amount
|
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|
|
|
is needed to keep the repayment period within the 25 year maximum. <P>
|
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|
|
The Maine Education Loan Authority offers the MELA loan for Maine
|
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|
|
students and Maine residents. There is a $50 application fee, and the
|
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|
|
|
|
loan is offered with either a fixed interest rate or a variable
|
|
|
|
|
|
interest rate based on the 91-day T-Bill rate plus a spread determined
|
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|
|
|
|
by the lender. <P>
|
|
|
|
|
|
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|
|
For more information, call 1-800-255-TERI (1-800-255-8374), write to
|
|
|
|
|
|
The Education Resources Institute (TERI), 330 Stuart Street, Suite
|
|
|
|
|
|
500, Boston, MA 02116-5237, or send email to <A
|
|
|
|
|
|
HREF="mailto:custserv@teri.org">custserv@teri.org</A>. Customer
|
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|
|
|
|
service is x4210, school relations is x4262, lender relations is
|
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|
|
|
|
x4218, claims and collections is x4270, and loan origination is x4287
|
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|
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|
|
(fax 1-617-695-3637). Financial aid administrators should call
|
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|
|
1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800. <P>
|
|
|
|
|
|
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|
|
<A HREF="http://www.teri.org"><B>TERI Professional Education Program
|
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|
|
|
|
(PEP)</B></A><BR>
|
|
|
|
|
|
|
|
|
|
|
|
The TERI PEP program provides loans for graduate and professional
|
|
|
|
|
|
study. It lets graduate and professional students borrow up to $7,500
|
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|
|
|
|
($12,000 for law students) annually on their own credit. If the
|
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|
|
|
|
borrower is creditworthy or has a creditworthy cosigner, the TERI PEP
|
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|
|
|
|
program lets the student borrow annually up to the cost of education
|
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|
|
|
less any financial aid received or $20,000, whichever is less, with a
|
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|
|
|
|
cumulative limit of $80,000. <P>
|
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|
|
|
|
|
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|
|
There are aggregate borrowing limits depending on the
|
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|
|
|
|
profession. These aggregate limits include all education debt,
|
|
|
|
|
|
undergraduate and graduate. Graduate students who are creditworthy or
|
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|
|
|
|
who apply with a creditworthy cosigner are not subject to these
|
|
|
|
|
|
limits. The aggregate limits are:
|
|
|
|
|
|
|
|
|
|
|
|
<UL>
|
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|
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|
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|
|
<LI> $90,000 -- Medicine (MD degree)
|
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|
|
<LI> $90,000 -- Osteopathic Medicine
|
|
|
|
|
|
<LI> $77,000 -- Law
|
|
|
|
|
|
<LI> $70,000 -- Pharmacy (PhD degree)
|
|
|
|
|
|
<LI> $45,000 -- Business
|
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|
|
|
|
<LI> $44,000 -- Dentistry
|
|
|
|
|
|
<LI> $44,000 -- Engineering
|
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|
|
|
|
<LI> $44,000 -- Physical Sciences
|
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|
|
|
|
<LI> $33,000 -- All other graduate/professional programs.
|
|
|
|
|
|
|
|
|
|
|
|
</UL>
|
|
|
|
|
|
|
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|
|
The student makes no payments for up to 4.5 consecutive years while
|
|
|
|
|
|
still in school. Unpaid interest is capitalized at repayment. Medical
|
|
|
|
|
|
school students may request a second deferment on the new principal
|
|
|
|
|
|
balance after the interest has been capitalized, for up to 4 years
|
|
|
|
|
|
while completing a medical internship or residency (with
|
|
|
|
|
|
capitalization at repayment). <P>
|
|
|
|
|
|
|
|
|
|
|
|
There is a $50 minimum monthly payment and the term of the loan is for
|
|
|
|
|
|
up to 20 years. Fluctuations in the interest rate will be reflected in
|
|
|
|
|
|
the length of repayment, not in the size of the monthly payment,
|
|
|
|
|
|
unless an increase in the monthly amount is needed to keep the
|
|
|
|
|
|
repayment period within the 20 year maximum. <P>
|
|
|
|
|
|
|
|
|
|
|
|
A guarantee fee is deducted at origination. The guarantee fee is 6%
|
|
|
|
|
|
with a cosigner, 9% without. The interest rate is variable, and
|
|
|
|
|
|
depends on the lender. The Bank of Boston, Household Bank, and PNC
|
|
|
|
|
|
Bank offer the TERI PEP loans at an interest rate of Prime + 0%. The
|
|
|
|
|
|
Bank of Boston charges a origination fee of 0.5%, with a $50
|
|
|
|
|
|
cap. First Union National Bank offers TERI PEP loans at Prime +
|
|
|
|
|
|
1.25%. Citibank offers the Citibank PEP loan at Prime + 2%. <P>
|
|
|
|
|
|
|
|
|
|
|
|
For more information, call 1-800-255-TERI (1-800-255-8374), write to
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The Education Resources Institute (TERI), 330 Stuart Street, Suite
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500, Boston, MA 02116-5237, or send email to <A
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HREF="mailto:custserv@teri.org">custserv@teri.org</A>. Customer
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service is x4210, school relations is x4262, lender relations is
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x4218, claims and collections is x4270, and loan origination is x4287
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(fax 1-617-695-3637). Financial aid administrators should call
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1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800. <P>
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<A HREF="http://www.teri.org/cel.htm"><B>TERI Continuing Education
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Loan</B></A><BR>
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Funded by the Bank of Boston, the TERI Continuing Education Loan
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program provides loans for continuing education students for
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undergraduate, graduate, and certificate program study. Approval is
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based on creditworthiness, not financial need. There are no enrollment
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status requirements - you do not need to be enrolled at least half
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time, as with other private loans. The minimum loan amount is $500 and
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the maximum is $5,000 per year. You can borrow for past due balances
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owed to the school from a prior loan period. No school certification
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is required. The interest rate is Prime plus 1.5% and there is a 5%
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guarantee fee and no application fee. Repayment of interest and
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principal begins six months after disbursement. There is a $25 minimum
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monthly payment, and you have up to 10 years to repay the loan. <P>
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For more information, call 1-800-255-TERI (1-800-255-8374), write to
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The Education Resources Institute (TERI), 330 Stuart Street, Suite
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500, Boston, MA 02116-5237, or send email to <A
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HREF="mailto:custserv@teri.org">custserv@teri.org</A>. Customer
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service is x4210, school relations is x4262, lender relations is
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x4218, claims and collections is x4270, and loan origination is x4287
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(fax 1-617-695-3637). Financial aid administrators should call
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1-800-TERI-FAO (1-800-837-4326) or 1-617-422-8800. <P>
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