Private Education Loan Information
Free or lower-cost Title IV federal, state, or institutional aid may be available in place of, or in addition to, a private education loan. You are strongly encouraged to pursue the availability of free or lower-cost financial aid first.
Alternative loans are private educational loans in which the student is the borrower; however, a cosigner is usually required depending upon the creditworthiness of the student. Below is a historical list of lenders our students have successfully borrowed with over the past several years.
Citizens Bank Trufit Student Loan: www.citizensbank.com/trufitstudentloan/
Citizens Bank Student Loan: www.citizensbank.com/studentloan
DEXSTA Federal Credit Union: https://www.dexsta.com/education.php
1-302-571-0522 ext. 879
Discover Student Loans: http://www.discoverstudentloans.com/
New Jersey Class: www.njclass.org
Sallie Mae Smart Option Loan: www.salliemae.com
Sun Trust: www.suntrusteducation.com/
Union Federal: www.ufpsl.com
Students have the right to select any lender. Because the terms and conditions of the loans depend so greatly on the credit score of the borrower and cosigner, we cannot recommend one lender over another. It is important to be a good consumer and explore all of the alternative loan options. In fact, many loans have different interest tiers and repayment options. It is important to determine what tier you qualify and what your interest rate will be. In general, interest rates are based upon a standard rate, then a percentage (%) is added. Example interest rate: 3-mo Libor + 3.9% would be 4.16% (.26% 3-mo Libor + 3.9%).
Remember, all loans are certified for the full year - ex. Fall/Spring or Fall/Spring/Summer. Loans are not processed for one term only.
The Fair Isaac Corporation, the creator of the FICO score, recently clarified that shopping for the best priced private educational loan does not necessarily lower an individual’s credit score as long as the credit inquiries are made within a time frame of 30 days. We recommend that you shop for the loans during a 30-day period through June and July. Once you have decided on a loan and have sent a signed Master Promissory Note (MPN) along with all required paperwork to the lender, certification information is then provided to the University. This certification process begins in mid to late July.
The following are questions we suggest asking when speaking with lenders:
Changes to Alternative Loan Regulations
Alternative Loan Borrowers – The Federal Truth-In-Lending Act has changed the regulations necessary for borrowers to receive private educational loans.