Alternative Loans: Loan Lender Information

Alternative (also called private or supplemental) loans are loans made available by lenders to students who need additional funding to help with their educational costs. The Clarkson College Student Financial Services Department requires the completion of the FAFSA before certification of any alternative loan. Alternative loans are more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted. Be sure you have applied for all available scholarships, grants, work-study and federal loan programs offered by Clarkson College before borrowing from an alternative loan program. Alternative loans are in the student's name and a cosigner is usually required.

As always, when borrowing money, we encourage students to only borrow what they need for their educational costs. Remember that the more you borrow the higher your monthly payment will be which could affect your financial well being after graduation.

Lender	Wachovia	Citibank	US Bank	Wells Fargo
Phone	1-800-338-2243	1-800-967-2400	1-800-242-1200	1-800-658-3567
Qualifications	� Graduate or undergraduate enrolled at least half-time in a degree-granting program � must be of legal age to enter into a contract (19 in NE) � making satisfactory academic progress	� Graduate or undergraduate enrolled at least part-time � must be at least 18 years of age � Satisfactory academic progress not required	� enrolled at least part-time � U.S. citizen or permanent resident � at least 18 years of age	� Undergrad and graduate enrolled at least part time in an eligible program � Be a U.S. citizen, U.S. national, permanent resident alien
Maximum	cost of education, as determined by school, less financial aid received	cost of education, as determined by school, less financial aid received	cost of education, as determined by school, less financial aid received	cost of education, as determined by school, less financial aid received
Minimum	$500	None	$1000	$1000
Aggregate Limit	120,000 to 225,000 dependent on credit standing and field of study	Undergrad: $120,000 Graduate: $150,000	$100,000	$120,000 (including all educational debt)
Interest rate	Variable; As low as Prime minus 0.5%, depending on credit	Variable; As low as Prime minus 0.5%, depending on credit	No Fee Loan: Variable; Prime + 0%, Prime + 1.95% or Prime + 3.95%1, depending on credit history GAP Loan: 91-day T-Bill +2.5% while in-school and grace and 91-day T-Bill +3.5% during repayment; variable quarterly	Variable, Prime +0% and Prime +4.5%, depending on credit
Loan Fees	None	None	No Fee Loan: None GAP Loan: 4% or 8%, depending upon credit history	None
Repayment Period	Up to 25 years	Up to 20 years	Up to 15 years	Up to 15 years
Grace Period	6 months	6 months	6 months	6 months

*Information updated 3/08. Check with individual lenders for most current information as it may have changed.