Loans

2010-11 Private Alternative Education Loan Options

 

Private student loans are offered through a variety of banks and other lenders. The best rates on private loans generally are offered to borrowers who have good credit and/or who have a co-signer with good credit. Before you consider a private loan, we recommend you determine your eligibility for federal student loans, which generally have better terms. More information about federal student loans is available at http://federalstudentaid.ed.gov/

Exhaust all federal grant and loans available to you before considering a private (alternative) loan.  Student Lending Analytics has developed a list of private loan options for undergraduates to serve schools and their students who need a focused resource for help in finding a private student loan. This list was developed based on the collective decision-making of over 420 financial aid administrators at leading 2-year and 4-year institutions who have posted their 2009-10 alternative lender lists on their schools' financial aid websites. SLA added several credit union offerings in August of 2009 after a formal review of their terms and conditions confirmed the competitiveness of their interest rates.  If you live or attend college in the following states, be sure to review this information about your state's private loan program:  Alaska, Connecticut, Maine, Massachusetts, Minnesota, New Jersey, New York,  North Carolina, North Dakota, Rhode Island, Texas and Vermont.   Before making a final decision about your private loan, please review the SLA Private Loan Guide.

General Information

• Private student loans are usually higher interest programs with interest that accrues while the student is in school.
• Students (or co-borrowers) must have a good credit history to obtain private student loans.
• Private loans will be certified for the amount requested, up to the Cost of Attendance minus other financial aid the student is receiving at the time of certification. Students interested in obtaining an increased loan amount after certification, must reapply through their lenders.
• Private loans will be certified for the requested loan period only. Once the private loan has been certified, students interested in changing a loan period must reapply through their lenders.
• Depending on the private student loan lender, it is possible to apply for prior loan periods (retroactively) after the end of a loan period. Note: lenders do limit the number of days after the end of the term for which a retroactive loan can be requested. All retroactive private student loan requests are approved on an appeal basis only.
• The majority of private student loan lenders require a minimum of half-time enrollment in a degree-seeking program. Note: OSFA checks enrollment status at the point of disbursement, not when the loan is certified.
• Once a private loan has been school-certified, a disbursement date is set to the earliest a lender allows funds to be released prior to the start of a loan period. It is important to remember that all of the new Truth in Lending requirements emphasized in the next section must be completed in order to be eligible for a disbursement.

New Truth in Lending Requirements

New provisions in the Truth in Lending Act, implemented in February 2010, have resulted in a number of changes in the process of applying for and receiving private student loans. Lenders who provide these loans must comply with the following requirements:

• Lenders must provide 3 separate loan disclosures to borrowers; one at the point of application, one when the loan is approved, and one before the loan is disbursed.
• A waiting period of 3 business days is required between the time the borrower receives the final loan disclosure and the time the loan is disbursed.
• Students must also sign an Applicant Self-Certification form and submit it to the lender before the loan can be disbursed.

 

Disclaimer
SLA is an independent research and advisory firm that has NO affiliations with any student lenders. SLA HAS RECEIVED NO CONSIDERATION FROM ANY LENDERS FOR PLACEMENT ON THIS LIST. Placement on this list DOES NOT in any way constitute an endorsement from SLA NOR should it be construed as a preferred lender list.  You are free to borrow from any lender of your choice. While SLA has made every effort to confirm each of the lender loan terms described below through website research and multiple calls to lender customer service representatives, it cannot guarantee its accuracy. Furthermore, not all the lenders listed below lend to all students at all schools.The borrower should confirm any and all loan terms with the lender PRIOR to accepting the loan. Each lender’s position on the list is randomly determined and will change each time this page is refreshed.  SLA will update this page as necessary and will provide a date of last update at the top of the page. The information provided below is subject to change without notice.

Private Student Loan Programs

Students may compare and research various private student loan programs available in the marketplace; one resource includes www.finaid.org/loans/privatestudentloans.phtml With an additional resource being found atwww.ismmarketplace.com. Students must apply through the lender of their choice for a private student loan. Trine does not promote specific lenders. You should thoroughly research all options before making your decision.

Private Student Loan Periods

• 2010-2011 Academic Year
• Fall & Spring Semester: 8/24/2010 – 5/5/2011
• Fall Only: 8/24/2010– 12/16/2010
• Spring Only: 1/11/2011 – 5/7/2011
  Note: We will begin certifying academic year private loan applications in August.

We want to assure all educational loan borrowers that Trine's Financial Aid Offices do not receive any form of payment or remuneration from lenders in exchange for inclusion on our lender listing. As long time members of the National Association of Student Financial Aid Administrators (NASFAA), the employees of Trine University Financial Aid Offices fully adhere to NASFAA's Statement of Ethical Principles and Code of Conduct for Institutional Financial Aid Professionals.

Please know there is absolutely no obligation for borrowers to select a lender from our lender listing. Student and/or parent borrowers have the right to select a lender of their choice. Per federal and institutional guidelines, the University Financial Aid Offices will process any loan from any lender. Finally, we wish to point out that our list of lenders is not in any order of preference. We highly recommend that a borrower's lender choice be carefully considered as to what is best for the borrower and with the intent that one will remain with the same lender throughout one's studies at Trine.

If you have specific questions about loans, please contact the Office of Financial Aid at 800.347.4878 (option 2) or finaid@trine.edu.