Private Alternative Loan

When is a private alternative loan appropriate?

This loan is for students to cover college expenses that are not covered by other financial aid resources. The Financial Aid Office strongly suggests exhausting other loan options before looking into Alternative Loans as they are not subject to federal loan regulations like Stafford and PLUS loans. Interest rates, fees, and loan amounts are subject to your credit score and most students are required to have a cosigner to qualify. Once you and your family have considered federal loan options, you can use the Pennsylvania Private Loan Marketplace to instantly and accurately compare rates and terms from multiple alternative loan lenders side-by-side. This will help you make an informed decision about the most appropriate loan for you (Marketplace Disclosure).

Some states have their own private loans for residents of that state. Some state specific alternative loans include: Alaska, Maine, Massachusetts, and New Jersey. Please check with your state to see if private state loans are available. The interest rate and fees on private/alternative student loans are dependent upon many variables, one of which is the FICO score of the borrower and/or co-borrower.

Students should always take Federal student loans first before considering any private student loans. Federal Perkins and Stafford loans have a fixed interest rate. Parent PLUS loans have a fixed interest rate. Most private student loans require a credit-worthy co-signer. Please be aware that private alternative loans can have variable interest rates; these interest rates may change monthly or quarterly depending on the bank/lender. However, there are certain private lenders that are now offereing fixed interest rates. Interest does accrue on private/alternative loans, and may be deferred while in school, or depending on the lender must be paid while in school. We recommend, when possible, to pay any accrued interest while in school and during the six-month grace period. Please review the information listed below for each bank/lender very carefully before making your choice, and you may want to visit the lender's website for more details.

Lycoming College does not accept any revenue sharing funds from any lender.

Beginning February 14, 2010: Due to Regulation Z requirements, banks/lenders must provide several disclosures and a Self Certification form to the borrower BEFORE the loan will be disbursed. This will slow down the approval and disbursement of all private student loans. PLEASE FOLLOW ALL INSTRUCTIONS FROM THE LENDER AND RESPOND IN A TIMELY WAY SO YOUR LOAN CAN BE PROCESSED AS QUICKLY AS REGULATIONS ALLOW. Private student loans will now take a minimum of three (3) weeks from the start of your application to disbursement. Your bank/lender will give you a Self Certification form. The student is responsible to complete this form and return it to the bank/lender, not Lycoming College. Information required for this form - Cost of Attendance and Estimated Financial Assistance are both found on your award letter that can be found on WebAdvisor. If you do not understand any of the required documents, you must contact your bank/lender for clarification.

Please don't hesitate to contact the Financial Aid office at (570) 321-4040, Monday through Friday, 8:00 a.m. to 4:30 p.m. if you have any questions. You can also email us at finaid@lycoming.edu.

 

LOAN NAME

COMPANY/CONTACT INFO

LOAN TERMS & MISC INFO

APPLY NOW
LINKS

Citizens Bank TruFit Student Loan

Citizens Bank

Education Finance 770 Legacy Place Dedham, MA 02026 1-800-708-6684

TruFit Loan Options:

  • Variable rate option: 1 month LIBOR + 2.50% to LIBOR + 9.00% with a co-signer

  • Fixed rate option: range from 5.75% to 11.75% with a co-signer

  • Zero fees

  • $1,000 minimum

  • Must be at least 17 yrs. with co-signer

  • 0.25% rate reduction for auto debit from any eligible bank account

  • 0.50% rate reduction for auto debit from any eligible Citizens Bank account

Repayment options:

  • Deferred, Interest Only, or Immediate Repayment

  • Choice of Repayment Term: 5, 10, or 15 years 

  • Variable APR and repayment examples in the Disclosure Statement here

  • Fixed rate: APR and repayment examples in the Disclosure Statement here

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Discover Certified Private Loan

Discover Student Loans P.O. Box30947 Salt Lake City, UT 84130-0947 1-877-728-3030

  • Prime + 0% to Prime + 6.25%

  • Zero fees

  • 2% principal reduction at graduation

  • 0.25% interest rate reduction for auto debit

  • 6 month grace period

  • 15 year repayment

  • APR and repayment examples in the Disclosure Statement here

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NJ CLASS

NJCLASS

PO Box 540

Trenton, NJ 08625

1-800-792-8670

For NJ State residents only Repayment Options:

  • 6.6% fixed rate for immediate repayment of principal and interest. 2% fee (10 year repayment)

  • 7.35% fixed rate for monthly repayment of principal & interest OR monthly interest payment while in school. 2% fee (15 year repayment)

  • 8.0% fixed rate for deferred principal & interest. 3% fee (20 year repayment)

  • Interest rate increases 0.75% after the 48th payment

  • Interest capitalizes annually

  • 0.50% rate reduction for auto debit

  • APR and repayment examples in the

  • Disclosure Statement here

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PNC

Solution Loan for Under-graduates

The PNC Solution Loan for Undergraduates

2600 Liberty Avenue, Suite 200

Pittsburgh, PA 15222

1-800-762-1001

Fixed Rate:

  • Interest rates from 7.39% - 13.79%

  • Zero fees

  • 0.50% rate reduction for auto debit

Variable Rate:

  • 3 month LIBOR + 3.30% to LIBOR + 11%

  • Zero fees

  • 0.50% rate reduction for auto debit

  • Must be at least 17 yrs old w/co-signer

  • 6 month grace

  • 15 year repayment 

  • Co-borrower released after 48th on-time consecutive payment

  • APR and repayment examples in the Disclosure Statement here

Apply Now

Sallie Mae

Smart Option Student Loan

Sallie Mae, Inc.

300 Continental Drive

Newark, DE 19713

1-888-272-5543

  • Fixed Rates: 5.74% APR to 11.85% APR

  • No origination fees and no prepayment penalty.

  • Pay now or later — defer your payments until after graduation or choose an in-school repayment option that fits your needs. 

  • Receive a 0.25 percentage point interest rate reduction while enrolled to make scheduled payments by automatic debit.

  • Borrow up to 100% of your school-certified education costs (minimum $1,000).

  • Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.

  • You can apply to release your cosigner after you graduate and make 12 consecutive on-time principal and interest payments.

  • Sallie Mae relies on the school to monitor that students are making sufficient progress toward their degree.

  • Can be used to cover unpaid tuition balances.

  • APR and repayment examples in the Disclosure Statement here

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SunTrust Custom Choice Loan

SunTrust Education Loans

1001 Semmes Avenue

Richmond, VA 23224 1-866-232-3889

Custom Choice Loan Program Highlights:

  • A variety of customizable options are available with a Custom Choice Loan: 

  • The choice of a fixed or variable rate loan 

  • The choice of multiple repayment plans 

  • The choice of multiple repayment terms   

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Union Federal Savings Bank Private Student Loan

Union Federal Private Student Loans PO Box 848108 Boston, MA 02284 1-866-513-8445
  • 1-month LIBOR + 2.60% to LIBOR + 8.99%
  • Zero fees
  • 5 to 15 year repayment
  • Minimum Loan: $2000

Repayment Options:

  • Immediate repayment
  • Interest only
  • Partial Interest/Student Starter ($25/mo)

Total deferment Borrower Benefits:

  • 0.25% Interest rate reduction for auto debit
  • 0.25% Interest rate reduction after 36th on-time payment
  • Co-borrower released after 36 consecutive payments Union Federal Private Student Loan Application and Solicitation Disclosure: https://www.alternativeloan.com/CWA/ASD?link_id=UFPSL1

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Wells Fargo Collegiate Loan

Wells Fargo Education Financial Services 301 East 58th Street North P.O. Box 5185 Sioux Falls, SD 57117-5185 1-800-658-3567

Collegiate Loan:

  • FIXED RATE or variable rate
  • Prime + 1% to 6.99%

Subject to a contractual minimum of 3.25% if Prime is lower than 3.25% + margin listed above.

  • Rate adjusts monthly, if variable rate 
  • 15 year repayment 
  • APR and repayment examples in the Disclosure Statement here

MedCAP Loan = For students in approved health-related programs:

  • Prime + 1.50% to 4% (variable rate) 
  • Zero fees
  • 0.25% rate reduction for auto debit 
  • 0.50% rate reduction at repayment upon verification of graduation 
  • $1000 Minimum loan
  • 6 month grace 
  • 20 year repayment
  • Co-borrower released after 24th on-time consecutive payment
  • APR and repayment examples in the Disclosure Statement here

 

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Student Choice Private Education Loan

West Branch Valley Federal Credit Union 1640 High Street Williamsport, PA 17701        

1-866-465-4642
  • Line of credit up to $75,000 (apply once, money available 4-5 years)
  • Prime + 2.50% - Prime + 5%
  • Zero fees
  • Flexible repayment options, including deferred payments
  • 6 month grace period
  • 20-25 year repayment
  • Graduated repayment option
  • 0.25% interest rate reduction for automatic debit
  • Co-borrower release option about 48 on-time consecutive payments through automatic debit

Apply Now