Lake Superior State University
Lake Superior State University
 
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Financial Aid Office

ALTERNATIVE LOAN FEATURES

  • This chart is comprised of lenders who were utilized by LSSU students since Fall 2008. Lenders are listed in alphabetical order. Examine each lender's features carefully and decide which one may be the most advantageous for you. You may select any lender of your choice - not just one of those included on this list. Lenders are now required to supply you with 3 separate disclosures during the application process. You may need to take action on a disclosure before the application can continue. Watch your email or US mail carefully for these disclosures and respond promptly when required. A Self-Certification Form is also required of you. You may obtain this form from our web site or most lenders' web sites. To complete the form, you will need to know your cost of attendance and your estimated financial aid. To obtain these figures, use our Loan/Cost Estimator Tool or Anchor Access, Financial Aid Tab. Remember that Federal loans generally have better terms, conditions and borrower benefits than alternative loans, and we encourage you to utilize Federal loans first.
  • PRIME: 3.25 (effective April, 2014)*
  • Monthly LIBOR: 0.15 (effective April, 2014)*
  • 3-Month LIBOR: 0.23 (effective April, 2014)*

    * PRIME AND LIBOR rates subject to change due to market fluctuation. Ask your lender for the current rate when you apply, or check at www.bloomberg.com/markets/rates/keyrates.html
  • Fifth Third Bank processes Sallie Mae Smart Option Loans. Students may select this lender or go directly through Sallie Mae.

SCROLL TO THE RIGHT TO VIEW ALL LENDERS


Lender


Charter One


cuStudentLoans


Discover

Lake Trust Credit Union

Sallie Mae/
Fifth Third Bank


Union Federal


Name of Loan
  • TruFit Student Loan
  • cuScholar Private Student Loan
  • Certified Private Loan
  • Student Choice
  • Solution Loan for Undergraduates
  • Smart Option
  • Collegiate
  • Private Student Loan
Fees
  • 0
  • 0
  • 0
  • 0
  • 0
  • 0
  • 0
  • 0

Minimum Loan Amt
  • $1,000
  • $2,000
  • $1,000 for first loan, no min for next loans
  • $1,000
  • $1,000
  • $1,000
  • $1,000
  • $2,000


Interest (%) Rate Range
  • 1-month LIBOR + 2.65 to LIBOR + 9.25
  • 3-month LIBOR + 2.99 to LIBOR + 8.99 (max of 18%)
  • PRIME + 0 to PRIME + 5
  • 1-month LIBOR + 3.57% (max of 15%)
  • LIBOR + 3.30% to LIBOR + 10.25%
  • LIBOR +2.07 to LIBOR + 9.945
  • PRIME + .25 to PRIME + 5.99
  • LIBOR + 2.6% to LIBOR + 7.1%
Interest Rate Adjusted
  • Monthly
  • Quarterly
  • Quarterly
  • Quarterly
  • Quarterly
  • Monthly
  • Monthly
  • Quarterly
Fixed Interest Rate Option
  • Yes
  • None
  • Yes
  • None
  • Yes
  • Yes
  • Yes
  • None



Interested Capitalized*
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period

Application and Solicitation Disclosure
cuScholar disclosure Discover disclosure
See lender
PNC Undergrad ASD

Sallie Mae disclosure

Fifth Third disclosure

Defer Pymts While In-School
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Grace Period
  • 6 months
  • 6 months
  • 6 months
  • 6 months
  • 6 months
  • 6 months
  • 6 months
  • 6 months

Repayment Begins
  • when enroll less than 6 credits
  • when enroll less than 6 credits
  • when enroll less than 6 credits
  • when enroll less than 6 credits
  • when enroll less than 6 credits
  • when cease attending or graduate
  • when cease attending or graduate
  • when enroll less than 6 credits
Pay Past-due Balance
  • Yes
  • Yes
  • No
  • No
  • Yes
  • Yes
  • Yes
  • Yes
Borrow if Less than 1/2 time enrollment
  • No
  • No
  • No
  • No
  • No
  • Yes
  • Yes
  • No
Standard Repayment Period
  • 15 yrs
  • 10 yrs
  • 15 yrs
  • 20 yrs
  • up to 15 yrs
  • 5 - 15 yrs
  • 15 yrs
  • 5, 10, or 15 yrs


Additional Rpmt Plans (must qualify)
  • 5 or 10 yr
  • Immediate Repay
  • Interest Only
  • Interest only for 24 months or Level Repymt
  • None
  • Graduated
  • Interest Only
  • Immediate Repay
  • Graduated
  • Interest Only
  • Fixed(while in school)
  • Interest Only
  • Student Starter
  • Interest Only
  • Immed Repay
Deferment/Forbearance Options (must qualify)
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Minimum Monthly Pymt
  • $50
  • $50
  • $50
  • $50
  • $50
  • $50
  • $50
  • $50


Cosigner Required**
  • Freshmen = Yes
  • Previous Borrower = No
  • Yes, unless borrower's annual income is greater than $15,000
  • Freshmen = No
  • Previous Borrower = No
  • Freshmen = Yes
  • Previous Borrower = No
  • Freshmen = Yes
  • Previous Borrower = No
  • Freshmen = Yes
  • Previous Borrower = No
  • All Borrowers = Yes
  • No



Release of Cosigner
  • after 36 on-time pymts
  • after 24 consecutive on-time pymts
  • none
  • after 48 consecutive on-time pymts
  • after 48 consecutive on-time pymts
  • at discretion of lender; after 12 consecutive on-time pymts of principle and interest
  • after 24 consecutive on-time pymts
  • after 36 consecutive on-time pymts






Rewards or Borrower Benefits

  • 0.25% int rate reduction for auto-debit from any acct
  • 0.50% int rate reduction for auto-debit from a Charter One acct
  • 1% int rate reduction once 10% of loan principal is repaid during repayment period
  • 0.25% int rate reduction for auto-debit
  • 2% graduation reward
  • 0.25% int rate reduction for auto-debit
  • 0.5% int rate reduction for auto-debit
  • 0.25% int rate reduction for auto-debit
  • 0.25% int rate reduction for auto-debit
  • .25% for graduation
  • .25% for prev borrower relationship
  • .25% for banking relationship
  • 0.25% int rate reduction for auto-debit
  • 0.25% int rate reduction for graduation
Borrower
  • Student
  • Student
  • Student
  • Student
  • Student
  • Student
  • Student
  • Student
Death or Permanent Disability Benefit
  • Yes
  • No
  • Yes
  • None
  • Yes
  • Yes
  • Yes
  • Yes

* Interest is capitalized every 6 months during in-school deferment if the borrower has already gone into repayment and then returns to school and defers payment.

** Students are encouraged to obtain a cosigner even if one is not required, because it increases the likelihood of loan approval AND generally results in a more favorable interest rate.

THIS INFORMATION IS SUBJECT TO CHANGE AS LENDERS CHANGE THEIR PROGRAM PARAMETERS. This chart is maintained as accurately as possible. However, the accuracy depends on how frequently the lenders inform us of their program changes.

 

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