Alternative Loan Information
Lending institutions offer alternative loans to assist students in bridging the gap between college costs and traditional financial aid funding sources. These loans are private supplemental loans and are not guaranteed by the federal government. Unlike federally guaranteed student loans, lending institutions that offer alternative student loans may impose certain requirements. In most cases, a student must have a good credit history, a low debt-to-income ratio and a co-signer may be required. Due to the credit requirements, not everyone is approved for an alternative loan.
Students are strongly encouraged to pursue all other types of aid, including federal loans, before applying for a private loan as grant money is free and federal loans have a lower, fixed interest rate. The maximum eligibility on an alternative loan is the total cost of attendance minus other aid received.
The following is SJC's preferred lender list for alternative loan selection. Borrowers have the right to select the education loan provider of their choice. There is no penalty for choosing a lender that is not on this list. Saint Joseph's College has no affiliation with, and receives no incentive or benefit from any lender, whether or not they are designated as a preferred lender. Saint Joseph's College will certify a loan with ANY lender chosen by the borrower.
Please use the scrollbar below to see more options.
| Private Lenders |
| Lender |
Charter One |
Chase |
Sallie Mae |
Wells Fargo |
U.S. Bank |
U.S. Bank |
| Name of Loan |
Charter One TruFit Student Loan™ |
Chase Select |
Smart Option Student Loan |
Collegiate Loan |
U.S. Bank No Fee Student Loan |
U.S. Bank Fixed Rate Student Loan |
| Fees |
None |
None |
None |
None |
None |
2%, 5% or 9% depending on creditworthiness |
| Interest Rate |
Charter One |
Chase |
Sallie Mae |
Wells Fargo |
U.S. Bank |
U.S. Bank |
| Payment Required While in School |
No |
No |
No |
No |
No |
No |
| Grace Period |
Six months |
Six months |
Six months |
Six months |
Six months |
Six months |
| Annual Minimum |
$1,000 |
$500 |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
| Annual Maximum |
Cost of Attendance minus other aid |
Cost of Attendance minus other aid |
Cost of Attendance minus other aid |
Cost of Attendance minus other aid |
Cost of Attendance minus other aid |
Cost of Attendance minus other aid |
| Repayment Options |
Deferred: Fully deferred principal and interest while student is in school.
Interest Only: Interest only payments while student is in school.
Immediate: Principal and interest payments while the student is in school. |
Deferred: Fully deferred principal and interest while student is in school.
Interest Only: Interest only payments while student is in school.
Immediate: Principal and interest payments while the student is in school. |
Student may choose the following repayment options: Interest Repayment Option - student chooses to pay interest while they are in school; Fixed Repayment Option - student chooses to make a $25 monthly payment while in school; Deferred Repayment Option - student chooses to defer their principle and interest payments while in school; Multiple Rates - student chooses a different repayment option for each new loan, each school year.
|
Repayment begins six months after graduation or once the student ceases to be enrolled. Borrower may be eligible for up-to four years of interest only payments. |
Repayment begins six months after graduation or the student ceases to be enrolled at least half-time. |
Repayment begins six months after graduation or the student ceases to be enrolled at least half-time. |
| Length of repayment |
15 Years |
20-25 Years |
5-15 Years |
15 Years |
15 Years |
15 Years |
| Repayment Benefits |
A 0.50 percentage point interest rate reduction for automating payments from any eligible Charter One account. Or an automated payment from any eligible bank account will receive a 0.25% interest rate reduction. |
A 0.25 percentage point interest rate reduction is available for automatic debit. |
A 0.25 percentage point interest rate reduction is available for automatic debit.
Smart Reward earns students 2% of scheduled monthly payments while in school as a reward in their Upromise account when the payment is made on time.
Tuition Insurance Benefit
Our new Tuition Insurance Benefit covers up to $5,000 of tuition and other expenses lost due to a covered medical withdrawal. This new safeguard is provided at no cost to the consumer and it's only available with loans first disbursed between July 1 and October 31, 2011. |
A 0.25 percentage point interest rate reduction is available for automatic debit.
A 0.50 percentage point interest rate reducation at repayment upon verification of graduation. |
A 0.50 percentage point interest rate reduction is available at repayment for automatic debit from any bank account. |
A 0.50 percentage point interest rate reduction is available at repayment for automatic debit from any bank account. |
| Co-signer Release |
Available after 36 consecutive on-time monthly payments of principal and interest. |
Available after 36 consecutive on-time monthly payments of principal and interest. |
Students may apply for a co-signer release after 12 on-time payments of both principle and interest. |
Cosigner release after the first 24 consecutive monthly payments are received on time - minimum credit guidelines must be met at the time of the request. |
A cosigner release option is available to borrowers who make 36 consecutive monthly on-time payments and meet the minimum credit requirements at the time of the request. |
A cosigner release option is available to borrowers who make 36 consecutive monthly on-time payments and meet the minimum credit requirements at the time of the request. |
| Disclosure Information |
Charter One |
Chase |
Sallie Mae |
Wells Fargo |
U.S. Bank |
U.S. Bank |
| How to Apply |
Charter One |
Chase |
Sallie Mae |
Wells Fargo |
U.S. Bank |
U.S. Bank |
In addition to the alternative loan programs listed above, Saint Joseph's College also works with the ISM Marketplace. The ISM Marketplace offers a comparison of several other lenders located throughout the nation. By submitting your information through the ISM Marketplace, you will be able to compare private loan terms and rates through this network of lenders.
The ISM Student Loan Marketplace is the only website that presents, side-by-side, the specific loan rates and terms you would see if you applied with each lender directly. You should then pick the private loan that is most appropriate for you and continue on to your chosen lender to complete the loan process. The ISM Marketplace will pull your credit report in order to instantly simulate the actual terms of loans available to you from local and national lenders - complete with APR, interest rate, total cost, monthly payment, borrower benefits, fees and repayment options. Your credit report will not be harmed by using the ISM Marketplace. Remember that only by completing the lender's application can you be sure to receive the product rate and terms you select in the ISM Marketplace.
