Sponsored Links

General Resource : Resources for Financial Aid >> 5. Alternative Financial Options

  • Alternative Financing for colleges
  • Submitted by Tony Y on 2009-12-21
  • U.S. Bank No Fee Education Loan



    U. S. Bank offers a No Fee loan without any up-front fees. The interest rate is variable based on the prime rate and creditworthiness. Cosigners are required for all student borrowers. Repayment begins six months after graduation and you have up to 15 years to repay the loan. There are no prepayment penalties. In repayment the interest rate can be reduced by .25 percent if you have a U.S. Bank checking account or sign up for direct debit. There is a cosigner release option for responsible borrowers. Apply online at: US Bank No Fee Loan or call the financial aid office for an application.

    Wells Fargo Collegiate Loan



    Wells Fargo offers the Collegiate loan without any up-front fees. The interest rate is variable based on the prime rate and creditworthiness. Cosigners are required for all student borrowers. Repayment begins six months after graduation and you have up to 12 years for repayment. The Collegiate loan offers interest rate reductions for automatic payments and additional rewards for on time payments. There is a cosigner release option for responsible borrowers. Apply online at: Wells Fargo Collegiate Loan or call the financial aid office for an application.

    Discover Student Loan



    Discover Private Student Loans offer a maximum loan amount of  up to $60,000 or the total cost of attendance less other aid. You can take advantage of a 15-year repayment term with no pre-payment penalties and a 0.25% interest rate reduction for electronic payments. Discover also offers a 2% Graduation Reward based on your outstanding principal balance. In school deferment available as long as you are enrolled at least half time and you have the ability to e-sign your application.   Apply online at:  Student Assistance Foundation's application site, or call the financial aid office for assistance.
     

    Private Alternative Loans



    Many times families choose to borrow additional loan funds to meet college tuition costs.  The federal student loan programs generally provide better terms and conditions including a lower interest rate and fewer fees, therefore, we recommend borrowing federal loans prior to borrowing any private alternative loans.  

    Factors to consider when you are looking for an alternative loan:

    • Method of determining the interest rate of the loan
    • Types of repayment plans
    • Early repayment options
    • Other borrower benefits
    • Late payment penalties
    • Origination fees, up-front fees, back-end fees
    • Opportunity for forbearance (example: during graduate school)

     

  • More information can be found at:
    See more info >>
  • (0 votes)   Rate it    Report it   






Reviews (0)

Reviews Not Available






© 2010-2021 OpenCollege.com, All Rights Reserved.
Open College is a service mark of AmeriCareers LLC.