Alternative educational loans are private loans (non-federal) offered through banks to supplement financial aid awards. Paul Smith's College is required to certify these loans to ensure that the loan amount does not exceed the cost of attendance less all other financial aid. When applying for your loan, remember to request the amount needed for the full academic year. Once your loan has been approved with a credit check, we will certify your eligibility and schedule the disbursement of funds directly to your account. Credit checks on alternative loans are only valid for a period of time that is determined by the lender. In most cases, the lenders use 180 days from the time your credit is pulled and the loan is approved. Most Alternative loans are disbursed equally into the students' account accordingly to their enrollment. We encourage students and families to us alternative loans as a last option after first pursuing all federal loan options. If you decide that an alternative loan is right for you, you may borrow from any lender that you choose. Paul Smith's College selects the following recommended lenders on the following factor:
The performance of our recommended lenders is evaluated each academic year. Therefore, the list is subject to change based on evaluation by our experienced loan team. As an alternative loan borrower, you can be assured Paul Smith's College strives to provide the best borrower benefits available and eliminates confusion by selecting a seamless customer service process from application to graduation and on to repayment.
The interest rate on a private loan will always be variable. The rate will change every month or quarter depending on the lender. Each lender uses their own pricing models based on a 1-month LIBOR or 3-month LIBOR (London Interbank Offered Rate) or the Prime Rate (as published in the Wall Street Journal). Lenders also typically charge an origination fee that is added to the beginning principal of the loan. Actual rates and fees are based on the strength of credit histories and on credit scores for both borrowers and co-signers (if applicable).
**Please note: As an alternative loan borrower, you have the right to choose any student loan lender and if your lender is not listed below, please provide us with their name and related contact information to your Financial Aid Office.
| Lender Information |
Interest Rates Between (min/max) | Borrower Benefits |
Chase
Chase Select Undergraduate Loan
1.800.487.4404
http://www.ChaseStudentLoans.com
Lender Code: 803000
Loan Servicer: Chase
** Recommended for Current Returning Students Only
|
Interest Rate:
4.70% and 12.55%
3 month LIBOR:
+4.40% to +12.25%
|
Loan Details
- Origination/Repayment Fees: NONE
- Co-signer release options after 36 consecutive on-time payments.
Repayment Incentives
- Auto Payments: 0.25% Interest Rate Reduction
|
Citibank
Citibank CitiAssist Undergraduate Loan
1.800.967.2400
http://www.studentloan.com/schools/paulsmiths
Lender Code: 826878
Loan Servicer: Citibank
|
Interest Rate: 5.13% and 11.88%
3 month LIBOR:
+4.75% to +11.5% |
Loan Details
- Origination/Repayment Fees: 0-6%
- Co-signer release options after 24 consecutive on-time payments.
Repayment Incentives
- Auto payments: 0.25% Interest Rate Reduction
|
Discover Bank
Discover Certified Private Loan
1.877.728.3030
www.discoverstudentloans.com
Lender Code: 831312
Loan Servicers: Great Lakes
|
Interest Rate: 4.25% and 11.00%
Prime Rate:
+1.00% to +7.75% |
Loan Details
- Origination/Repayment Fees: NONE
- Co-signer Release: NONE
Repayment Incentives
- Auto payments: 0.25% Interest Rate Reduction
- No payments due until 9 months after graduation or less than half time
- Flexible repayment options
|
Edamerica
1.800.337.1009
http://www.edamerica.net
Lender Code: 831453
Loan Servicer: Edfinancial Services
|
LIBOR + 5.5% to
LIBOR + 7.25% |
Loan Details
- Posted on website: Our private loan product is currently under revision to better serve you. Any questions please call us at 800-337-6884
|
|
New York Higher Education Loan Program
NYHELPs Loan
http://www.hescmarketplace.org/
1.888.NYSHESC (1-888-697-4372)
Lender Code: 808036 and 826855
Loan Servicer: NY HESC
FOR THE SPRING TERM 2010
|
Interest Rate: 7.55% and 8.75% |
Loan Details
- Fixed Rate Loan
- Borrower Fee- ranging from 4% to 8% depending on borrower or co-signer credit factors
- Co-signer release options after 24 consecutive on-time payments along with credit approval
Repayment Incentives
- Auto payments: 0.25% Interest Rate Reduction
|
PNC Bank
PNC Solution Loan
1.800.762.1001
www.eduloans.pncbank.com
Lender Code: 809921
Loan Servicer: AES
|
Interest Rate: 4.28% and 1.03%
1 Month LIBOR over a 3 month period:
+4.00% to +10.75% |
Loan Details
- Origination/Repayment Fees: 0% to 6%
- Co-signer Release: Yes, after 48 months of consecutive on-time payments. Borrower must request a co-signer release and pass a credit check.
Repayment Incentives
- Auto payments: 0.25% Interest Rate Reduction
|
Sallie Mae
Sallie Mae Smart Option Student Loan
1.800.695.3317
www.salliemae.com/smartoption
Lender Code: 900905
Loan Servicer: Sallie Mae
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|
Interest Rate: 4.25% and 12.75%
1 Month LIBOR:
(to view LIBOR rates go to website) |
Loan Details
- Monthly interest-only payments are REQUIRED during the in school period and during the six-month separation period.
- Origination Fees: 0% and 3%
- Co-signer Release: Yes, may apply for co-signer release after successful completion of education
Repayment Incentives
- Will vary based on loan amount and year in school
|
VSAC
1.800.798.8722
http://www.vsac.org
Lender Code: 830075
Loan Servicer: VSAC
|
As low as Libor 2.25% |
Loan Details
- Loan Fees: 5% to 0% - depending on credit worthy Co-Signor
- Must be enrolled as a Vermont resident or attending school in Vermont
- 6 month grace period
|
Wells Fargo
Wells Fargo Bank Collegiate Loan
1.800.658.3567
www.wellsfargo.com/student
Lender Code: 807176
Loan Servicer: Wells Fargo
|
Interest Rate: 4.25% and 11.24%
Prime Rate:
+1.00% to +7.99% |
Loan Details
- Origination/Repayment Fees: NONE
- Co-signer release options after 24 consecutive on-time payments along with credit approval
Repayment Incentives
- Graduation: 0.50% Interest Rate Reduction
- Auto payments: 0.25% Interest Rate Reduction
|
Paul Smith's College- Financial Aid Office
For questions or concerns:
1.518.327.6220
financialaid@paulsmiths.edu |
Subject to change depending on lender. |
- If you decided to use a lender of your choice, please provide the Financial Aid Office with as much detailed information as possible. This may include a lender code, lender's website, phone number, etc
|
