Paul Smith's College - Offices - Financial Aid - Recommended Online Private Lender List

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Recommended Online Private Lender List

Please select a lender from our list of recommended lenders below for your Alternative Loan. The following lenders disburse funds electronically to our school. This allows funds to be posted directly to the students' account. You must inform us of your lender choice by submitting a button in the Select column below before you can complete your Alternative Loan Master Promissory Note (MPN). If you have any questions, please contact the Financial Aid Office.

Paul Smith's College selected the following recommended lender list for your convenience based on superior customer service, competitive borrower benefits and life-of-loan servicing. 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 either the 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).

*Prime Rate published in The Wall Street Journal as of October 30, 2008 is 4.00%.

*LIBOR rate as of October 1, 2007 is 4.96%.

*Please click here for current rates: http://www.bloomberg.com/markets/rates/

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	Origination Fee	Borrower Benefits
Chase 1.800.487.4404 http://www.ChaseStudentLoans.com Lender Code: 803000 Loan Servicer: Chase	Prime + 1.5% to Prime + 8.5% (effective Nov. 15th)	Loan Details Loan Fees: 0% origination and repayment fees. Lower interest rates available with a qualified cosigner. Minimum loan amount: $500. Maximum loan amount: Cost of attendance less other aid. Aggregate loan limit: $180,000 (includes all Chase private education loan debt). Student must be enrolled full time, half time or less than half time. Student must be enrolled in degree or certificate program. Student or their co-signer must be a U.S. citizen or permanent resident. Co-signer release option available. Combined billing for all loans serviced by Chase. Flexible repayment options; can defer all payments until after graduation. Repayment Incentives 0.25% interest rate reduction for automatically debited payments.
Citibank 1.800.967.2400 http://www.studentloan.com/schools/paulsmiths Lender Code: 826878 Loan Servicer: Citibank	Prime +1% to Prime +7.50%	Loan Details Loan Fees: 0.00% to 6.00% Can be enrolled full-time, half-time, less than half-time U.S. citizen or permanent resident At least 18 years of age Positive credit history Repayment: Up to 20 years Minimum Loan Amount: $1000 Maximum Loan Amount: Cost of attendance minus financial aid International students may apply with an eligible U.S. citizen or permanent resident co-signer Can be used for past balances incurred within the past 12 months Repayment Incentives 0.25% interest rate reduction for auto debit (must enroll and only receive statements electronically) 0.50% interest rate reduction when you make your first 48 consecutive monthly payments on time Co-signer release available No prepayment penalty
Citizens Bank, a division of RBS Citizens, N.A. 1.800.708.6684 http://www.citizensbank.com/edu Lender Code: 807745 Loan Servicers: Nelnet	LIBOR + 4.5% to LIBOR + 12.75%	Loan Details Loan Fees: Zero Fees Minimum: $1000 Maximum: Cost of education minus aid Aggregate Limit: With co-signer - no limit, without co-signer $100,000 (includes all student loan debt, federal and private) Repayment period: 15 year repayment Deferment of principal and interest while in-school Standard and graduated repayment options available Grace Period: 6 month grace period after separation Based on credit-worthiness Borrower or co-borrower must be U.S. Citizen Enrolled at eligible school at least half-time Must be making satisfactory academic progress Repayment Incentives 0.50% interest rate reduction for auto debit Co-signer release after 24 consecutive, on-time payments
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 Loan Fees: 4% to 7% based on credit Credit Worthy student and/or student and credit worthy co-signer U.S. Citizen or permanent resident Attending undergraduate or graduate at least half-time No matriculation requirement Credit check only At least 18 years of age Minimum Loan Amount: $500 Maximum Loan Amount: Cost of attendance minus other aid Aggregate Limit: Undergraduate Up to $130,000, Graduate Up to $225,000 Repayment Incentives Automatic deferment of interest and principal payments while in school No pre-payment penalty Flexible repayment options
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
For questions or concerns: 1.518.327.6220 financialaid@paulsmiths.edu	Subject to change depending on lender.	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.