Alternative Loans - Lender List
For your convenience, we have compiled a list of lenders for the 2009-2010 academic year. These lenders are committed to providing students with strong borrower benefits and excellent service. These lenders meet or exceed criteria that are valuable to our students and college and were chosen via an annual evaulation process where they were scored based on a model provided by the National Association of Financial Aid Administrators (NASFAA). Please know that Hanover College does not have agreements with any lenders to provide financial incentives to the college based on guaranteed loan volume or any other metric. We have always and will continue to honor the student's right to choose any lender. If you choose to utilize a lender other than one listed below, we recommend that you contact the Office of Financial Assistance to ensure timely processing of your loan. Please remember that your lender is your choice.
Scroll down to review all lenders.
Benefits are subject to change at any time. Please consult the lender website for the most up to date information.
|
Lender: |
Discover Student Loans | Wells Fargo Collegiate |
US Bank |
| Servicer: | Great Lakes | Wells Fargo | US Bank |
|
Lender Code: |
831312 | 807176 | 830694 |
| Interest Rate with Co-signer: |
Prime -0.50% to Prime +4.75% (rate capped at 18%) adjusts quarterly |
Prime +1% to +7.99% (rate floor 4.75%) adjusts monthly |
Prime +1.95% to +8.95% adjusts monthly |
|
Fees with Co-Signer: |
Zero | Zero | Zero |
| Deferment: | No payments due until 6 months after graduation/separation or enrollment less than half-time | No payments due until 6 months after graduation/separation or enrollment less than half-time | No payments due until 6 months after graduation/separation or enrollment less than half-time |
| Repayment Terms: | 15 years | 15 years | 15 years |
|
Loan Amounts: (COA=Cost of Attendance) |
minimum: $1,000
maximum: COA - aid
aggregate:$200,000 |
minimum: $1,000 maximum: COA-aid aggregate:$120,000 |
minimum: $1,000 maximum: COA-aid aggregate: $50,000 |
|
Co-signer Release: |
36 consecutive, monthly on-time payments and borrower has acceptable FICO score & debt-to-income ratio | ||
| Additional Benefits & Info: |
0.25% interest rate reduction for automatic debit of pyaments
cash award of 2% of outstanding principle balance of loan at graduation |
0.25% interest rate reduction for automatic debit of pyaments
0.50% interest rate reduction at repayment with verification of graduation |
0.50% interest rate reduction for automatic debit of payments |
| Borrower Hotline: | 1-877-728-3030 | 1-800-658-3567 | 1-800-242-1200 |
|
Lender Website: |
Discover | Wells Fargo | |
| Online Application: | Apply Now | Apply Now | Apply Now |
|
Lender: |
Charter One TruFit | Chase Select | PNC Solution |
| Servicer: | Firstmark | Chase | AES |
|
Lender Code: |
800800 |
503000 | 809921 |
| Interest Rate with Co-signer: |
LIBOR +2.5% to +12% adjusts monthly |
LIBOR +3.65% to +10.25% adjusts quarterly |
LIBOR +2.25% to +8% adjusts quarterly |
|
Fees with Co-Signer: |
Zero to 5% | Zero to 6% | Zero to 6% |
| Deferment: | No payments due until 6 months after graduation/separation or enrollment less than half-time | No payments due until 6 months after graduation/separation or enrollment less than half-time | No payments due until 6 months after graduation/separation or enrollment less than half-time |
| Repayment Terms: |
15 years |
20 years <$30,000 25 years >=$30,000 |
20 years <$40,000 25 years >=$40,000 |
|
Loan Amounts: (COA=Cost of Attendance) |
minimum: $1,000
maximum: COA - aid
aggregate:$120,000 |
minimum: $500
maximum: COA - aid
aggregate:$120,000 |
maximum: COA -aid |
|
Co-signer Release: |
36 consecutive, on-time, monthly payments | 36 consecutive, on-time, monthly payments |
48 consecutive, on-time, monthly payments & acceptabel credit check |
| Additional Benefits & Info: | 0.50% interest rate reduction for automatic debit of payments | 0.25% interest rate reduction for automatic debit of payments |
0.25% interest rate reduction for automatic debit of payments |
| Borrower Hotline: | 1-866-306-0868 | 1-866-306-0868 | 1-800-762-1001 |
|
Lender Website: |
Charter One | Chase | PNC |
| Online Application: |
Cannot apply until July 1st |
Apply Now |
|
Lender: |
Sallie Mae Smart Option ***THIS LOAN REQUIRES INTEREST ONLY PAYMENTS WHILE IN SCHOOL*** | ||
| Servicer: | Sallie Mae | ||
|
Lender Code: |
|||
| Interest Rate with Co-signer: |
LIBOR +4% to +9% adjusts monthly | ||
|
Fees with Co-Signer: |
Zero to 5% | ||
| Deferment: | Principal deferred - Interest only payments are required while in school | ||
| Repayment Terms: | |||
|
Loan Amounts: (COA=Cost of Attendance) |
minimum: $1,000
maximum: COA -aid | ||
|
Co-signer Release: |
May apply for co-signer release after successful of education | ||
| Additional Benefits & Info: |
0.25% interest rate reduction for automatic debit of payments 0.25% interest rate reduction if receive all communication via email | ||
| Borrower Hotline: | 1-888-272-5543 | ||
|
Lender Website: |
Sallie Mae | ||
| Online Application: |
You are required to make interest only payments while in school |
