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Private Student Loans

Private student loan volume grows when federal student loan limits remain stagnant.

Private student loan volume grew much more rapidly than federal student loan volume through mid-2008, in part because aggregate loan limits on the Stafford loan remained unchanged from 1992 to 2008. (The introduction of the Grad PLUS loan on July 1, 2006 and the increases in the annual but not aggregate limits had only a modest impact on the growth of private student loan volume. The subprime mortgage credit crisis of 2007-2010, however, limited lender access to the capital needed to make new loans, reining in growth of the private student loan marketplace.) The annual increase in private student loan volume was about 25% to 35% per year, compared with 8% per year for federal loan volume.

Then the Ensuring Continued Access to Student Loans Act of 2008 increased the annual and aggregate loan limits on the federal Stafford loan starting July 1, 2008. This shifted significant loan volume from private student loan programs to federal. Private student loan volume dropped in half in 2008-09, according to the College Board's Trends in Student Aid 2009.

Private student loan volume is expected to return to the 25% annual growth rate unless there is another increase in federal loan limits or an expansion of the availability of federal student loans. For example, the proposal for expanding Perkins loan funding from $1 billion a year to $8.5 billion a year will cause a significant decline in private student loan volume. But so long as federal loan limits do not increase every year, private student loan volume will continue to grow at double-digit rates.

If current trends continue, annual private education loan volume will surpass federal student loan volume by around 2030. Accordingly, it is important that students have tools they can use to compare different private student loans.

This page provides a basic comparison chart that highlights the key characteristics of the major private education loans. There is a separate list of private consolidation loans that can be used to consolidate private education loans.

For other sites that compare student loans, see FinAid's list of Student Loan Comparison Sites.

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Best Private Student Loans

As a general rule, students should only consider obtaining a private education loan if they have maxed out the Federal Stafford Loan. They should also file the Free Application for Federal Student Aid (FAFSA), which may qualify them for grants, work-study and other forms of student aid. Undergraduate students should also compare costs with the Federal PLUS Loan, as the PLUS loan is usually much less expensive and has better repayment terms.

The fees charged by some lenders can significantly increase the cost of the loan. A loan with a relatively low interest rate but high fees can ultimately cost more than a loan with a somewhat higher interest rate and no fees. (The lenders that do not charge fees often roll the difference into the interest rate.) A good rule of thumb is that 3% to 4% in fees is about the same as a 1% higher interest rate.

Be wary of comparing loans with different repayment terms according to APR, as a longer loan term reduces the APR despite increasing the total amount of interest paid. FinAid's Loan Analyzer Calculator may be used to generate an apples-to-apples comparison of different loan programs.

The best private student loans will have interest rates of LIBOR + 2.0% or PRIME - 0.50% with no fees. Such loans will be competitive with the Federal PLUS Loan. Unfortunately, these rates often will be available only to borrowers with great credit who also have a creditworthy cosigner. It is unclear how many borrowers qualify for the best rates, although the top credit tier typically encompasses about 20% of borrowers.

Generally, borrowers should prefer loans that are pegged to the LIBOR index over loans that are pegged to the Prime Lending Rate, all else being equal, as the spread between the Prime Lending Rate and LIBOR has been increasing over time. Over the long term a loan with interest rates based on LIBOR will be less expensive than a loan based on the Prime Lending Rate. About half of lenders peg their private student loans to the LIBOR index and about 2/5 to the Prime lending rate.

Some lenders use the LIBOR rate because it reflects their cost of capital. Other lenders use the Prime Lending Rate because PRIME + 0.0% sounds better to consumers than LIBOR + 2.80% even when the rates are the same.

It is not uncommon for lenders to advertise a lower rate for the in-school and grace period, with a higher rate in effect when the loan enters repayment.

Federal student loans are not available for expenses incurred by law, medical and dental students after they graduate, such as expenses associated with study for the bar or finding a residency. There are two types of private student loans for these expenses:

A Bar Study Loan helps finance bar exam costs such as bar review course fees, bar exam fees, as well as living expenses while you are studying for the bar.
A Residency and Relocation Loan helps medical and dental students with the expenses associated with finding a residency, including interview travel expenses and relocation costs, as well as board exam expenses.

Private Student Loan Comparison Chart

The following table provides information about the annual and cumulative loan limits, interest rates, fees, and loan term for the most popular private student loan programs. Often the interest rates, fees and loan limits depend on the credit history of the borrower and co-signer, if any, and on loan options chosen by the borrower such as in-school deferment and repayment schedule. Loan term often depends on the total amount of debt.

Most lenders that require school certification (approval) will cap the annual loan amount at cost of education less aid received (COA-Aid). They may also have an annual dollar limit as well.

Lenders rarely give complete details of the terms of the private student loan until after the student submits an application, in part because this helps prevent comparisons based on cost. For example, many lenders will only advertise the lowest interest rate they charge (for good credit borrowers). Borrowers with bad credit can expect interest rates that are as much as 6% higher, loan fees that are as much as 9% higher, and loan limits that are two-thirds lower than the advertised figures.

The information presented in this table is based on lender literature and a survey of rates charged to actual students. Actual rates and fees may be higher. If only one rate is listed, it is the best rate offered by the lender, and actual rates for borrowers with inferior credit scores will be much higher. If only two rates are listed, they are the best and worst rates offered by the lender (min/max).

Private loans for private elementary, middle and secondary schools are listed separately. See Education Loans for Private Schools.

The lenders are listed in alphabetical order. No significance should be inferred from the order in which the lenders are listed.

Lender	Loan	Limits	Rates (Min/Avg/Max)	Fees	Term
Acumen Student Loans 1% interest rate reduction once borrower has paid 10% of the principal balance. Borrowers must choose one of two monthly in-school repayment options: interest only payments or a $25 proactive payment. Co-signer release available after 24 months of consecutive on-time principal and interest payments. 30 day no-fee loan cancellation policy. Loans originated by Cedar Education Lending / cuStudentLoans.	Acumen Private Student Loan (School Certified)	COA-Aid or $30,000/year $120,000 cumulative for undergraduate and $160,000 for graduate debt	3M LIBOR + 2.99% to 3M LIBOR + 8.99%	No fees	Up to 15 years
Charter One 0.50% interest rate reduction for auto-pay from a Charter One Bank account; 0.25% interest rate reduction for auto-pay from an account at a different bank. Co-signer release option available after initial 36 consecutive, on-time payments or in the unfortunate event of the student borrower's death or total and permanent disability. Rates effective 1/1/2012. Rates and other product features are subject to change at any time.	TruFit Student Loan (School Certified)	COA-Aid $120,000 cumulative (includes federal and private) for undergraduate students, $175,000 for business and law school students, $150,000 for graduate students and $225,000 for medical school students.	Variable: 1-month LIBOR + 2.70% 1-month LIBOR + 9.25% Fixed: 6.75% to 12.75%	0.0%	15 years
Chase Student Loans 0.25% interest rate reduction for auto-debit. Cosigner release available after 36 consecutive on-time payments of principal and interest any time after repayment begins. Rates effective as of 2/1/2012. Rates and other product features are subject to change. Beginning July 1, 2012, Chase will offer private student loans only to existing customers with a Chase checking or savings account, loan, mortgage, credit card or an existing Chase private or FFEL student loan.	Chase Select Undergraduate Loan	COA-Aid $120,000 cumulative	3M LIBOR + 3.25% 3M LIBOR + 9.25%	None	Up to 25 years
	Chase Select Graduate Loan	COA-Aid $180,000 cumulative	3M LIBOR + 3.25% 3M LIBOR + 9.25%	None	Up to 25 years
	Chase Select Graduate Health Professions Loan	COA-Aid $250,000 cumulative	3M LIBOR + 3.25% 3M LIBOR + 9.25%	None	Up to 25 years
Citi Student Loans No payments required while in school or during a grace period. 0.25% interest rate reduction for auto-debit. Eligibility for qualified international students with a US citizen or permanent resident cosigner. Adding a cosigner may improve chances for loan approval and may yield a lower interest rate. Rates effective as of 4/1/2012. Private student loans are originated by Citibank, N.A. Citi Student Loan Corporation's private student loan business was acquired by Discover Financial in late 2010.	CitiAssist Undergraduate Loans For students enrolled, at least half-time, in an undergraduate program at an eligible degree-granting school. (School Certified)	COA-Aid $120,000 cumulative	3M LIBOR + 2.75% 3M LIBOR + 9.00%	No fees	Up to 15 years with 6 month grace period
	CitiAssist Graduate Loans For masters and doctoral degree candidates enrolled, at least half-time, in a graduate program at an eligible degree-granting school. (School Certified)	COA-Aid $150,000 cumulative	3M LIBOR + 3.25% 3M LIBOR + 7.50%	No fees	Up to 20 years with 6 month grace period
	CitiAssist Health Professions Loans For students enrolled, at least half-time, in one of the following health professions graduate programs at a degree-granting school: Allopathy, Dentistry, Nursing, Occupational Therapy, Optometry, Osteopathy, Pharmacy, Physical Therapy, Physician Assistant, Podiatry and Veterinary Medicine. (School Certified)	COA-Aid $180,000 aggregate limit for Nursing, Occupational Therapy, Physical Therapy and Physician Assistant $275,000 aggregate limit for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry and Veterinary Medicine	3M LIBOR + 3.25% 3M LIBOR + 7.25%	No fees	Up to 25 years with 9 month grace period
	CitiAssist Residency, Relocation and Review Loans For students enrolled, at least half-time, in one of the following health professions graduate programs at a degree-granting school: Allopathy, Optometry, Osteopathy, Pharmacy, Podiatry and Veterinary Medicine.	$18,000	3M LIBOR + 3.75% 3M LIBOR + 9.25%	No fees	Up to 25 years with 9 month grace period
	CitiAssist Law Loans For students enrolled, at least half-time, in a graduate program at an eligible degree-granting law school. (School Certified)	$180,000 cumulative	3M LIBOR + 3.25% 3M LIBOR + 7.25%	No fees	Up to 20 years with 9 month grace period
	CitiAssist Bar Exam Loans For students enrolled in their third through final year, at least half-time, in a graduate program at an eligible degree-granting law school or up to 12 months after graduation. (School Certified)	$15,000	3M LIBOR + 4.75% 3M LIBOR + 8.50%	No fees	Up to 20 years with 9 month grace period
Citizens Bank 0.50% interest rate reduction for auto-pay from a Citizens Bank account; 0.25% interest rate reduction for auto-pay from an account at a different bank. Co-signer release option available after initial 36 consecutive, on-time payments or in the unfortunate event of the student borrower's death or total and permanent disability. Rates effective 1/1/2012. Rates and other product features are subject to change at any time.	TruFit Student Loan (School Certified)	COA-Aid $120,000 cumulative (includes federal and private) for undergraduate students, $175,000 for business and law school students, $150,000 for graduate students and $225,000 for medical school students.	Variable: 1-month LIBOR + 2.70% 1-month LIBOR + 9.25% Fixed: 6.75% to 12.75%	0.0%	15 years
Commerce Bank Funded by Sallie Mae Bank. Lender ID 900917. 2% "Smart Reward" rebate on on-time in-school monthly interest payments or fixed $25 payments. (Not available with deferred repayment option.) 0.25% interest rate reduction for auto-debit. The interest rates may be up to 0.50% better for borrowers who apply with a creditworthy cosigner. There are three repayment options: Interest Repayment, Fixed Repayment and Deferred Repayment. Borrowers may mix and match the options if they wish, choosing a different option with each new loan. Interest rates are lower for the interest repayment and fixed repayment options. The lower balance at graduation for the interest repayment and fixed repayment options will yield a shorter repayment term for about the same monthly payment, letting the borrower repay their loans quicker and saving the borrower thousands of dollars in interest. Borrowers may apply for cosigner release after successful completion of their education and 12 months of on-time payments of principal and interest. Rates effective as of 12/27/2011. Additional terms, conditions and limitations apply. Sallie Mae reserves the right to modify or discontinue products, services and benefits at any time without notice. The Sallie Mae web site provides additional details concerning the Smart Option loan terms and APR information. Check the Sallie Mae web site to obtain the most up-to-date information.	Smart Option Student Loan - Interest Repayment Option Borrower agrees to make payments of at least the new interest that accrues during the in-school and six-month grace periods. Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid	1-month LIBOR + 2.0% 1-month LIBOR + 8.875%	No disbursement or repayment fees.	5-15 years based on loan balance and year in school.
	Smart Option Student Loan - Fixed Repayment Option The borrower agrees to make payments of $25 per month per loan during the in-school and six-month grace periods. Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid	1-month LIBOR + 2.5% 1-month LIBOR + 9.375%	No disbursement or repayment fees.	5-15 years based on loan balance and year in school.
	Smart Option Student Loan - Deferred Repayment Option Principal and interest payments are deferred while the borrower is in school and for six months after graduation. The interest is capitalized (added to the loan balance). Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid	1-month LIBOR + 3.0% 1-month LIBOR + 9.875%	No disbursement or repayment fees.	6-15 years based on loan balance and year in school.
Connecticut Higher Education Supplemental Loan Authority (CHESLA) (School Certified) The student must either be a Connecticut resident or attend an eligible Connecticut college or university. The student must be enrolled on at least a half-time basis in an accredited public or non-profit college or university. Most students will need a creditworthy cosigner to qualify. The in-school and 6-month grace periods are limited to no more than 5 years in total.	CHESLA Loan	COA-Aid $125,000 cumulative	5.95% (fixed) Payments of interest are required for undergraduate students during the in-school and grace periods. Graduate and professional students may defer payments of interest during the in-school and grace periods by capitalizing the interest. (The interest is capitalized annually.)	3.0% reserve fee, deducted from the loan proceeds. No application fees.	140 months (11.7 years)
cuStudentLoans.org 1% interest rate reduction once borrower has paid 10% of the principal balance. Co-signer release after 24 consecutive on-time principal and interest payments. No co-signer required for creditworthy students. Student academic attributes supplement traditional credit underwriting criteria.	cuScholar Private Student Loan School Certified	COA-Aid $120,000 cumulative ($30,000/year)	3M LIBOR + 2.99% 3M LIBOR + 8.99%	0.0% origination fee	15 years
Dakota Education Alternative Loan (DEAL) Borrow must either be a legal resident of or enroll in a college in North Dakota, South Dakota, Minnesota, Montana, Wyoming or Wisconsin. 0.25% interest rate reduction with auto-debt.	School Certified - Fixed Rate	COA-Aid	FHLB 10-Year Advanced Rate + 2% (ND) or + FHLB 10-Year Advanced Rate + 3% (otherwise)	0% if ND, 2% otherwise	10 years; longer terms available if loan balance > $30,000
	School Certified - Variable Rate	COA-Aid	3-month LIBOR + 1.5% (ND) or 3-month LIBOR + 2.5% (otherwise)	0% if ND, 2% otherwise	10 years; longer terms available if loan balance > $30,000
Discover Student Loans No payments required while in school at least half-time. 2% Graduation Reward (a 2% cash reward on your outstanding principal balance which can be redeemed as a deposit to your bank account or as a credit to your student loan balance). 0.25% Auto Debit Reward (when you enroll for auto-debit payments during repayment). Eligibility for qualified international students with a Social Security Number and US citizen or permanent resident cosigner. Rates effective as of 12/18/2011.	Discover Undergraduate Loan School Certified For students enrolled, at least half-time, in an undergraduate program at an eligible degree-granting school.	COA-Aid $150,000 aggregate limit	PRIME + 0.0% PRIME + 6.25%	no fees	15 years
	Discover Graduate Loan School Certified For masters and doctoral degree candidates enrolled, at least half-time, in a graduate program at an eligible degree-granting school.	COA-Aid $150,000 aggregate limit	PRIME + 0.0% PRIME + 4.5%	no fees	20 years
	Discover Health Professions Loan School Certified For students enrolled, at least half-time, in one of the following health professions graduate programs at a degree-granting school: Allopathy, Dentistry, Nursing, Occupational Therapy, Optometry, Osteopathy, Pharmacy, Physical Therapy, Physician Assistant, Podiatry and Veterinary Medicine.	COA-Aid $180,000 aggregate limit for Nursing, Occupational Therapy, Physical Therapy and Physician Assistant $275,000 aggregate limit for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry and Veterinary Medicine	PRIME + 0.0% PRIME + 3.5%	no fees	20 years
	Discover Law Loan School Certified For students enrolled, at least half-time, in a graduate program at an eligible degree-granting law school.	COA-Aid $180,000 aggregate limit	PRIME + 0.0% PRIME + 4.5%	no fees	20 years
	Discover MBA Loan School Certified For students enrolled, at least half-time, in a graduate program at an eligible degree-granting business school.	COA-Aid $150,000 aggregate limit	PRIME + 0.0% PRIME + 4.5%	no fees	20 years
Fifth Third Bank Funded by Fifth Third Bank. Lender code 508780. Private loans are serviced by Sallie Mae. Get a 2% "Smart Reward" in your Upromise account when you make scheduled monthly payments on time while in school. (Not available with Deferred Repayment Option.) Earn a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit. Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. Borrowers can apply for a cosigner release after they graduate and make 12 consecutive on-time principal and interest payments. Pay now or later: Defer your payments until after school or choose an in-school repayment option. There are three repayment options: Interest Repayment, Fixed Repayment and Deferred Repayment. Borrowers may mix and match the options if they wish, choosing a different option with each new loan. Interest rates are lower for the interest repayment and fixed repayment options. The lower balance at graduation for the interest repayment and fixed repayment options will yield a shorter repayment term for about the same monthly payment, letting the borrower repay their loans quicker and saving the borrower thousands of dollars in interest. Rates effective as of 3/26/2012. Additional terms, conditions and limitations apply. Fifth Third Bank and Sallie Mae reserves the right to modify or discontinue products, services and benefits at any time without notice. The Fifth Third web site provides additional details concerning the Smart Option loan terms and APR information. See also the Loan Application and Solicitation Disclosure. Applicants should check the Fifth Third web site to obtain the most up-to-date product information.	Smart Option Student Loan funded by Fifth Third Bank — Interest Repayment Option Borrower agrees to make payments of at least the new interest that accrues during the in-school and six-month grace periods. Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid ($1,000 minimum)	1-month LIBOR + 2.0% 1-month LIBOR + 8.875%	No disbursement fee. No repayment fee.	6-15 years based on loan balance and year in school.
	Smart Option Student Loan funded by Fifth Third Bank — Fixed Repayment Option The borrower agrees to make payments of $25 per month per loan during the in-school and six-month grace periods. Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid ($1,000 minimum)	1-month LIBOR + 2.5% 1-month LIBOR + 9.375%	No disbursement or repayment fees.	5-15 years based on loan balance and year in school.
	Smart Option Student Loan funded by Fifth Third Bank — Deferred Repayment Option Principal and interest payments are deferred while the borrower is in school and for six months after graduation. The interest is capitalized (added to the loan balance). Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid ($1,000 minimum)	1-month LIBOR + 3.0% 1-month LIBOR + 9.875%	No disbursement or repayment fees.	5-15 years based on loan balance and year in school.
	Bar Study Loan funded by Fifth Third Bank	$1,000 (min) $15,000 (max)	1-month LIBOR + 5.0% 1-month LIBOR + 13.0%	0% or 5% at disbursement. No repayment fee.	Up to 15 years.
	Residency and Relocation Loan funded by Fifth Third Bank	$1,000 (min) $15,000 (max)	1-month LIBOR + 3.0% 1-month LIBOR + 11.875%	No fees.	Up to 20 years.
Graduate Leverage 0.25% interest rate reduction for auto-debit (ACH) for all loan programs.	School-certified Private Loans (Undergraduate Students)	COA-Aid $25,000/year	1-month LIBOR + 1.75% 1-month LIBOR + 10.0%	0% to 6%	Up to 20 years, depending on loan balance
	School-certified Private Loans (Graduate Students)	COA-Aid $25,000/year	1-month LIBOR + 1.75% 1-month LIBOR + 10.0%	0% to 6%	Up to 20 years, depending on loan balance
	Medical Residency & Relocation Loan Program	$20,000	1-month LIBOR + 5.0% 1-month LIBOR + 8.0% 1% interest rate reduction upon entering repayment	0% to 6%	Up to 15 years, depending on loan balance
	Dental Residency & Relocation Loan Program	$20,000	1-month LIBOR + 5.0% 1-month LIBOR + 9.0% 1% interest rate reduction upon entering repayment	0% to 6%	Up to 15 years, depending on loan balance
	Veterinary Internship & Relocation Loan Program	$20,000	1-month LIBOR + 5.0% 1-month LIBOR + 9.0% 1% interest rate reduction upon entering repayment	0% to 6%	Up to 15 years, depending on loan balance
	Bar Study Loan	$17,500	1-month LIBOR + 3.0% 1-month LIBOR + 12.0% 1% interest rate reduction upon entering repayment	0% to 6%	Up to 15 years, depending on loan balance
Independent Community Bankers of America (ICBA) Funded by Independent Community Banks, no membership is required. Originated and Serviced by Student Loan Finance Corporation (SLFC). Borrowers receiving the highest interest rate (3M LIBOR + 6.8%) may qualify for a 0.30% interest rate reduction after 24 months of on-time payments and satisfying other criteria. Cosigners are not required but may increase chances of approval and may yield a better interest rate. Cosigner release option after initial 24 consecutive on-time payments and satisfying credit criteria, if requested by borrower. International students are eligible with an eligible US citizen or permanent resident cosigner. International students should contact SLFC at 800-645-7404 to obtain an account number prior to starting an online application. Rates effective 4/30/2012.	iHELP Student Loan	COA-Aid $100,000 cumulative (undergraduate), $150,000 cumulative (graduate)	3M LIBOR + 2.5% 3M LIBOR + 6.8%	No origination fees. Supplemental fee of 3% (with cosigner) to 5% (without cosigner) when the loan enters repayment.	Up to 20 years, depending on amount borrowed
Maine Educational Loan Authority (MELA) Rates effective August 1, 2010. Must be a Maine resident or attending a Maine college to apply for this loan.	The Maine Loan	COA-Aid	7.75% fixed for all borrowers, regardless of credit. Requires interest-only payments during the in-school and six-month grace periods.	4% fee added to loan balance at disbursement.	5 to 15 years, depending on amount borrowed
	The Maine Medical Loan	COA-Aid	7.75% fixed for all borrowers, regardless of credit. Option to defer principal and interest during the in-school period and for up to four years of residency and internship.	4% fee added to loan balance at disbursement.	5 to 15 years, depending on amount borrowed
Massachusetts Educational Financing Authority (MEFA) Borrower or co-borrower or student must live in Massachusetts or the student must be attending a Massachusetts college or university. Subject to full terms available on the MEFA web site. Rates effective July 7, 2011.	MEFA Loan for Undergraduate Education Immediate Repayment / 10 Years (cosigned)	COA-Aid	6.89% fixed during typical in-school period, 7.89% fixed during repayment	4%	10 years
	MEFA Loan for Undergraduate Education Immediate Repayment / 15 Years (cosigned)	COA-Aid	7.29% fixed during typical in-school period, 8.29% fixed during repayment	4%	15 years
	MEFA Loan for Undergraduate Education Deferred Repayment / 15 Years (cosigned)	COA-Aid	8.09% fixed	4%	15 years
	MEFA Loan for Undergraduate Education Interest-Only Repayment / 15 Years (cosigned)	COA-Aid	7.59% fixed during typical in-school period, 8.39% fixed during repayment	4%	15 years
	MEFA Loan for Undergraduate Education Student Deferred Loan / 15 Years (cosigned) Cosigner release option after 48 consecutive months of on-time payments, subject to credit criteria.	COA-Aid	8.49% fixed	4%	15 years
	MEFA Loan for Graduate Education Interest-Only Repayment	COA-Aid	7.59% fixed during typical in-school period, 8.39% fixed during repayment	4% (with cosigner) 7% (without cosigner)	15 years
	MEFA Loan for Graduate Education Deferred Repayment	COA-Aid	8.09% fixed	4% (with cosigner) 7% (without cosigner)	15 years
Minnesota Office of Higher Education The student must either be a Minnesota resident or attend an eligible Minnesota college or university. The in-school period is limited to no more than 9 years. Borrowers may make monthly interest-only payments for 1-2 years after repayment begins before making regular payments of principal and interest.	SELF Loan (cosigner required)	$7,500/year and $37,500 aggregate (students at 2-year colleges) $10,000/year and $50,000 aggregate (students in Bachelor's degree programs at 4-year colleges) $70,000 aggregate for undergraduate and graduate debt (graduate students)	Fixed: 7.25% Variable: 3M LIBOR + 3.5%, rounded to nearest 10th of a percent, adjusted quarterly, 3% cap on interest rate changes in any 12 month period Payments of interest are required during the in-school and grace periods.	None	Up to 10-20 years after in-school period, depending on loan balance. Up to 10 years for loan balances less than $20,000, up to 15 years for loan balances of $20,000 to $40,000 and up to 20 years for loan balances of $40,000 or more.
New York State Higher Education Services Corporation (HESC) Student borrower, non-student borrower and cosigner (required for student borrowers) must be New York residents. Student must be matriculated in an eligible program at least half time at a participating New York college. 0.25% interest rate reduction for auto-debit. Cosigner release option available for borrowers who satisfy credit criteria (at time of release) after 48 consecutive on-time payments after graduation. Only borrowers who pay at least the interest during the in-school period are eligible for cosigner release.	NYHELPs Principal & Interest Payments During In-School/Grace Period (required for non-student borrowers)	$10,000 annual (freshmen) $15,000 annual (sophomores) $20,000 annual (juniors, seniors and graduate students) $20,000 cumulative (2-year undergraduate) $50,000 cumulative (4-year undergraduate) $70,000 cumulative (undergraduate and graduate combined)	7.55% fixed	4% to 6% (with cosigner) 4% or 8% (non-student borrower without cosigner)	10 to 20 years, depending on amount borrowed
	NYHELPs Interest-Only Payments During In-School/Grace Period (student borrowers only)		8.25% fixed	5% to 7% (with cosigner)
	NYHELPs Full Deferment of Principal and Interest During In-School/Grace Period (student borrowers only)		8.75% fixed	7% (with cosigner)
PNC Education Lending 0.50% interest rate reduction for auto-debit. Co-signer release option after 48 consecutive on-time payments. Rates effective 4/1/2012. Additional information and disclosures are available on the PNC Education Lending web site.	PNC Solution Loan for Undergraduate Students	$40,000	Variable Rate: 3.57% to 11.27% (APRs 3.50 to 11.27%) Based on LIBOR + 3.3% to LIBOR + 11% Fixed Rate: 7.39% to 13.79% (APRs 7.09% to 13.79%)	No application or repayment fees	15 years
	PNC Solution Loan for Graduate Students	$65,000/year $225,000 cumulative		No application or repayment fees	15 years
	PNC Solution Loan for Health Professions	$65,000/year $225,000 cumulative		No application or repayment fees	15 years
	PNC Solution Loan for Health Professions Residency	Up to $15,000		No application or repayment fees	15 years
	PNC Solution Loan for Bar Study	Up to $15,000		No application or repayment fees	15 years
Regions Bank Funded by Sallie Mae Bank. Lender ID 900902. Pay now or later: Borrowers may defer payments until after school or choose an in-school repayment option. Borrowers may apply for cosigner release after successful completion of their education and 12 months of on-time payments of principal and interest. 0.25% interest rate reduction for auto-debit. 2% "Smart Reward" rebate on on-time in-school monthly interest payments. (Not available with deferred repayment option.) The interest rates may be up to 0.50% better for borrowers who apply with a creditworthy cosigner. Rates effective as of 11/25/2011. The Regions web site provides additional details concerning the Smart Option terms and APR information.	The Sallie Mae Smart Option Student Loan for Regions Bank is for Undergraduate, Graduate and Professional School Students (School Certified)	COA-Aid	1-month LIBOR + 2.0% 1-month LIBOR + 9.875%	No disbursement or repayment fees.	5-15 years based on loan balance and year in school.
Rhode Island Student Loan Authority (RISLA) Loans are available for Rhode Island residents attending schools in and out-of-state and non-Rhode Island residents enrolled at an eligible Rhode Island college or university. Rates are effective for the 2011-2012 academic year.	Rhode Island Family Education Loan (RIFEL)	COA-Aid or $35,000/year $175,000 cumulative	6.39% fixed (immediate repayment) with a 10-year repayment term 7.49% fixed (defer repayments until up to 6 months after graduation; 54 months deferment limit unless borrower enrolled fulltime in a 5 year program or graduate school) with a 15-year repayment term	4%	10-15 years
Sallie Mae Funded by Sallie Mae Bank. Lender ID 900905. 2% Smart Reward^SM rebate on on-time in-school monthly interest payments or fixed $25 payments. (Not available with deferred repayment option.) 0.25% interest rate reduction for auto-debit. The interest rates may be up to 0.50% better for borrowers who apply with a creditworthy cosigner. There are three repayment options: Interest Repayment, Fixed Repayment and Deferred Repayment. Borrowers may mix and match the options if they wish, choosing a different option with each new loan. Interest rates are lower for the interest repayment and fixed repayment options. The lower balance at graduation for the interest repayment and fixed repayment options will yield a shorter repayment term for about the same monthly payment, letting the borrower repay their loans quicker and saving the borrower thousands of dollars in interest. Borrowers may apply for cosigner release after successful completion of their education and 12 months of on-time payments of principal and interest. Rates effective as of 11/25/2011. Additional terms, conditions and limitations apply. Sallie Mae reserves the right to modify or discontinue products, services and benefits at any time without notice. The Sallie Mae web site provides additional details concerning the Smart Option loan terms and APR information. Check the Sallie Mae web site to obtain the most up-to-date information.	Smart Option Student Loan — Interest Repayment Option Borrower agrees to make payments of at least the new interest that accrues during the in-school and six-month grace periods. Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid	1-month LIBOR + 2.0% 1-month LIBOR + 8.875%	No disbursement or repayment fees.	5-15 years based on loan balance and year in school.
	Smart Option Student Loan — Fixed Repayment Option The borrower agrees to make payments of $25 per month per loan during the in-school and six-month grace periods. Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid	1-month LIBOR + 2.5% 1-month LIBOR + 9.375%	No disbursement or repayment fees.	5-15 years based on loan balance and year in school.
	Smart Option Student Loan — Deferred Repayment Option Principal and interest payments are deferred while the borrower is in school and for six months after graduation. The interest is capitalized (added to the loan balance). Payments of full principal and interest begin after the end of the six-month grace period. For Undergraduate, Graduate and Professional School Students attending degree-granting institutions only. (School Certified)	COA-Aid	1-month LIBOR + 3.0% 1-month LIBOR + 9.875%	No disbursement or repayment fees.	6-15 years based on loan balance and year in school.
	Career Training Smart Option Student Loan — Fixed Repayment Option Fixed payments of $25/month while in school and for six months thereafter. Payments of full principal and interest begin following the last day of the separation period and continue during the remainder of the term. For students attending Career and Vocational Training Schools (School Certified)	COA-Aid	1-month LIBOR + 8.5% 1-month LIBOR + 12.5%	0%-5% disbursement fee. No repayment fees.	5-15 years based on loan balance and year in school.
	Career Training Smart Option Student Loan — Interest Repayment Option Full interest payments while in school and for six months thereafter. Payments of full principal and interest begin following the last day of the separation period and continue during the remainder of the term. For students attending Career and Vocational Training Schools (School Certified)	COA-Aid	1-month LIBOR + 7.75% 1-month LIBOR + 11.75%	0%-5% disbursement fee. No repayment fees.	5-15 years based on loan balance and year in school.
	Sallie Mae Bar Study Loan	$1,000 (min) $15,000 (max)	1-month LIBOR + 5.0% 1-month LIBOR + 13.0%	0% or 5% at disbursement. No repayment fee.	Up to 15 years.
	Sallie Mae Residency and Relocation Loan	$1,000 (min) $15,000 (max)	1-month LIBOR + 3.0% 1-month LIBOR + 11.875%	No disbursement or repayment fees.	Up to 20 years.
Social Finance, Inc. Available at 40 selective colleges. Funded by alumni investors. 0.25% interest rate reduction for auto-debit.	SoFi Fixed Rate Student Loan	COA-Aid $5,000 minimum $200,000 cumulative	6.24% (fixed)	1.5%	15 years
South Carolina Student Loan Corporation	Palmetto Assistance Loan	COA-Aid $100,000 cumulative	7.15% to 9.15% (fixed)	1% to 3% based on credit	10-15 years
Student Loan Network 0.25% interest rate reduction for auto-debit. 0.25% interest rate reduction for first 36 consecutive on-time payments (48 months for international).	Act Education Loan for Undergraduate Students	COA-Aid $40,000/year $130,000 cumulative	LIBOR + 3.5% LIBOR + 7.75%	3% to 10.5%	20 years
	Act Education Loan for Graduate Students	COA-Aid $40,000/year $130,000 cumulative	LIBOR + 3.5% LIBOR + 7.75%	4.5% to 10.5%	20 years
	Act Education Loan for K-12 Students	COA-Aid $30,000/year $130,000 cumulative	LIBOR + 4.95% (min & max)	6% (min & max)	20 years
	Act Education Loan for Continuing Education Students	COA-Aid $15,000/year $30,000 cumulative	LIBOR + 3.75% LIBOR + 8%	4.5% to 10.5%	20 years
	GradLoans.com Graduate Student Loan	COA-Aid $50,000/year $120,000 cumulative	LIBOR + 4.95% LIBOR + 7.75% Rates may differ according to repayment option. Rates during repayment may be higher than rates during the in-school period.	0% to 8%	15 years
	GradLoans.com Medical School Loan	COA-Aid $70,000/year $225,000 cumulative			20 years
	GradLoans.com Dental School Loan	COA-Aid $70,000/year $225,000 cumulative			20 years
	GradLoans.com Law School Loan	COA-Aid $70,000/year $130,000 cumulative			15 years
	GradLoans.com MBA Student Loan	COA-Aid $70,000/year $120,000 cumulative			15 years
	GradLoans.com Bar Exam Loan	$1,500 - $15,000 (one time loan)			15 years
	GradLoans.com Medical Boards Exam Loan	$1,500 - $15,000 (one time loan)			15 years
	GradLoans.com Medical Residency/Relocation Loan	$1,500 - $15,000 (one time loan)			15 years
	GradLoans.com Dental Boards Exam Loan	$1,500 - $15,000 (one time loan)			15 years
	GradLoans.com Dental Residency/Relocation Loan	$1,500 - $15,000 (one time loan)			15 years
	InternationalStudentLoan.com - Undergradute Internationals in the U.S. (TERI schools. Requires US citizen or permanent resident cosigner.)	COA-Aid $40,000/year $130,000 cumulative	LIBOR + 3.5% LIBOR + 7.75%	3% to 10.5%	20 years
	InternationalStudentLoan.com - Gradute Internationals in the U.S. (TERI schools. Requires US citizen or permanent resident cosigner.)	COA-Aid $40,000/year $130,000 cumulative	LIBOR + 3.5% LIBOR + 7.75%	4.5% to 10.5%	20 years
	StudyAbroadLoans.com - Undergraduate Students Studying Abroad	COA-Aid $50,000/year $120,000 cumulative	LIBOR + 4.95% LIBOR + 7.75% Rates may differ according to repayment option. Rates during repayment may be higher than rates during the in-school period.	0% to 8%	15 years
	StudyAbroadLoans.com Graduate Students Studying Abroad	COA-Aid $70,000/year $120,000 cumulative ($130,000 for law or osteopathic, $225,000 for medical or dental)		0% to 8%	15-20 years
StudentLoans.com (A Brazos company.)	Undergraduate Private Loan Graduate Private Loan Elementary / Middle School Private Loan High School Private Loan Continuing Education Private Loan	COA-Aid or $30,000 ($40,000 where COA > $30,000) whichever is less No cumulative limit	LIBOR + 1.8% LIBOR + 7.5%	0% to 9%	20 years
SunTrust Education Loans 0.25% interest rate reduction for auto-debit and an additional 0.25% interest rate reduction for auto-debit from a SunTrust Bank deposit account. 1% principal reduction after graduation. Cosigner release option after 48 months. Rates effective 5/1/2012. Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. Please visit the Custom Choice Loan web site for detailed information regarding loan terms, conditions, and current APRs.	Custom Choice Loan	COA-Aid or $65,000 (whichever is less) $150,000 cumulative (includes federal and private student loan debt of borrower and cosigner, each)	Fixed: 3.75% to 12.25% Variable: 1-month LIBOR + 2.25% 1-month LIBOR + 12.25%	0%	5 to 20 years, depending on loan amount
Union Federal 0.25% interest rate reduction for auto-debit. 0.25% interest rate reduction making the first 36 consecutive payments on-time (within 10 days of the due date). Interest rates effective as of 7/1/2011.	Union Federal Private Student Loan	COA-Aid $150,000 aggregate	3M LIBOR + 2.60% 3M LIBOR + 8.99%	None	Borrower choice of a 5, 10 or 15-year repayment term plus a 6-month grace period
Wells Fargo Private Student Loans 0.25% interest rate reduction for auto-debit from a personal checking or savings account. 0.25% interest rate reduction upon validation of graduation. Up to 0.50% interest rate reduction with existing qualifying Wells Fargo account. Benefits listed may vary and are subject to change. Variable rate has a floor rate of 3.25%. Interest rates are subject to change daily.	Wells Fargo Collegiate Loan	COA-Aid $120,000 cumulative	Variable Rates: PRIME + 0.25% to PRIME + 6.74% Fixed Rates: 7.75% to 14.25%	0%	15 years
	MedCAP Alternative Loan	COA-Aid $120,000 to $250,000 cumulative, depending on program	PRIME + 1.50% PRIME + 4.0%	0%	15-20 years
	MedCAP XTRA	$12,500 for medical boards and clinical exams, $15,000 for residency interview and relocation, $5,000 for internships. Subject to same aggregate limits as MedCAP Alternative Loan.	PRIME + 4.5%	0%	15-20 years
	Wells Fargo Graduate Loan	COA-Aid $120,000 to $180,000 cumulative, depending on program	PRIME + 1.50% PRIME + 5.00%	0%	15 years
	Wells Fargo Bar Exam Loan	$12,000 $180,000 aggregate	PRIME + 4.5%	0%	15 years
	Wells Fargo Education Connection Loan	$25,000/year $100,000 cumulative	PRIME + 2.50% PRIME + 9.49%	2%	15 years
	Wells Fargo Private Student Loan for Parents	$25,000/year $100,000 cumulative	Variable Rates: PRIME + 0.25% to PRIME + 6.49% Fixed Rates: 7.75% to 14.25%	No fees.	15 years

Special Uses

Loans which do not require school certification include:

Wells Fargo Education Connection Loan

Loans which can be used for previous school charges include:

Charter One TruFit Student Loan
Citizens Bank TruFit Student Loan
Chase Select Loans
Connecticut Higher Education Supplemental Loan Authority (CHESLA)
PNC Solution Loan
Sallie Mae Smart Option Loans
The Maine Loan and The Maine Medical Loan
Think Financial
Wells Fargo Education Connection Loan

Most are available for up to six months after the end of the semester. Some are available for 60 days and some for up to a year.

Loans which do not require the borrower to be enrolled in a degree-seeking program include:

CitiAssist Student Loans
Sallie Mae Career Training Smart Option Student Loan

Loans which do not require the borrower to be enrolled at least half-time include:

Chase Select Loans
CitiAssist Student Loans
Sallie Mae Smart Option Student Loan
Wells Fargo Collegiate Loan
Wells Fargo Education Connection Loan

Also, some continuing education loans do not require at least half-time enrollment.

Loans which are available to international students include:

CitiAssist Student Loans (Eligible US cosigner required)
Discover Student Loans (Social Security Number and eligible US cosigner required)
iHELP Student Loan (Eligible US cosigner required)

Loans offering a fixed interest rate:

State Loan Programs
- Dakota Education Alternative Loan (DEAL) (North Dakota, South Dakota, Minnesota, Montana, Wyoming or Wisconsin)
- MEFA Loan for Undergraduate Education (Massachusetts)
- The Maine Loan (Maine)
- NYHELPs (New York)
- Palmetto Assistance Loan (South Carolina)
- Rhode Island Family Education Loan (RIFEL) (Rhode Island)
Private Student Loan Programs
- Charter One TruFit Student Loan
- Citizens Bank TruFit Student Loan
- SunTrust Custom Choice Loan
- Wells Fargo Collegiate Loan

Loans which are discharged upon the death or total and permanent disability of the primary borrower include:

CitiAssist Loans
Discover Student Loans
New York Higher Education Services Corporation's NYHELPs
Sallie Mae Smart Option Loans
Wells Fargo (all past and present private student loans)

The TruFit loan from Charter One and Citizens Bank provides for cosigner release upon the death or total and permanent disability of the student borrower.

Definitions

LIBOR is the 3-month average of the London Interbank Offered Rate. LIBOR is the average interest rate paid on deposits of US dollars in the London market.
PRIME is the Prime Lending Rate as published in the Wall Street Journal. This is the rate banks charge their most creditworthy customers.
COA-Aid is the Cost of Attendance minus all other student aid received.
APR is the Annual Percentage Rate, a rate that factors in the interest rate, fees, and other terms.

Current LIBOR and Prime Lending rates can be found in the Federal Reserve's Statistical Release. The LIBOR rate appears in the London Eurodollar Deposits lines (1, 3 and 6 month figures) and the Prime Lending Rate appears in the Bank Prime Loan line.

The current (weekly) interest rates are:

Prime Lending Rate: 3.25%
LIBOR (1 month): 0.29%
LIBOR (3 months): 0.42%
91-day T-Bill: 0.09%

The current spread between the Prime Lending Rate and the 3-month LIBOR is 2.83%. The current spread between the Prime Lending Rate and the 1-month LIBOR is 2.96%.