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.
QUESTIONS?
Please contact us at fao -is-at- carroll -dot- edu.
Cash Option
Remaining balances may be paid in full to the business office. Payments are due by the beginning of the semester.
Payment Plans
Payment arrangements may be made with the Business Office. Additional information on payment arrangements is available on the Payment Plan Options Brochure.
Federal Parent PLUS Loan
Parents my borrow a Federal PLUS loan to assist with educational expenses. The interest rate is a fixed 8.5% (for all PLUS loans disbursed after July 1, 2006).
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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)
Lender Comparison List: FASTChoice helps you determine which loan is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders.
Prior to completing an alternative loan application a student must complete debt counseling on-line at: http://mappingyourfuture.org/moneymanagementcounseling (not required of parent borrowers).
A sample of the thousands of alternative loans available on-line or through lending institutions is listed below. The list includes the most common alternative loans used by Carroll College students over the last ten years. Borrowers are encourage to use FASTChoice to complete a side-by-side comparison of lenders, terms, and benefits. Students are free to borrow from any lender they choose. If you have questions or would like to request application forms, contact the lending institutions or our office at 1-800-992-3648, ext. 5425 or 406-447-5425.