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If you plan on borrowing a Federal Stafford or PLUS Loan and have not previously borrowed from the program, you will need to select a lender. The lender is the institution from which the money is actually borrowed, but the interest rates and terms of the loan are set by the U.S. Department of Education. Therefore the real difference among lenders is measured in terms of customer service, savings programs and repayment options. To assist families in choosing a student loan lender, the Office of Financial Aid has compiled a list of institutions whom we consider excellent in the educational lending field. We have found each of these lenders to provide prompt reconciliation of loan issues. They also provide fast electronic payment of loan funds directly to your College billing account, and offer a variety of savings programs during loan repayment. Please note that you are not required to use one of these lenders. The Office of Financial Aid will process your loan with any lender you choose.

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Stafford Loans

Lender Origination Fee Borrower Benefits Apply
South Carolina Student Loan Corporation

1-800-347-2752
0%
  • 0.25% interest rate reduction for students who get their payments automatically drafted from their bank accounts.
  • Graduation Benefit (principal reduction) at the end of repayment if borrower earned a college degree ($500 for a Bachelor’s degree.)
Click Here
Chase Student Loans

1-800-487-4404
1%
  • 0.25% interest rate reduction immediately
Click Here
CitiBank Student Loans
1-800-967-2400
1%
  • 0.50% automatic interest rate reduction for all students who continue to make on-time payments
  • 0.25% interest rate reduction with auto debit payments
Click Here

Sallie Mae Education Trust

1-888-272-5543

1%
  • Students will receive loan credits of 4% based on the scheduled monthly payment amount for each of the first 12 payments made as initially scheduled.
Click Here
Wachovia Education Finance

1-800-338-2243
0.5%
  • Instant 0.5% savings on the federal origination fee
  • Automatic 1% principal reduction at disbursement. The benefit is retained when the first 12 month payments are made on time.
  • 0.25% interest rate reduction with auto debit payments
Click Here

PLUS Loans

Lender Origination Fee Borrower Benefits Apply
South Carolina Student Loan Corporation

1-800-347-2752
3%
  • 3% Origination Fee is credited back to the borrower’s principal balance.
  • 25% interest rate reduction for students who get their payments automatically drafted from their bank accounts.
  • Graduation Benefit (principal reduction) at the end of repayment if borrower’s dependent earned a college degree ($500 for a Bachelor’s degree.)
Click Here
Chase Student Loans

1-800-487-4404
3%
  • 0.10% Interest Rate Reduction immediately at Repayment
Click Here
CitiBank Student Loans
1-800-967-2400
3%
  • 0.50% automatic interest rate reduction for all borrowers who continue to make on-time monthly payments
  • 0.25% interest rate reduction for auto debit.
Click Here

Sallie Mae Education Trust

1-888-272-5543

3%
  • Borrowers who authorize the automatic debit of funds from their checking or savings accounts to cover their monthly education loan payments will receive an interest rate reduction of 0.70 percentage point
Click Here
Wachovia Education Finance

1-800-338-2243
3%
  • 1% interest rate reduction when the first 36 payments are made on time using auto debit. Borrowers must enroll in auto debit by the end of the third month of repayment to qualify. Late is defined as any payment received 15+ days beyond the payment due date.
Click Here

Private Loans

Lender/Loan Borrower Benefits Apply
South Carolina Student Loan Corporation
Palmetto Assistance Loan
1-800-347-2752
  • 0% Origination, guarantee, and repayment fees.
  • Interest rate as low as Prime.
  • 25% interest rate reduction for borrowers who get their payments automatically drafted from their bank account.
Click Here
CitiBank
CitiAssist Loan
1-800-967-2400
  • 0% Origination, guarantee, and repayment fees.
  • Interest rate as low as Prime minus .5%.
  • 25% interest rate reduction for borrowers who get their payments automatically drafted from their bank account.
  • Additional .5% Interest rate reduction for students who make their first 48 payments on time.
  • Students can be enrolled full-time, half-time, or less
Click Here
Chase Student Loans
Chase Select Private Loan
1-800-487-4404
  • ZERO Fees
  • Students Only rates as low as Prime -0.50%
  • Student with Cosigner Rates as low as Prime -1.00%
  • Minimum:  $500
  • 0.25% interest rate reduction for having monthly principal and interest payments made directly from a bank account.
  • Cosigner Release: 36 consecutive on-time monthly payments of principal and interest any time after repayment begins
Click Here

Sallie Mae Education Trust

Signature Loan

1-888-272-5543

  • 0% Origination, guarantee, and repayment fees.
  • High approval rates.
  • Creditworthy cosigners may help you qualify for a lower interest rate. Creditworthy borrowers may request a cosigner release from the loan obligation after making 24 consecutive on-time payments of principal and interest. The account must remain current until the request for release is processed. Borrower credit qualification applies. 
  • High aggregate loan limits so you can borrow as much as you need to pay for the cost of your education as certified by your school.
Click Here
Wachovia Education Finance
Wachovia Education Loan
1-800-338-2243
  • 0% Origination, guarantee, and repayment fees.
  • Interest rate as low as Prime minus .5% for qualified borrowers.
  • Students may apply alone or with co-borrower.
  • Co-borrower release is available after 48 on-time payments.
  • No Satisfactory Academic Progress required.
Click Here

 

How was this list developed?


Recently, there has been a great deal of discussion regarding how lenders are chosen by financial aid offices. The Newberry College Office of Financial Aid is committed to choosing lenders who provide good service and benefits to our students. This is done by surveying 15 lenders. Lenders are asked to provide information regarding their services via a Request for Information (RFI).

The lenders’ responses to the RFI are ranked using criteria developed by the National Association of Student Financial Aid Administrators (NASFAA). The results of these responses to the RFIs are examined by the College’s financial aid committee made up of the Vice President of Enrollment Management, the Director of Financial Aid, the Associate Director of Financial Aid, and Financial Aid Counselors. Newberry College’s financial aid community presents their choices for inclusion on the list based on the best benefits offered to our students.

Newberry College continues to provide students and their families with a Recommended Lender List despite current concerns regarding such lists because we believe that it is helpful to our students, who often request guidance in the selection of a lender. The Recommended Lender List is intended as a guide only. The Office of Financial Aid will process a loan from any lender selected by a student.
Please feel free to contact the Office of Financial Aid if you have any questions about the process or the lenders selected.

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