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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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