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Messiah College Office of Development

Private Loans

Over the years, many of our students and families have successfully secured private/alternative loans with a number of the established lenders listed below. This is NOT a preferred lender list.  This list is provided to assist you in making an informed decision when it comes to choosing a private/alternative student loan.  However, we have entered into a Private Lender Arrangement (PLA) with the PA Private Loan Marketplace listed below.

Commencement

Messiah College believes that it is important for us to help students navigate the complex task of choosing a private loan lender, which is why we have chosen to participate in the PA Private Loan Marketplace.  The PA Private Loan Marketplace provides the borrower with detailed, real-time information about each loan offered to the student.  The figures presented to you for interest rates, fees and other loan details are not just averages or ranges, but the actual terms of the loan that will be offered.  A credit check is done by the PA Private Loan Marketplace, and also by each lender.  There is only one 'hit' to your FICO score, as long as you price shop for student loans within 30 days.  Depending on the lender and which of the three credit bureaus used by the lender versus the PA Private Loan Marketplace, in a very small number of cases, the interest rate may be different when you apply for the loan.  However, we feel that making the PA Private Loan Marketplace available to our students is the best way that we can help you secure a loan at the lowest interest rate, based on your credit history.    (For more information on FICO scores, please check  http://www.myfico.com/CreditEducation/CreditInquiries.aspx) 

 

We are required under federal law to submit an annual report to U.S.D.E. since we participate in a PLA. The required report with additional information about the terms, conditions and provisions for each type of loan provided pursuant to the PLA will be made available to students and the public via the Messiah College web page when that report is available.  Much of the information in that report will be provided by the PA Private Loan Marketplace.  A notice of availability of the report will be sent to all current and prospective students at that time.

  • At this time, the United States Department of Education has not designated a due date for the submission of this report.

 

The lender list below is not a comprehensive list of all the lenders who currently market private/alternative student loans.  This list is in alphabetical order, not in any order of preference. If you would like to use another lender that is not on this list, you have the right to choose whatever lender you wish. Some states have their own private loans for residents of that state.  Some state specific private/alternative loans include:  Alaska, Connecticut, Maine, Massachusetts, Minnesota, New Jersey, Rhode Island, and Vermont .  Please check with your state to see if private state loans are available.  The interest rate and fees on private/alternative student loans are dependent upon many variables, one of which is the FICO score of the borrower and/or co-borrower.  

 

Students should always take Federal student loans first before considering any private student loans.  Federal Perkins and Stafford loans have a fixed interest rate.  Parent PLUS loans have a fixed interest rate.  Most private student loans require a credit-worthy co-signer.  Please be aware that many of the lenders/loans listed below have variable interest rates and have no cap; these interest rates may change monthly or quarterly depending on the bank/lender. Interest does accrue on private/alternative loans and, depending on the lender, may be deferred while in school or must be paid while in school.

  • We recommend, when possible, to pay any accrued interest while in school and during the six-month grace period.

Please review the information listed below for each bank/lender very carefully before making your choice, and you may want to visit the lender's website for more details.

 

PA Private loan marketplace The PA Private Loan Marketplace:

 

Once you and your family have considered Federal Direct Stafford and Federal Direct Parent PLUS loans, you can use the Pennsylvania Private Loan Marketplace to instantly and accurately compare rates and terms from multiple private loan lenders side-by-side.  This will help you make an informed decision about the most appropriate loan for you.  The Marketplace displays products from local and national lenders, complete with detailed listings of APRs, interest rates, total cost, monthly payments, borrower benefits, fees, and repayment options.  If you do not find the lender of your choice through the PA Private Loan Marketplace, please review the list of lenders below.  Many of these lenders do not participate, but were chosen by our students and families over the past few years.

                                                                                            

Messiah College does not accept any revenue sharing funds from any lender. 

 

Disclosure Requirements:

Due to Federal requirements known as Regulation Z, banks/lenders must provide several disclosures and a Self Certification form to the borrower before the loan will be disbursed to the school.  This WILL slow down the approval and disbursement of all private student loans.  PLEASE FOLLOW ALL INSTRUCTIONS FROM THE LENDER AND RESPOND IN A TIMELY WAY SO YOUR LOAN CAN BE PROCESSED AS QUICKLY AS REGULATIONS ALLOW. 

  • Private student loans will take approximately three (3) weeks from the start of your application to disbursement.  Your bank/lender will give you a Self Certification form, but here is a lender-neutral form in case you do not receive one.  The student is responsible to complete this form and return it to the bank/lender, not Messiah College.  Information required for this form - Cost of Attendance and Estimated Financial Assistance are all found on your on-line Financial Aid Award Notice.  If you do not understand any of the required documents, you must contact your bank/lender for clarification.

 

Please don't hesitate to contact the Financial Aid office at (717) 691-6007, Monday through Friday, 8:30 a.m. to 4:30 p.m. if you have any questions.

 

LOAN NAME

COMPANY/CONTACT INFO

LOAN TERMS & MISC INFO

APPLY NOW
LINKS

Citizens Bank TruFit Student Loan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Citizens Bank
Education Finance

770 Legacy Place

Dedham, MA 02026

1-800-708-6684

Variable rate option:

* 1 month LIBOR + 2.50% to LIBOR + 9.25%

 

* Fixed rate option:

* Rates range from 5.75% to 11.75%

 

  • No fees
  • $1000 minimum loan amount
  • A 0.25 percentage point interest rate reduction on a new TruFit Student Loan if you or your co-signer (if applicable) has a TruFit Student Loan or qualifying account in existence with us at the time your loan is approved.
  • During periods when payments are due, you will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from any bank account you designate.
  • Must be enrolled at least half-time in a degree seeking program
  • No academic progress required
  • International students can borrow with a US Cosigner
  • Available for past due balances - can be used for back balances up to 180 days after last date of enrollment assuming the borrower is enrolled or recently graduated
  • Loan Forgiveness - In the unfortunate event of death or total and permanent disability of the student borrower.
  • No prepayment penalty

* Repayment options:

  • * Choice of  immediate, interest-only, or fully deferred
  • * Choice of Repayment Term - 5, 10, 15 yrs
  • * Co-borrower release option available after 36 consecutive on-time paymens
  • TruFit Fixed and Variable APR and repayment examples in the Disclosures Statement here.

 

Apply Now

Citizens Bank TruFit Student Loan for Graduate Students

Citizens Bank
Education Finance

770 Legacy Place

Dedham, MA 02026

1-800-708-6684

Variable rate option:

*1 month LIBOR +2.50% to LIBOR + 8.75%

Fixed Rate loan option:

*Rates range from 5.25% to 11.25%

Apply Now
Discover Certified Private Loan
Discover Student Loans
P.O. Box30947
Salt Lake City, UT 84130-0947
1-800-788-3368

Variable rate option:

* Prime + 0% to Prime + 5%

 Currently 3.25% APR to 8.25% APR

Fixed rate option:

* From 6.74% - 10.99%

 

* Zero fees

* 2% principal reduction at graduation
* 0.25% interest rate reduction for auto debit

* 6 month grace period

* 15 year repayment

* APR and repayment examples in the Disclosure Statement here

cuStudentLoans

EdAccess Private Student Loan

cuStudentloans.org

1-888-549-9050

* 3 month LIBOR + 2.99% to LIBOR + 8.99%

  Currently 3.23% to 9.23%

* MUST make payments while in school, either $25/mo or interest-only payments

* Zero origination fee

* 1% interest rate reduction after 10% of loan has been repaid

*APR and repayment examples in the Disclosure Statement here

Apply Now

Members 1st Federal Credit Union

CU Student Choice Loan Processing

P.O. Box 51-482

Ontario, CA 91761

1-909-297-2884

* You MUST be a member of the Credit Union

* 1 month LIBOR + 3% to LIBOR + 5%

* Rate adjusts quarterly

* Floor rate = 6% minimum interest rate

* Zero fees

* $2000 minimum

* 0.25% interest rate reduction for auto debit

* $1000 minimum

* $75,000 Aggregate limit

* 20 - 25 year repayment

Apply Now

NJ CLASS

NJCLASS
PO Box 540
Trenton, NJ 08625
1-800-792-8670

 

* For NJ State residents only

Repayment Options:

* 5.49% fixed rate for immediate repayment of principal and interest. 3% fee.

(10 yr repayment)

 

* 6.65% fixed rate for monthly repayment of principal & interest  OR monthly interest payment while in school. 3% fee.

(15 yr repayment)

 

* 8.05% fixed rate for deferred principal & interest.  3% fee.    (20 yr repayment)


* Interest rate increases 0.75% after the 48th payment

* Interest capitalizes annually

* 0.50% rate reduction for auto debit

* APR and repayment examples in the

Disclosure Statement here

Apply Now

PNC
Solution Loan for Under-graduates

The PNC Solution Loan for Undergraduates
2600 Liberty Avenue, Suite 200
Pittsburgh, PA 15222
1-800-762-1001

Fixed rate option:

* Interest rates from 6.49% - 13.79%

 

Variable rate option:

* 3 month LIBOR + 3.30% to LIBOR + 11%

 

* Zero fees

* 0.50% rate reduction for auto debit

* Must be at least 17 yrs old w/co-signer
* 6 month grace

* 15 yr repayment
* Co-borrower released after 48th on-time consecutive payment

* APR and repayment examples in the Disclosure Statement here

Apply Now

Sallie Mae
Smart Option Student Loan

Sallie Mae, Inc.
300 Continental Drive
Newark, DE 19713
1-888-272-5543

Variable rate option:

1 month LIBOR + 2.00% to LIBOR + 9.78%

APR 2.25% to 9.37%

rate adjusted monthly

Fixed rate option:

* 5.74% APR to 11.85% APR


* Zero fees

* 0.25% rate reduction for auto debit

* $1000 minimum
* Must be at least 17 yrs old w/co-signer
* 6 month grace period of principal only

 *Tuition Insurance Benefit

Repayment Options: 

1 -Deferred Repayment -requires no minimum payment while in school

2 -Fixed Repayment - requires $25/monthly payment while in school

3 -Interest Repayment - requires interest-only payments while in school

4 -Graduated Repayment Period available

* 5 - 15 year repayment

* Smart Reward = Earn 2% of your scheduled monthly payment as a reward into a UPromise account when you make payments on time
* Co-borrower may be released after 12 months following the separation period

* APR and repayment examples in the Disclosure Statement here
* UPromise Loan Link

Apply Now

Sallie Mae Graduate Student
Smart Option Student Loan
Sallie Mae, Inc.
300 Continental Drive
Newark, DE 19713
1-888-272-5543

Variable rate option:

1 month LIBOR + 2.00% to LIBOR + 7.25%

APR 2.25% to 7.27%

rate adjusted monthly

Fixed rate option:

5.75% APR to 8.875%

APR 5.74% to 8.56%

 

Apply Now

SunTrust

Custom Choice Loan

 

 

 

 

 

 

 

 

SunTrust Education Loans
1001 Semmes Avenue
Richmond, VA  23224

1-866-232-3889

 

 

 

 

 

Loan Options:

Variable Rate: 1-month LIBOR + 2.00% to 1-month LIBOR + 9.61% (APRs currently range from 2.251% to 9.286%)1

Fixed Rate: 3.75% to 12.25% (APRs currently range from 3.751% to 11.356%)

 *  Zero fees

 * 5 to 20 year repayment

Repayment Options:

  * Total deferment

  * Interest only

  * Partial Interest (Student Starter)

  * Immediate repayment,

Borrower Benefits:

 *   1% Principal reduction of original disbursed

      amount per loan at graduation

* .25% Interest rate reduction for auto debit

* .25% additional rate reduction with ACH pmt

from a SunTrust Bank account

* APR and repayment examples in the

Disclosure Statement here

* Must be at least 17 yrs old w/co-signer

* Minimum loan $1001
* 6 month grace period
* Co-borrower release option available

 

Apply Now

 

 

 

 

 

 

 

 

 

 

Union Federal Savings Bank Private Student Loan

Union Federal Private Student Loans

PO Box 848108

Boston, MA 02284

1-866-513-8445

Variable Rate

1-month LIBOR + 2.60% to LIBOR + 7.10%

* Zero fees

* 5 to 15 year repayment

* Minimum Loan: $2000

Repayment Options:

  * Immediate repayment

  * Interest only

  * Partial Interest/Student Starter ($25/mo)

  * Total deferment

Borrower Benefits:

* .25% Interest rate reduction for auto debit

* .25% Interest rate reduction after 36th on-time payment

* Co-borrower released after 36 consecutive payments

* APR and repayment examples in the Disclosure Statement here

Apply Now

Union Federal

Savings Bank

Graduate Private Student Loan

Union Federal Private Student Loans

PO Box 848108

Boston, MA 02284

1-866-513-8445

Variable Rate

1-month LIBOR + 2.60% to LIBOR + 7.10%

Apply Now

Wells Fargo Collegiate Loan Wells Fargo Education Financial Services
301 East 58th Street North
P.O. Box 5185
Sioux Falls, SD 57117-5185
1-800-658-3567

Collegiate Loan:

* FIXED RATE or variable rate

* Prime + 1% to 6.99%
(Subject to a contractual minimum of 3.25% if Prime is lower than 3.25% + margin listed above.)
* Rate adjusts monthly
, if variable rate

* 15 yr repayment

 

MedCAP Loan = For students in approved health-related programs:

* Prime + 1.50% to 4% (variable rate)
* Zero fees

* 0.25% rate reduction for auto debit
* 0.50% rate reduction at repayment upon verification of graduation

* $1000 Minimum loan
* 6 month grace
* 20 yr repayment
* Co-borrower released after 24th on-time consecutive payment

 

* APR, repayment examples, and Disclosure Statements for all Wells Fargo loans can be found here.




 
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Private Loan Marketplace
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