The following is a list of established lenders who we have placed on our Preferred Lender list because their services are exemplary and are designed to benefit you. 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. Some lenders offer special incentives that reduce your loan balance or lower your interest rates.
Financing the cost of a college education can be a complex task. There are a number of options available to assist families who are in need of a way to bridge the gap between what their financial resources will allow and the cost of higher education. Since each family's financial situation is different, we are not able to recommend one financing plan that will meet each family's needs. We have, however, prepared this chart to provide you with information about the Parent PLUS Loan programs used most frequently by our students and their families.
Financing the cost of a college education can be a complex task. There are a number of options available to assist families who are in need of a way to bridge the gap between what their financial resources will allow and the cost of higher education. Since each family's financial situation is different, we are not able to recommend one financing plan that will meet each family's needs. We have, however, prepared this chart to provide you with information about the private loan programs used most frequently by our students and their families.
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Lender Information
Borrower Benefits & Customer Service
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Benefits
0 fees available .25% interest rate reduction for auto debit from ANY bank Co-signer release available after making initial 48 payments on-time Available for past due balances Satisfactory Academic Progress not required PNC Bank reserves the right to modify the discount terms of this program at any time without notice.
Services
Easy Online application E-signature available Life of loan servicing (combined with Federal loans)
Benefits
Interest Rate: As low as Prime + 0.00% 6 Month Grace Period Co-signer release after any 24 consecutive, on-time payments
Services
Loan Fees: No fees for qualified borrowers Can be used for prior balances Satisfactory academic progress is not required Must be at least half time
Benefits
Rates range from LIBOR + 2.5% to LIBOR + 9.5% Zero Fees A .50 percentage point interest rate reduction with auto debit No income requirement No payments required while in school Cosigner Release available after the first 24 on time payments of principal and interest 6 month grace period Flexible repayment options
Services
Upromise® - Rewards service allows members to earn rewards when they shop online, buy gas or groceries, dine out, or purchase other goods and services from more than 500 participating companies Manage Your Loans - online account management tool serves as a borrower’s single source to find information about their education loans
Benefits
XtraCredit Loan Automatic deferment of interest and principal payments while in school No prepayment penalty Ability to pay past due balances
Services
Life-of-loan servicing Online application Flexible repayment options Loans for students enrolled at least half-time Competitive interest rates
Benefits
Interest rates as low as Prime minus 0.50% Fees as low as 0% May be enrolled less than half time, half time or full time Satisfactory academic progress not required Matriculation not required Loans can be used for balances incurred within the last 12 months .25% Interest rate reduction for auto-debit payments .50% Interest rate reduction when you make the first 48 on-time consecutive payments
Services
Citibank’s Customer Service Representatives are available by phone, Monday through Friday 8 a.m. to 11 p.m. ET, at (800) 967-2400. Email Citibank Customer Service at student.loans@citi.com Co-signer release available after 24 on-time payments Master Promissory Note and electronic signature available Credit response in 3 minutes or less Flexible credit evaluation guidelines
Benefits
0% origination and repayment fees for every borrower (NO FEES)! Rates as low as Prime minus 1.0% with a cosigner, Prime minus 0.5% without a cosigner 0.25% interest rate reduction for automatically debited payments No payments while in school 6 month grace up to 25 years to repay See web site or call for important terms and conditions
Services
Can be used to cover past due balances and for less than half time Online pre-approval and application, including e-signature Loans are originated and serviced internally by Chase All Chase-serviced loans, including private loans, are combined into a single bill Choice of flexible repayment options Cosigner release option after 36 any ontime payments Loans are not sold
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ELMSelect is hosted and maintained by ELM Resources to provide student and parent borrowers with information supporting their ability to choose the educational lender of their choice.
Information on this site regarding educational loans has been provided exclusively through institutions of higher education (“schools”) that have elected to post their preferred lender lists on this site. ELM Resources is not involved in any way with the endorsement of lenders or specific loan products of educational institutions and does not receive compensation as a result of a lender being placed on a preferred lender list or a school using ELMSelect as a means of providing loan information to students.
ELM Resources is not responsible for the accuracy of the information available through ELMSelect. Students and parents are encouraged to contact lenders to confirm the accuracy of the loan terms posted on the site. Students and parents are also reminded of the right of borrowers seeking loans through the Federal Family Education Loan Program to choose their lender and that the choice of a lender is not in any way limited to the lenders on a school’s preferred lender list. Additionally, if a borrower chooses another lender, they will suffer no penalty for selecting their lender of choice.
ELM Resources notes that additional information on student loans is available from the U.S. Department of Education on a variety of sites including www.studentaid.ed.gov and www.mymoney.gov . Useful information on financial literacy may be found at http://www.mymoney.gov/ , a website maintained by the U.S. Financial Literacy and Education Commission. For New York schools, additional information can be found at http://www.oag.state.ny.us/family/student_lending/information.html .
ELM Resources welcomes comments on ELMSelect. Comments may be sent to: info@elmresources.com .
