SALEM STATE COLLEGE

The SSC Office of Financial Aid has developed a list of recommended lenders for our students from a collection and assessment of comparative data in relation to lender practices, methodology, and the quality of their services and benefits to our students. The following is a list of established lenders whose services are designed to benefit and favor our borrowers. However, if you wish to use another lender which is not on our list, you have the right to do so. You can find alternative lenders by clicking on the "Search for Other Lenders" link below or searching on your own.
 
NEW SALEM STATE COLLEGE BORROWER:
Review the Borrower Benefits below and select your Lender

Complete your entrance counseling and Master Promissory Note (MPN) by clicking on the "APPLY NOW" link (below) for your selected lender, when you receive a letter from ASA (American Student Assistance) that your promissory note is ready to sign.  If you would like to choose another lender other than those listed below, when you click on apply you will be given a list of other lenders. If you lender is not listed go to the lender website directly
Compare Lenders Lender Information Borrower Benefits & Customer Service Apply Now

Benefits

  • 6.0 % fixed interest rate for subsidized undergraduate, 6.8% for all unsubsidized and graduate Stafford loans
  • 0.25% interest rate reduction with auto-debit payments 
  • Make no payments until 6 months after you graduate
  • No credit check or co-borrower required
  • Multiple repayment options
  • Quick online application

Services

  • Free student checking with online bill pay
  

Benefits

  • 0.25% interest rate reduction for automatic payment deduction from any bank account
  • Make no payments until 6 months after you graduate
  • No credit check or co-borrower required
  • Convenient repayment options
  • Easy online application

Services

  • Citizens Bank has a complete package of products available for students with our Citizens Bank Everyday Student Banking
  

Benefits

  • .50% automatic interest rate reduction at repayment as long as payments are on-time
  • .25% interest rate reduction for auto-debit/ACH

Services

  • Combined billing if other student loans are also taken with Citibank.
  • Citibank Identify Theft Solutions free to any student loan customer.
 

Benefits

  • Use Free Money First-Fill out the FAFSA to access need-based grants, and research and apply for scholarships. Consider supplementing these sources with current income, college savings, and an interest-free monthly tuition payment plan.
  • Choose us as your lender and you may be eligible for these borrower benefits:
  • 0.25% interest rate reduction for automatic debit during active periods of repayment
  • Default fee rebate depending on guarantor
  • Learn how to earn these benefits.

Services

  • 24/7 online account management
  • Sallie Mae’s Upromise Loan LinkSM service helps you pay down your eligible Sallie Mae-serviced student loans 
  • Combined billing when you have multiple Sallie Mae-serviced student loans
  • The nation’s leading provider of student loans
  • Since 1973 has helped more than 21 million Americans achieve a college education 
  • 93% of borrowers likely to recommend Sallie Mae to other students
  • Educational tools, college savings plans, tuition payment plans and dedicated customer service set us apart 
  • 1-2-3 approach to financing college: savings, scholarships, and grants first; federal loans second; and private loans third 
  • Exceptional customer service from highly trained and knowledgeable servicing specialists
  • Rigorous security procedures to protect the privacy of your information
  • Online tools plus practical, straightforward advice to help you select the right repayment option
 

CONTINUING SALEM STATE COLLEGE BORROWER:

 

To ensure continuity in repayment, we recommend that you borrow your Federal Stafford Loan through the same lender each year. If you wish to remain with the same lender you used last year and they are still lending, you do not need to sign a new MPN. HOWEVER, IF YOUR LENDER IS NO LONGER A STAFFORD LENDER OR YOU WISH TO CHANGE YOUR CURRENT LENDER. YOU MUST PICK A NEW LENDER AND SIGN A NEW MPN.
Compare Lenders Lender Information Borrower Benefits & Customer Service Apply Now

Benefits

  • 0.25% interest rate reduction for automatic payment deduction from any bank account
  • Make no payments until 6 months after you graduate
  • No credit check or co-borrower required
  • Convenient repayment options
  • Easy online application

Services

  • Citizens Bank has a complete package of products available for students with our Citizens Bank Everyday Student Banking
  

Benefits

  • 6.0 % fixed interest rate for subsidized undergraduate, 6.8% for all unsubsidized and graduate Stafford loans
  • 0.25% interest rate reduction with auto-debit payments 
  • Make no payments until 6 months after you graduate
  • No credit check or co-borrower required
  • Multiple repayment options
  • Quick online application

Services

  • Free student checking with online bill pay
  

Benefits

  • .50% automatic interest rate reduction at repayment as long as payments are on-time
  • .25% interest rate reduction for auto-debit/ACH

Services

  • Combined billing if other student loans are also taken with Citibank.
  • Citibank Identify Theft Solutions free to any student loan customer.
 

Benefits

  • Use Free Money First-Fill out the FAFSA to access need-based grants, and research and apply for scholarships. Consider supplementing these sources with current income, college savings, and an interest-free monthly tuition payment plan.
  • Choose us as your lender and you may be eligible for these borrower benefits:
  • 0.25% interest rate reduction for automatic debit during active periods of repayment
  • Default fee rebate depending on guarantor
  • Learn how to earn these benefits.

Services

  • 24/7 online account management
  • Sallie Mae’s Upromise Loan LinkSM service helps you pay down your eligible Sallie Mae-serviced student loans 
  • Combined billing when you have multiple Sallie Mae-serviced student loans
  • The nation’s leading provider of student loans
  • Since 1973 has helped more than 21 million Americans achieve a college education 
  • 93% of borrowers likely to recommend Sallie Mae to other students
  • Educational tools, college savings plans, tuition payment plans and dedicated customer service set us apart 
  • 1-2-3 approach to financing college: savings, scholarships, and grants first; federal loans second; and private loans third 
  • Exceptional customer service from highly trained and knowledgeable servicing specialists
  • Rigorous security procedures to protect the privacy of your information
  • Online tools plus practical, straightforward advice to help you select the right repayment option
  

Federal Parent PLUS Loans are credit based and can be denied. Click the "APPLY NOW" button for the lender of your choice to request that a Federal Parent PLUS Loan be processed by the lender. Follow the instructions there to complete the application.
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Benefits

  • 0.25% interest rate reduction for auto-debit
  • Interest only or postponement of payments available
  • One point of contact for life-of-loan servicing
  • Combined billing available

Services

  • 20 years of expertise concentrating solely on student loans
  • Instant credit decision and easy application process online and by phone
  • If denied, a "second look" can be requested
  • Flexible repayment options
  • 24/7 online account maintenance
 
 

Benefits

  • 0.25% interest rate reduction for automatic payment deduction from any bank account
  • Receive up to the total cost of education, minus other aid
  • Convenient repayment options
  • Easy online application

Services

  • Personalized services of our Customer Service Department
  
Private loans are non-federal student loans that are used as a supplement to a student's aid package. Students (usually with a creditworthy co-borrower) can borrow up to the total cost of education, less any financial aid received. Most programs also have an annual and/or aggregate maximum. Research all possibilities for scholarships, grants, work study and federal loan programs before borrowing from a private loan program.

Review each lender for their current interest rates, repayment terms and credit criteria. Private loans are credit based, students can apply on their own or with a creditworthy co-borrower.

If you would like to choose a lender other than one of those listed below, go directly to the web site of the lender you wish to borrow from and apply.
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Benefits

  • CampusDoor School-Certified Loan
  • Interest rate as low as Prime minus 0.50%
  • Origination fee as low as 0%
  • 0.50% automatic interest rate reduction for Auto-debit
  • 0.50% interest rate reduction after making first 48 consecutive payments on-time
  • Cosigner release is available
  • Deferred payments during in-school periods
  • 12 month grace period
  

Benefits

  • CitiAssist® Loan
  • Interest rate as low as Prime minus 0.50%, based on credit rating and co-signer presence
  • No fees
  • 0.25% interest rate reduction for auto debit (must enroll and only receive statements electronically)
  • 0.50% interest rate reduction when you make your first 48 consecutive monthly payments on time
  • Co-signer release available
  • Deferred payments during in-school
  • 6 month grace period
  

Benefits

  • SallieMae Signature Loan
  • No minimum income required for borrowers or co-signers
  • Interest rates as low as Prime minus 1.0%
  • Interest rates and fees are tiered based on the students borrower's or co-signer's credit history
  • Fees starting at 0%
  • No fees when borrower is approved with a co-signer
  • Deferred payments while in school and enrolled at least half time
  • 6 month grace period
  • 0.50% interest rate reduction for automatic payments
  • Co-signer release option
  

Benefits

  • 0.50% interest rate reduction for borrowers who choose to make interest payments while in school.
  • 25% interest rate reduction for enrolling in automatic payments.
  • Origination fees as low as 0% -Interest rate as low as prime plus 0% (as low as prime minus 0.75% in repayment)
  • Interest capitalized only at repayment to save you money
  • Flexible repayment terms based on loan balance, with up to 30 years to repay
  • A qualified co-borrower will always improve terms
  • Borrow up to the total cost of attendance, minus other aid received
  • No payments for six-months after graduating or dropping below half-time enrollment
  • May apply for co-borrower release after making any 24 consecutive, scheduled payments on time and independently meeting credit and eligibility criteria for the loan

Services

  • Experienced loan consultants are available 24 hours a day, 7 days a week at 800.892.1588
  • Loan consultants can be assigned to help you throughout the loan process
  • Fast and easy online application -Instant credit decsions
  • 90% of calls answered within 30 seconds or less with an average speed of answer of 8 seconds
  • Our One Call Promise® commitment eliminates phone tag and resolves matters quickly
 
Additional Resources
 

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.