| Lender |
 |
 |
 |
| Loan Product |
Chase Select |
Signature Loan |
Wells Fargo Collegiate Loan |
| Loan Features |
Can be used for tuition, living expenses, books, computer equipment, and previous school balances. As students determine the best way to finance their education, they should consider the full range of student financial aid options available. Private loans, like the Chase Select Loan, can be used when federal loans, grants and other forms of financial aid are not sufficent to cover the full cost of education. |
- Flexible repayment options.
- 24/7 online account management.
- No prepayment penalty.
- Combined billing on all your Sallie Mae loans.
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The Collegiate Loan is for undergraduate students seeking a certified private loan product. If you've received all the federal loans you're eligible for and still don't have enough, you can use a Wells Fargo Collegiate Loan to borrow up to the entire cost of your education. Students are able to apply via the web or phone and can electronically sign the promissory note. |
| Phone |
1-866-306-0868 |
888-2-Sallie |
800-658-3567 |
| Hours |
8 a.m. - 9 p.m. EST |
Monday - Thursday, 8 a.m. - 8 p.m., Friday, 8 a.m. - 5 p.m. in your time zone |
8am to 9pm Monday through Friday 8am to 12pm Saturday (Central Time) |
| Interest Rate |
Prime + 0% to Prime + 7.50% for students only (no cosigner) and Prime - 0.50% to Prime + 7.00% for students with a cosigner. |
Libor + 3.25% to 10.5% |
Interest Rate as low as Prime + 0.00% |
| Fees |
Zero origination and repayment fees. |
0%-6% |
Absolutely No Fees: No Origination, Disbursement, or Repayment Fees. |
| Enrollment |
|
At least 1/2 time and pursuing a degree |
Borrower can be attending school full time, half-time, or less than half time and qualify for the Collegiate Loan. |
| Loan Amount |
|
- Not to exceed cost of attendance less other aid
- No aggregate cap with a cosigner; without a cosigner $100,000 aggregate cap for undergraduates.
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There's no annual maximum - you can borrow up to the cost of education (tuition, rent, books, etc.) minus other financial aid. |
| Start Date of Repayment |
|
No payments while in school at least half time and during a 6 month grade period |
Payments begin six months after you leave school or graduate. |
| Repayment |
|
Up to 30 years ($50 minimum monthly payment) |
15 year repayment term |
| Other Requirements |
|
You must meet current credit criteria. |
The Collegiate Loan requires school certification. |
| Borrower Benefits |
- 0.25% interest rate reduction for enrolling to have monthly principal and interest payments automatically debited from a bank account.
- Cosigner release option available after 36 months for qualifying borrowers.
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With our Private Loans, students are rewarded for achieving their education goal. This benefit cannot be taken away for late payments. Available for Private Loans guaranteed on or after July 1, 2008:
- Wells Fargo Student Graduation Benefit program interest rate reduction of 0.50% at repayment upon verification of graduation
- A 0.25% interest rate reduction when Wells Fargo automatically withdraws payments from a personal checking or savings account at repayment
- Co-signer Release from loan after 24 on-time payments
- Life of Loan Servicing - one point of contact from application through final payment.
- Combined billing of Federal Stafford, Federal Graduate PLUS, and Wells Fargo Private Loans.
- Free Wells Fargo College Checking account, Online Banking, and Bill Pay.
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| Available to Foreign Students |
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US Citizen or permanent resident co-borrower required |
International students are eligible and require a U.S. Citizen co-signer. |