Southern Polytechnic: Financial aid

Lender

Details

GSFC

Zero Origination Fee. (you get 100% of your money)
Zero Default Fee. (you get 100% of your money)
0.5% interest rate reduction with auto debit.
With graduation, 1.0% interest rate reduction at repayment

CitiBank

1% Origination Fee. (You lose 1% of your money)
1% Default Fee. (You lose another 1% of your money)
0.25% interest rate reduction with auto debit.
0.50% interest rate reduction at repayment, as long as you are making payments on time.

SunTrust

1% Origination Fee. (You lose 1% of your money)
Zero Default Fee.
0.25% interest rate reduction with auto debit.

Wachovia

1% Origination Fee. (You lose 1% of your money)
1%Default Fee. (You loase another 1% of your money)
0.25% interest rate reduction with auto debit.

Chase

1% Origination Fee. (You lose 1% of your money)
Zero Default Fee.
0.25% interest rate reduction with auto debit.

Key Bank

1% Origination Fee. (You lose 1% of your money)
1% Default Fee. (You loase another 1% of your money)
0.5% interest rate reduction with auto debit

Alternative loans are credit based and just about any bank or credit union offers these type of loans. Your interest rate, origination fees, and other cost are dependent upon your credit rating. This interest rate can range any where from 8.0%-14% while origination fees can be as high as 7%. These loans should only be used as a last resort, when all other options have been exhausted. To apply for one of these loans, select the link listed in the details and apply on the banks website. This process can take up to 3 weeks, dependent on how fast you finish the bank requirements.

"In an effort to assist students and families in choosing a lender, the Office of Financial Aid has compiled a list of institutions we consider to offer competitive products, solid customer service, electronic payment of loan funds and a variety of savings programs during loan repayment. The Office of Financial Aid surveys lenders annually to provide the latest information regarding products and benefits. The information presented in our Preferred Lenders list was compiled from information received from the lenders as of February 2008 and is available in the Office of Financial Aid upon request. Reasons for selecting a particular lender will vary from person to person, so this list should only be used as a guide or starting point for analysis. Some choose a lender based on name recognition, immediate benefit of lower origination fees, or the long-term advantage of repayment savings programs, like an interest rate reduction as a reward for making payments on time. You should review each loan disclosure statement (mailed to you after the loan has been approved) for yourself and confirm that there have not been any changes and that the terms and benefits are consistent with the information provided to SPSU.

* Please note that you are not required to use any of these lenders – the choice of lender is yours. The Office of Financial Aid will process your loan with any lender you choose. Further, the list of lenders is not in any order of preference. Choose your lender carefully with the intent that you will remain with that lender throughout your studies at SPSU. "

Updated on 03/27/2008