Alternative Loan Preferred Lenders
Stafford Loan Preferred Lenders
Grad-Plus Loan Preferred Lenders
| Alt Loan Lenders | MEDLOANS ALP | North Star (T.H.E.) | Univ. of Chicago | Chase MEP |
|---|---|---|---|---|
| Servicer/Guarantor | Sallie Mae | Great Lakes | IDAPP/ISAC | Great Lakes |
| Loan Information | MEDLOANS Alternative Loan | T.H.E. Private Loan | IDAPP Private Loan | Chase MEP Loan |
| Apply Online | MEDLOANS Alternative Loan | T.H.E. Private Loan | IDAPP Private Loan | Chase MEP Loan |
| Interest Rate Formula (Variable) | Prime + 0%, variable and adjusted monthly |
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91 day T-bill + 2.5% in school |
No Cosigner
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| Repayment Formula (Variable) |
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91 day T-bill + 2.80 in repayment | 6.28%* *Rate based upon Prime rate of 6.5% and other borrower conditions apply. |
| Origination Fee | 0% | 0% | 0% | 0% |
| Minimum Loan Amount | $500 | $100 | $500 | |
| Aggregate Loan Limit | $250,000 (total educational indebtedness from all sources) | $250,000 | ||
| Deferments & Forebearance | Available |
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| Creditworthiness | Meet established credit criteria, which includes having prior student loans in good standing. |
A cosigner may assist students in receiving a lower interest rate. Currently two tiers are established for creditworthiness:
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Meet established credit criteria, which includes having prior student loans in good standing. |
| Repayment Terms |
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Automatic 42 month grace period. |
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| Citizenship | U.S. citizen or non-citizen permanent resident | U.S. citizen/national, OR a permanent resident of the U.S. OR eligible non-U.S. citizen. | Borrower must be a U.S. citizen/national OR permanent resident OR an eligible U.S. citizen OR provide a creditworthy cosigner that fits criteria. | U.S. citizen or non-citizen permanent resident |
| Enrollment Eligibility | Enroll half time or more in an eligible schoool. | |||
| Loan Periods | Loan period from July 1 to June 30. |
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| Guarantee Fee | Zero | |||
| Disbursement Fee | Zero | |||
| Repayment Fee | 1.5% | Zero | Zero | Zero |
| Late Payment Fee | Zero | Zero | 5% of your monthly installment. | Zero |
| Repayment Benefits |
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Bonus is a monthly credit equal to 1% annualized interest rate discount and is paid to all borrowers in repayment and less than 60 days delinquent. | 1% interest rate reduction after 24 consecutive, on-time monthly payments, plus .25% interest rate reduction for payments made through IDAPP's Direct Debit Program. |
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| Interest Capitalization | Unpaid interest capitalized when repayment begins. | Interest capitalized at the beginning of repayment. | Unpaid interest capitalized once at the conversion of the loan into repayment. | Interest may be deferred during school, grace, residency deferment, and hardship forebearance. Unpaid interest is capitalized at repayment. |