Lake Superior State University
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Alum Success

Scott Shackleton
“LSSU gave me the educational and organizational tools to be able to succeed at those endeavors after college.”

Scott Shackleton '83

Former State House of Representatives

LSSU Outstanding Alumnus Award '05

+Financial Aid Office

ALTERNATIVE LOAN FEATURES

  • PRIME: 3.25 (effective October 1, 2009)*

  • Monthly LIBOR: 0.25 (effective November 1, 2009)*

  • 3-Month LIBOR: .30 (effective October 1, 2009)*
  • * PRIME AND LIBOR rates subject to change due to market fluctuation. Ask your lender for the current rate when you apply.
  • NOTE: Sallie Mae has recently increased their credit standard. Apply with a creditworthy cosigner who has a strong credit score.
  • Sallie Mae: Effective May 1, 2009, Sallie Mae Private Loan will change to "Smart Option Student Loan". This loan will NOT permit deferment of interest while in school and will have a shortened repayment period.
  • Sallie Mae: Previous borrowers with the Education Funding Pledge must apply for new loans through www.SallieMae.com/EFP in order to retain the Education Funding Pledge, (these loans will be Signature Loans).
  • Fifth Third Bank processes Sallie Mae Smart Option Loans. Students may select this lender or go directly through Sallie Mae.

Lender
Name of Loan
  • Collegiate
  • Smart Option
  • effective 5-1-09
  • Select
  • Private Loan
  • Academic Answer
Fees
  • 0
  • 0 - 3%
  • 0
  • 0
  • 0 - 6%
Minimum Loan Amt
  • $1,000
  • $1,000
  • $500
  • $1,000
  • $1,001
Interest (%) Rate Range
  • PRIME + 1.0 to PRIME + 7.99
  • LIBOR + 4.0 to LIBOR +12.5
  • LIBOR + 4.40 to LIBOR + 9.75
  • PRIME + 1.0 to PRIME + 7.75
  • LIBOR + 3.5 to LIBOR +10.75
Interest Rate Adjusted
  • Monthly
  • Monthly
  • Quarterly
  • Quarterly
  • Monthly
Interested Capitalized*
  • at start of repayment & at end of any deferment or forbearance period
  • MUST PAY INTEREST beginning 28 - 60 days following disbursement
  • at start of repayment & at end of any deferment or forbearance period *
  • at start of repayment & at end of any deferment or forbearance period
  • at start of repayment & at end of any deferment or forbearance period
Defer Pymts While In-School
  • Yes
  • Principle only
  • Yes
  • Yes
  • Yes
Grace Period
  • 6 months
  • 6 months
  • 6 months
  • 6 months
  • 6 months
Repayment Begins
  • when cease attending or graduate
  • when cease attending or graduate
  • when enroll less than 6 credits
  • when enroll less than 6 credits
  • when enroll less than 6 credits
Pay Past-due Balance
  • Yes
  • Yes
  • Yes
  • Yes
  • No
Borrow if Less than 1/2 time enrollment
  • Yes
  • Yes
  • Yes - but repay that loan immed
  • Yes - but repay that loan immed
  • No
Standard Repayment Period
  • 15 yrs
  • 5 - 15 yrs
  • 20 yrs
  • 15 yrs
  • 25 yrs
Additional Rpmt Plans (must qualify)
  • Interest Only
  • None
  • None
  • Graduated
  • No
Deferment/Forbearance Options (must qualify)
  • Yes
  • Yes
  • Yes
  • Yes
  • Yes
Minimum Monthly Pymt
  • $50
  • $50
  • $25
  • $50
  • $50
Cosigner Required**
  • All Borrowers = Yes
  • Freshmen = Yes
  • Previous Borrower = No
  • Freshmen = NO
  • Previous Borrower = No
  • Freshmen = Yes
  • Previous Borrower = No
  • Freshmen = Yes
  • Previous Borrower = No
Release of Cosigner
  • after 24 consecutive on-time pymts
  • at discretion of lender; student can apply for cosigner release as early as graduation
  • after any 36 on-time pymts
  • none
  • after 48 consecutive on-time pymts
Rewards
  • .25% int rate reduction for auto-debit
  • .5% int rate reduction for graduation
  • .25% int rate reduction for auto-debit
  • .25% int rate reduction for electronic communication
  • .25% int rate reduction for auto-debit
  • .25% int rate reduction for immediate repayment of int
  • .25% int rate reduction for auto-debit
  • 2% of balance due for graduation
  • .25% int rate reduction for auto-debit
  • $300 per loan graduation reward; maximum $1,200
Borrower Student
  • Student
  • Student
  • Student
  • Student

* Interest is capitalized every 6 months during in-school deferment if the borrower has already gone into repayment and then returns to school and defers payment.

** Students are encouraged to obtain a cosigner even if one is not required, because it increases the likelihood of loan approval AND generally results in a more favorable interest rate.

THIS INFORMATION IS SUBJECT TO CHANGE AS LENDERS CHANGE THEIR PROGRAM PARAMETERS.

EFFECTIVE JUNE 2009

Robotics...
Dereck Wonnacutt

Dereck Wonnacutt
Robotics and Computer Science

"Lake Superior State is the only robotics program of its kind in the country. I can work up any research or senior project idea with a professor or my advisor. I studied for a year in Japan through LSSU's connection with the Japan Center for Michigan Universities, and became fluent in Japanese. A Japanese company called Fanuc makes most of the robots in our lab. I'd like to roll my senior research project into a career with Fanuc that bridges the two countries and cultures."

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