Financial Aid Office

ALTERNATIVE LOAN FEATURES

This chart is comprised of lenders who were utilized by LSSU students since Fall 2008. Lenders are listed in alphabetical order. Examine each lender's features carefully and decide which one may be the most advantageous for you. You may select any lender of your choice - not just one of those included on this list. Lenders are now required to supply you with 3 separate disclosures during the application process. You may need to take action on a disclosure before the application can continue. Watch your email or US mail carefully for these disclosures and respond promptly when required. A Self-Certification Form is also required of you. You may obtain this form from our web site or most lenders' web sites. To complete the form, you will need to know your cost of attendance and your estimated financial aid. To obtain these figures, use our Loan/Cost Estimator Tool or Anchor Access, Financial Aid Tab. Remember that Federal loans generally have better terms, conditions and borrower benefits than alternative loans, and we encourage you to utilize Federal loans first.

PRIME: 3.25(effective September 2011)*
Monthly LIBOR: 0.23 (effective September 1, 2011)*
3-Month LIBOR: 0.35(effectiveSeptember 2011)*
* PRIME AND LIBOR rates subject to change due to market fluctuation. Ask your lender for the current rate when you apply, or check at www.bloomberg.com/markets/rates/keyrates.html

Fifth Third Bank processes Sallie Mae Smart Option Loans. Students may select this lender or go directly through Sallie Mae.

Lender	Charter One	Chase Bank	CitiAssist	Discover	Lake Trust Credit Union	PNC	Sallie Mae Fifth Third Bank	Wells Fargo	Union Federal	US Bank
Name of Loan	TruFit Student Loan	Select	Undergraduate	Certified Private Loan	Student Choice	Solution Loan for Undergraduates	Smart Option	Collegiate	Private Student Loan	No Fee Education Loan
Fees	0	0	0	0	0	0	0	0	0	0
Minimum Loan Amt	$1,000	$1,001	$ 1,000	$1,000 for first loan, no min for next loans	$1,000	$1,000	$1,000	$1,000	$2,000	$1,000
Interest (%) Rate Range	1-month LIBOR + 3.0 to LIBOR + 10.75	LIBOR + 3.50 to LIBOR + 9.5	LIBOR + 3.25 to LIBOR + 9.0	PRIME + 0.5 to PRIME + 6.25	1-month LIBOR + 4.5% - max of 15%	LIBOR + 3.3% to LIBOR + 11%	LIBOR +2.0 to LIBOR + 9.875	PRIME + .25 to PRIME + 6.74	LIBOR + 2.6% to LIBOR + 8.99%	PRIME + .2 to PRIME + 7.7
Interest Rate Adjusted	Monthly	Quarterly	Quarterly	Quarterly	Quarterly	Quarterly	Monthly	Monthly	Quarterly	Monthly
Fixed Interest Rate Option	Yes		None		None	None	None	Yes		Yes
Interested Capitalized*	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	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	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	at start of repayment & at end of any deferment or forbearance period
Application and Solicitation Disclosure	CharterOne_SolicitDISCL1110_T99	Chase_disclosure	CitiAssist disclosure	Discover disclosure	See lender	PNC Undergrad ASD	Sallie Mae disclosure	Wells Fargo disclosure	Union Fed ASD	USBankNOFEE ASD USBankFixedLoanApp ASD
Defer Pymts While In-School	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Grace Period	6 months	6 months	6 months	6 months	6 months	6 months	6 months	6 months	6 months	6 months
Repayment Begins	when enroll less than 6 credits	when cease attending or graduate	when enroll less than 6 credits	when enroll less than 6 credits	when enroll less than 6 credits	when enroll less than 6 credits	when cease attending or graduate	when cease attending or graduate	when enroll less than 6 credits	when enroll less than 6 credits
Pay Past-due Balance	Yes	Yes	No	Yes	No	No	Yes	Yes	Yes	Yes
Borrow if Less than 1/2 time enrollment	No	Yes	No	Yes - but repay that loan immed	No	No	Yes - but repay within 130 days	Yes	No	Yes - but repay that loan immed
Standard Repayment Period	15 yrs	20 yrs	15 yrs	15 yrs	20 yrs	up to 15 yrs	5 - 15 yrs	15 yrs	15 yrs	15 yrs
Additional Rpmt Plans (must qualify)	None	None	None	Graduated	Graduated	None	None	Interest Only	Partial Interest Interest Only Immed Repay	Graduated Income Sensitive
Deferment/Forbearance Options (must qualify)	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Minimum Monthly Pymt	$50	$25	$50	$50	$50	$50	$50	$50	$50	$50
Cosigner Required**	Freshmen = Yes Previous Borrower = No	Freshmen = No Previous Borrower = No	Freshmen = No Previous Borrower = No	Freshmen = Yes Previous Borrower = No	Freshmen = Yes Previous Borrower = No	Freshmen = Yes Previous Borrower = No	Freshmen = Yes Previous Borrower = No	All Borrowers = Yes	No	Freshmen = Yes Previous Borrower = No
Release of Cosigner	after 36 on-time pymts	after any 36 on-time pymts	after 24 consecutive on-time payments	none	after 48 consecutive on-time pymts	after 48 consecutive on-time pymts	at discretion of lender; after 12 consecutive on-time pymts of principle and interest	after 24 consecutive on-time pymts	after 36 consecutive on-time pymts	after 36 or 48 consecutive on-time pymts and qualifying debt-to-income ratio
Rewards or Borrower Benefits	0.25% int rate reduction for auto-debit	0.25% int rate reduction for auto-debit	0.25% int rate reduction for auto-debit	0.25% int rate reduction for auto-debit 2% of balance due for graduation	0.25% int rate reduction for auto-debit	0.5% int rate reduction for auto-debit	0.25% int rate reduction for auto-debit	0.25% int rate reduction for auto-debit 0.25% int rate reduction for graduation	0.25% int rate reduction for auto-debit 0.25% int rate reduction for graduation	0.5% int rate reduction for auto-debit 2% principal reduction for graduation 1% principal reduction for graduates with 3.0 or higher GPA
Borrower	Student	Student	Student	Student	Student	Student	Student	Student	Student	Student
Death or Permanent Disability Benefit	Yes		Yes		None	Possible - contact lender	Yes	Yes	Yes

* 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. This chart is maintained as accurately as possible. However, the accuracy depends on how frequently the lenders inform us of their program changes.

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Financial Aid Office

ALTERNATIVE LOAN FEATURES

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