| National City (Lender Code: 808942) | |
| Loan Fees Paid by Student | 1% default fee after 1/01/2009 |
| Student Benefits | 1. .25% interest rate reduction 2. Identity Theft Protection benefit 2. Life of loan servicing by AES/ PHEAA 3. National City does not sell its Stafford loans originated under this lender code |
| Condition Required to Achieve Benefit | 1. Sign up for ACH before entering repayment from a Nation City bank account |
| Under What Conditions Are Benefits Lost? | n/a |
| Under What Conditions Can Benefits Be Re-Instated? | n/a |
| Citibank (Lender Code: 826878) | |
| Loan Fees Paid by Student | 1% Origination Fee |
| Student Benefits |
Federal Loans are originated and held by Citibank, N.A. as trustee for The Student Loan Corporation. Specific terms and conditions apply to these offers. Visit studentloan.com or call 1-800-STUDENT for full details and disclosures |
| Condition Required to Achieve Benefit | On-time Payments |
| Under What Conditions Are Benefits Lost? | Delinquent Payments |
| Under What Conditions Can Benefits Be Re-Instated? | .50% Interest rate reduction can be reinstated after 24 on-time payments |
| Citizens Bank (Lender Code: 833880) | |
| Loan Fees Paid by Student | Borrowers will be charged the origination fee for loans guaranteed on or after June 1, 2008. The origination fee from June 1, 2008 through June 30, 2008 is 1.50%. Effective July 1, 2008 through the 2008-09 academic year, the origination fee is 1.00%. 1.00% Default Fee |
| Student Benefits | 0.25 interest rate reduction for automatic payment deduction from any bank account. |
| Condition Required to Achieve Benefit | Must enroll in automatic payment deduction from any bank account. |
| Under What Conditions Are Benefits Lost? | The interest rate reduction benefit will be lost if the borrower stops automatic payment deduction or experiences 3 non sufficient funds within a 12 month period. |
| Under What Conditions Can Benefits Be Re-Instated? | If the borrower lost the interest rate reduction benefit due to stopping automatic payments, they can regain the benefit by re-enrolling in automatic payment deduction from any bank account. If the borrower lost the interest rate reduction due to non sufficient funds they can regain the interest rate reduction by re-enrolling in automatic payment deduction from a different bank account. |
| Student Funding Group, LLC (Lender Code: 834312) | |
| Loan Fees Paid by Student | 1% Origination fee |
| Student Benefits | 1% Default .25% Interest rate reduction for auto-debit of payments |
| Condition Required to Achieve Benefit | Enrollment in automatic payment deduction from any bank account. |
| Under What Conditions Are Benefits Lost? | If the bank withdrawal request is rejected three times for insufficient funds |
| Under What Conditions Can Benefits Be Re-Instated? | There is no reinstatement for the benefit loss due to a three time rejection for insufficient funds |
| Wachovia Education Finance (Lender Code: 813830) | |
| Loan Fees Paid by Student | • 1% origination fee • 1% default fee |
| Student Benefits | Benefits applicable to loans first disbursed on or after July 1, 2008 are: Instant 1% savings with zero default fees when using a guarantor subsidizing the fee 0.25% interest rate reduction with auto debit payments |
| Condition Required to Achieve Benefit | First 12 payments must be made on time • Auto-debit must be used to earn the 0.25% rate reduction |
| Under What Conditions Are Benefits Lost? | If students miss one of the required 12 payments and do not pass an online financial literacy course or make the remainder of the first 12 payments on time. • If borrowers have more than two NSF events in one year, they may no longer be eligible to participate in auto debit and the reduced interest rate is lost. |
| Under What Conditions Can Benefits Be Re-Instated? | • If students miss one of the required 12 payments, they can restore their eligibility for the rebate by passing an online financial literacy course and making the remainder of the first 12 payments on time. • Once a borrower is determined ineligible for the auto-debit incentive, the incentive cannot be regained. |
| Borrower Eligibility: US Citizen or permanent resident enrolled at least half time at an eligible institution. Must have a high school diploma or the equivalent. Males must comply with Selective Service registration requirements. Must not be in default on any education loan or owe a refund on an education grant. |
| Interest Rate: Fixed at 6.8% (Effective July 1, 2006 to June 30, 2007) |
| FEES: Zero origination fee Zero federal default fee |
| Annual Loan Limits - Subsidized* & Unsubsidized * The SUBSIDIZED Stafford Loan is available to students who demonstrate financial need. | ||
| Years | Dependent Undergraduate | Independent Undergraduate |
| 1st | $3,500 | $7,500 - No more than $3,500 of this amount may be in subsidized loans |
| 2nd | $4,500 | $8,500 - No more than $4,500 of this amount may be in subsidized loans |
| 3rd & Beyond (each year) | $5,500 | $10,500 - No more than $5,500 of this amount may be in subsidized loans |
| Maximum total debt | $23,000 | $46,000 - No more than $23,000 of this amount may be in subsidized loans |
The above lenders are listed alphabetically, based on the amount of loan fees paid by the student. Currently, lenders may charge a 1% origination fee and a 1% default fee on each Stafford Loan. Those lenders who don’t assess the full 2% in fees offer this as an automatic benefit.
Lenders may offer other benefits with these loans. Some require students to meet certain conditions and these conditions are listed in the chart above. Also displayed are under what conditions a student can lose the benefit. Finally, if a student loses a benefit, some lenders offer provisions under which the student may rehabilitate the benefit.
IMPORTANT: Except for payment of fees, most borrower benefits will be lost if the loan is consolidated or goes into default. If you are uncertain about any benefit, contact your prospective lender for clarification.
To select a lender, click on the lender or program name and follow the instructions for completing your Stafford Loan application.
Due to the current credit climate, many lenders continue to change loan fees and benefits. While UArts updates this information as soon as we receive it from the lenders, we cannot confirm the fees and benefits listed below will be the final terms of your loan, even if you are currently applying or have already applied for your loan. If you have concerns, please contact your lender.
How Lenders Were Ranked
The University of The Arts submitted a request for information to lenders who have established reputations in the student lending business and those with whom current and past UArts students have had student lending relationships. The chart above represents the results of this lender survey, along with follow up requests for changes in terms and benefits.
The lenders are listed based on whether or not all fees are waived; they are listed alphabetically within each group. In some cases, the default fee is paid by the loan guarantor, rather than by the lender. If a lender uses multiple guarantors, at least one of which pays the default fee, we have assumed the default fee is paid for purposes of this Lender List, and have included on the lender page only those guarantors who pay the fee. It is possible that conditional benefits could exceed automatic benefits, BUT ONLY IF YOU QUALIFY FOR AND RETAIN THEM.
Please note you are not required to use any of the listed lenders and will not be penalized or disadvantaged if you choose to borrow from another lender. Be sure to compare the fees and terms of all student loan products to determine which are best suited to your needs. If you choose not to use a lender listed, please contact your lender for application procedures.