Private Loan Information Sheet - Point Park University

[Pages:4]Private Loan Information Sheet

You are NOT required to use any of the lenders listed below. A borrower may choose any lender when borrowing a private student loan.

Advantage Ascent Citizens Bank College Avenue Discover Earnest

PA Forward PNC Bank Sallie Mae Sun Trust Thrivent Wells Fargo

Private Loan Websites

(private lending through credit unions)

Interest Rate ? Reductions ? Discounts

PA Forward offers qualified applicant a fixed interest rate of no higher than 7.90%. PA Forward offers students a 0.50% interest rate reduction as a graduation benefit. All providers on our this lender listing offer at least a 0.25% interest rate reduction if a student

signs up for automatic debit enrollment. Ascent offers students a 1% Graduation Cash Reward. Citizens offers a 0.25% Customer Loyalty Discount. Sallie Mae offers Undergraduate students who choose to make monthly interest payments

while in school to receive a rate that is typically 1 percentage point lower than those who choose to defer making payments. Discover offers students a one-time 1% cash reward on each new Discover student loan, as long as the student receives a 3.0 or better GPA in any academic term covered by the loan. Discover offers student a 0.35% interest rate reduction for the life of the loan when the student chooses to make interest-only payments while in school and during their grace period. Sun Trust offers a 2% principal reduction upon graduation with a bachelor's degree or higher. Earnest offers students and parents the ability to do an interest rate check on their loan before completing the application.

Less than Half-Time Enrollment

Advantage, Sallie Mae and Wells Fargo will lend to Undergraduate and Graduate students who have less than half-time enrollment.

College Avenue will lend to Graduate students who have less than half-time enrollment. All other lenders require at least half-time enrollment.

Satisfactory Academic Progress Requirement

Lenders that DO NOT have Satisfactory Academic Progress Requirement.

Advantage Ascent Citizens Bank

PA Forward PNC Sallie Mae

Sun Trust Wells Fargo

Lenders that DO have a Satisfactory Academic Progress Requirement.

College Avenue

Discover

Thrivent

Past Due Balances

Earnest, Sallie Mae and Wells Fargo cover a past due balance for an enrollment period within the past 365 days.

Citizens Bank and PA Forward allow students to apply up to 180 days from the end of the term to cover past due balances.

Thrivent offers applicants the availability to apply up to 90 days from the end of the term to cover a past due balance.

Advantage, Ascent and PNC Bank allow applicants to apply up to 60 days from the end of the term to cover a past due balance.

College Avenue and Wells Fargo will accept prior balances for the last major term as defined by the school.

Degree Seeking

All providers require that the student be in a degree-seeking program, except for Sallie Mae (they offer lending availability to non-degree seeking students).

Co-signer

No lender can require a co-signer; however, student borrowers are encouraged to apply with a credit worthy co-signer as it may increase the likelihood of the loan being approved.

Ascent offers domestic Juniors, Seniors and Graduate students the availability to apply without a co-signer.

PA Forward offers all Undergraduate and Graduate students the opportunity to borrow without a co-signer.

Co-signer Release Option (Once in Repayment)

Sallie Mae - after 12 consecutive on-time principal and interest payments. Ascent and Thrivent ? after 24 consecutive on-time principal and interest payments. Advantage, Citizens and SunTrust ? after 36 consecutive on-time principal and interest

payments. PA Forward and PNC ? after 48 consecutive on-time principal and interest payments.

Private Parent Loan

Five lenders currently offer Private Parent Loans ? Advantage, Citizens, College Avenue, PA Forward and Sallie Mae.

These lenders lend to parents to assist covering costs for Dependent or Independent students.

Citizens Bank and Sallie Mae loans for parents do not require the applicant to be a parent. The borrower can be any qualified person looking to do a loan on behalf of the student.

Citizens Bank now offers a variable rate for parents. PA Forward loans for parents do not require the applicant to be a parent; the applicant may

be the student's guardian.

International Students

Five providers offer International students lending opportunities. They are Advantage, Citizens, College Avenue, Discover and Sallie Mae.

Multi-Year Loan Option

Citizens Bank and Discover offers a Multi-Year option in which a student can apply once for all four years of schooling.

Repayment Options

PA Forward offers both Deferment and Forbearance options. PA Forward offers the option for students to combine federal and private educational loans

into one payment. Wells Fargo offers consolidation of federal and private loans to students and consolidation of

the Parent Plus to parents. Advantage, Discover, Earnest and PA Forward do not charge late fees. Ascent, College Avenue, Discover and PA Forward offer no pre-payment penalty. Advantage, PA Forward and Thrivent offer loan forgiveness in the event of death or

permanent disability. PA Forward offers loan forgiveness of a PA Forward Parent Loan in the event the student for

whom the parent loan was obtained is deceased. Earnest offers a 9-month grace period. Sallie Mae offers students a Graduated Repayment option where a qualifying student may

elect to make 12 months of interest only payments. Thrivent's Student Tuition Line of Credit offers a repayment length up to 300 months

depending on balance when repayment begins. Earnest offers a repayment length up to 240 months. Ascent, Discover, PA Forward, PNC, Thrivent and Wells Fargo offer a repayment length up

to 180 months. Earnest clients may refinance their federal and private loans and parents can refinance teir

Federal Plus Loans.

Scholarships

Students do not need to borrow from these lenders in order to be eligible for the scholarship.

Ascent Citizens

College Avenue Discover Earnest EDvestinU PNC Sallie Mae

Thrivent

Scholarship scholarship gradscholarship SCHOLARSHIP GradScholarships

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