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Private Education Student Loans

2014–15 Susquehanna University Lender Information

 

It is important to understand how SU determined the lenders indicated in the information below. Please click on lender disclosure to read and understand our process.

Before applying for a loan, Susquehanna University wants to be sure you are aware of all federal grant and loan programs that may be available to help meet your educational expenses. Listed below are federal programs available at Susquehanna University and the maximum amounts available for the 2014–15 academic year.

Federal Grants

Type Amount
Federal Pell Grant $5,730
Federal Supplemental Educational Opportunity Grant $4,000

*Susquehanna University reviews your eligibility for the programs listed above as part of the financial aid application review process. If you do not have one of the awards indicated above, it is due to your ineligibility.

Federal Loans – Annual Limits

Federal Stafford Loan Dependent Student Independent Student or Dependent Student whose parent is unable to obtain a PLUS Loan
First Year $5,500 of which no more than $3,500 may be subsidized. $9,500 of which no more than $3,500 may be subsidized.
Second Year $6,500 of which no more than $4,500 may be subsidized. $10,500 of which no more than $4,500 may be subsidized.
Third Year and Beyond $7,500 of which no more than $5,500 may be subsidized. $12,500 of which no more than $5,500 may be subsidized.

Type Amount
Federal Perkins Loan Annual undergraduate maximum is $5,500.

Choosing a Lender for a Private Education Loan

To assist students and their parents in identifying a lender for a Private Education Loan, Susquehanna University has developed a preferred lender list. In developing this list, we sent a survey to 15 lenders who have been actively lending within Pennsylvania for at least five years. We evaluated the responses to this survey based on pricing, technology and customer service. In addition, documented experiences with these lenders during the past academic year by students and by staff within the financial aid office were considered as a qualitative component. After all data were collected, a committee reviewed the data and developed the list of lenders below. The list is evaluated and updated annually.

Our suggested lenders

  • Have a history of excellent customer service in dealing with our students and families (this includes offering a variety of payment options and maintaining well-trained staff to answer questions via a toll-free telephone number)
  • Offer benefits, such as interest rate reduction for auto-debit
  • Offer “value-added” services to students (this includes offering debt management tools and programs, providing useful websites to educate students on financial issues and offering default prevention programs)
  • Have not offered financial benefits or other benefits to SU in exchange for inclusion on Susquehanna’s preferred lender list
  • Have not offered, directly or indirectly, points, premiums, payments, or other inducements, to Susquehanna or any party to secure applicants for loans
  • Will not offer a loan to induce other products and services to the borrower

Remember, this is only a list of suggested lenders. You are not required to select a lender from our preferred lender list. You may select any lender and/or guarantor. If you decide to select a lender not included on our preferred lender list, call the Financial Aid Office at 570-372-4450.

The Financial Aid Office will process a loan from any eligible lender you select. The processing of your loan will not be unnecessarily delayed if you choose a lender that is not on our list. Schools are required, by federal regulations, to certify federal student loans from any eligible lender/guarantor selected by the student or parent. Lenders and schools will provide a self-certification form as part of the application process for a private student loan. The loan application will not be complete until all forms and disclosures are signed by the borrower and co-borrower.

Recommended Private Education Loans

Lender Details

Citizens Bank

Citizens Bank TruFit Student Loan Information

Variable Rate Application and Solicitation Disclosure 

Fixed Rate Application and Solicitation Disclosure

 

TruFit Student Loan

  • Variable interest rates range from 2.65% to 9.16%
  • Fixed interest rate loan as low as 5.76%
  • Zero fees
  • Choice of repayment option: deferred, interest only, immediate repayment
  • Choice of repayment term: 5, 10 or 15 years
  • A 0.50 % interest rate reduction if the borrower and co-signer have a TruFit Student Loan or qualifying account at the time the loan is approved
  • A 0.25% interest rate reduction on the loan by authorizing monthly automatic deductions from any designated bank account 
  • Co-signer release available after initial 36 consecutive, on-time principal and interest payments 

Discover Student Loans

Discover Student Loan Information

Variable Rate Application and Solicitation Disclosure

Fixed Rate Application and Solicitation Disclosure

 

Discover Student Loan

  • Zero fees
  • Variable interest rate loans: Rates range from 3.49% to 8.74% based on credit history
  • Fixed interest rate loans range from 5.99% to 11.24%
  • 2% graduation reward
  • 0.25% interest rate reduction for automatic debit

PNC Bank
PNC Bank Loan Information

Variable Rate Application and Solicitation Disclosure

Fixed Rate Application and Solicitation Disclosure 

 

PNC Solutions Loan

  • Zero fees
  • Variable rate option—Interest rate is based on Libor plus a margin ranging from 3.37% - 10.41% depending on creditworthiness of the borrower and co-signer
  • Fixed rate loan option—Interest rate is fixed from 6.49% to 12.99% depending on credit score
  • Co-borrower release after 48 consecutive on-time monthly payments
  • 0.50% interest rate reduction for automatic debit

Sallie Mae Student Loans

Sallie Mae Loan Information

Application and Solicitation Disclosure

 

Sallie Mae Smart Option Student Loan

  • Zero fees
  • Variable interest rates: 2.25% to 9.37%
  • Fixed interest rate: 5.74% to 11.85% depending on credit history and repayment option
  • 2% Smart Reward in your Upromise account when you make scheduled monthly payments while in school
  • 0.25% interest rate reduction for automatic debit
  • Cosigner release available after making 12 consecutive on-time payments 

SunTrust Bank

Custom Choice Loan Information

Application and Solicitation Disclosure

SunTrust Bank Custom Choice Loan

  • Zero fees
  • Variable Interest rates based on one-month Libor + margin.  Current rates range from 3.24%-8.67% 
  • Fixed rate pricing currently ranges from 4.75% to 10.41% depending on credit history, repayment term and repayment option
  • Defer payments until after graduation or choose an in-school repayment option that fits your needs
  • 0.25% interest rate reduction for automatic debit
  • Additional 0.25% interest rate reduction for automatic debit from a SunTrust bank account
  • Upon graduation, all borrowers are eligible to request a 1% reduction to the principal blance applied to the full disbursed amount
  • Cosigner release available after graduating and making 48 consecutive on-time payments

Union Federal Savings Bank

Union Federal Private Education Loan Information

Application and Solicitation Disclosure

 

Union Federal Undergraduate Private Student Loan

  • Zero fees
  • Fixed interest rate ranges: 4.75% to 10.38%
  • Variable interest rates based ranging from 3.24% to 8.65%
  • Defer payments until after graduation or choose an in-school repayment option that fits your needs
  • 0.25% interest rate reduction for automatic debit
  • 0.25% interest rate reduction for borrowers who make 36 on-time monthly principal and interest payments
  • Upon graduation, all borrowers are eligible to request a 1% reduction to the principal blance applied to the full disbursed amount
  • Cosigner release available after graduating and making 36 consecutive on-time payments

Wells Fargo Bank
WellsFargo Bank Loan Information

Application and Solicitation Disclosure

Collegiate Loan 

  • Zero fees
  • Fixed Interest rates as low as 6.39%
  • Variable Interest rates as low as 3.17% to 8.6%
  • 0.25% to 0.50% WellsFargo relationship interest rate discount
  • 0.25% interest rate reduction for automatic withdrawal of payments from a qualifying Wells Fargo bank account 
  • Cosigner release after making the first 24 consecutive on-time monthly payments

*Origination fees will vary upon lender. Rates are set either monthly or quarterly depending on the lender. Effective 11/21/14. The lenders included on this informational piece were selected as options because they offer a combination of highly competitive terms and quality customer service. Loans products are suggested by the university to students and families based upon research conducted in the Financial Aid Office, referencing sources from the Internet, industry publications, conferences, and meetings and telephone conversations with lenders. Criteria for selection of loans products include interest rate, origination fees, default fees, repayment incentives, repayment terms (including opportunity for deferment), lender service to students (including treatment upon default, prevention measures taken by lenders to manage delinquencies, and ease of application and loan approval.

Contact the Financial Aid Office with any questions or concerns at (570) 372-4450.




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