Alternative Loans

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Alternative Loans

Alternative loans (also called private student loans) are available to help students pay for education expenses. These loans are credit based. Alternative loans may provide funds to meet the cost of education once other sources of financial aid have been depleted or when annual or aggregate federal student loan limits have been reached. Many lenders provide access to credit-based loans to cover education expenses. Which lender you use is your choice. There are numerous lenders that offer alternative loans. You need understand that your alternative student loan is your loan. Review the borrow benefits from different lenders, and then make the choice that is right for your personal situation. Be sure you understand and ask questions of the lender you choose.

The lenders listed here have been selected based on past experience and qualifications and they offer excellent service and benefits to their borrowers. You are free to choose ANY lender that offers alternative or private education loans, even if they are not on this list. If you have borrowed previously, we suggest you consider remaining with that lender or another lender that works with your same servicer. If you do select a different lender or servicer, be aware of the advantages and disadvantages of your decision.

To apply for an alternative student loan with the lender of your choice, simply contact the lender on the web and fill out an online application. For the lenders listed below, simply click on the lender name to visit their alternative loan website and apply online. Please remember that these loans are credit-based and may require you to have a co-signer. If you are unsure whether you meet the credit criteria please follow the links below to inquire.

Preferred Lenders	Lender Code	Borrower Benefits
Chase	503000
Edamerica	831453	• XtraCredit features low competitive interest rates with NO FEES for eligible
Education Finance Partners	900025	•Fees starting at 0% •Get an instant loan decision •Sign loan documents online to get loan funds fast •0.25% interest rate reduction for automatic payments from any checking or savings account •Up to five years of in-school deferment available •No prepayment penalties
Key Bank	813760	• No fees • Co-signer release option available • Generous loan limits • Easy annual renewal • Deferred payments for up to six months after graduation
Regions	900902	• 50% Interest Rate Reduction when payments are made automatically from a checking or savings account. • Cosigners help you qualify for a lower interest rate and can be removed from loan obligation after you make 24 on-time payments of principal and interest (you'll need to meet credit requirements). • High aggregate loan limits so you can borrow as much as you need to pay for school. • Easy online account management 24/7.
SALLIE MAE	900905	• 0.50% interest rate reduction with auto-debit •No Origination or Repayment Fees •No payments required for first six months after degree completion •Cosigner release available after the first 24 on-time payments of principal and interest
Suntrust	810691-01	• $300 Principal Reduction per loan at graduation (proof req) • 0.25% interest rate reduction with ACH • Satisfactory Academic Progress (SAP) not required • Co-signer release option available
US Bank	830964	•For students enrolled part-time or more •Minimum annual loan amount is $1,000 •Six-month Grace Period (where no payment of principal or interest is required). •There are no reserve, origination or guarantee fees. •No requirement to pay principal during enrollment. •Interest can be paid monthly, or accrued and capitalized when the Repayment Period begins. •Interest rate reduction benefits of up to 0.50% if you have your monthly payments automatically deducted from your checking account.
Wachovia	830005	• Generous borrowing limits • No payments required for up to five years • Quick online application with fast approvals • Money-saving rebates during repayment • Co-borrower release available • Top-rated customer service
Universal footnote: The above listed lenders reserve the right to modify, extend or discontinue offering these benefits at any time without notice. Borrower benefits will terminate in the event of default or failure to meet qualification criteria. Additional terms and conditions apply; please contact your chosen lender for details.

Please note: Tennessee Tech University and its Financial Aid Office do not benefit from your choice of lender. No TTU financial aid employee serves on an advisory board to any lending institution.

If you wish to check on the status of your alternative student loan, please follow the link to ELM Resources.

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Tennessee Tech University Financial Aid
P.O. Box 5076
Cookeville, TN 38505
Phone: (931) 372-3073 or (800) 268-0236 FAX: (931) 372-6309
Questions or Comments, please e-mail financialaid@tntech.edu

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