Alternative Loans

Alternative or Private Loans are offered by lending institutions and are not guaranteed by the federal government. These funds are available to students who may not be eligible for federal financial aid or who may need assistance to bridge the gap between the actual cost of education and available federal financial aid. The lender will interpret credit history and other determining factors to determine whether the student is eligible for an alternative loan, and some lenders may require that you obtain a credit-worthy cosigner.

Kendall College strongly encourages students and families to exhaust all available resources including federal grants, federal loans, scholarships, work study, state financial aid, and college savings before applying for an alternative loan. The College also reminds borrowers to be aware of the repayment obligations they assume when borrowing to cover costs which could be met from work or other resources while in school. Contact the Kendall College Financial Aid Office for assistance in determining the amount of funds you could be eligible to receive.

Choosing an Alternative Loan Lender is an important part of the financial aid process. Borrowers often ask our financial aid advisors for help in selecting a reliable lender. We encourage all borrowers to research lenders by visiting their websites and contacting them directly for more information regarding their products and services.

Below is a listing of Alternative Loan Lenders who are leaders in the education loan industry, but borrowers are not required to use any of the lenders listed below. Contact the Kendall College Financial Aid Office if the lender you prefer is not listed.

When you decide on a lender from the list below, click on the lender’s name to proceed to the next step to complete the on-line application process.

	0% fee Interest rate as low as Prime - 1.00% 0.25% interest rate reduction for auto-debit/ACH payments cosigner release option after 36 on time consecutive payments
	.50% Interest rate reduction for auto debit No fees on loans where both the borrower and cosigner are creditworthy Rates as low as Prime minus 0.5% when both student borrower and cosigner are creditworthy Interest rate and fees are tiered-based on student and cosigner credit history Online credit approval in less than 5 minutes. No income requirement for student borrowers No in-school payments - Make no payments while student is enrolled at least half-time. Cosigner release - Student can release their cosigner after 24 regularly scheduled payments are made on time and borrower meets credit approval. Grace period - 6 months after graduation or leaving school. Repayment options - Standard repayment is 15 years. Academic year begins with first disbursements on or after June 1, 2007 through May 31, 2008. Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice.
	Eligibility: First disbursement on or after July, 1, 2008 Interest rate: variable, based on Prime Deferred Payments: no payments are required while a student is in school and for up to six months after graduation or leaving school Benefits: 0.50% interest rate reduction at repayment upon verification of graduation with the Wells Fargo Student Graduation BenefitSM Program 0.25% interest rate reduction at repayment when Wells Fargo automatically withdraws payments from a personal checking or savings account – discount is removed if automatic payments are cancelled No origination, disbursement or repayment fees Combined billing for federal and private loans Call our student loan experts from 8:00 a.m. to 8:00 p.m. CST for personal service on your student loan One place for all your financial needs Cosigner release after the first 24 consecutive monthly payments are received on time – minimum credit guidelines must be met at the time of the request Convenient online and phone application with instant credit decisions Wells Fargo reserves the right to discontinue or modify our rewards for future disbursements at any time without notice. For loans disbursed on or before June 30, 2008, call us at 1-800-658-3567 to get more information on your borrower rewards.
	Interest rate as low as Prime -0.50% Fees as low as 0% Loan Limits $500 up to the cost of education less financial aid Payments not required while enrolled at least half-time Defer payments until 12 months after graduation Repayment terms up to 25 years 0.5% interest rate deduction with auto debit 0.5% rate reduction after 48 consecutive on time payments
	Zero Fees Competitive pricing that rewards creditworthiness – from LIBOR +2.5% to LIBOR 9.5% .50 percentage point interest rate reduction with auto-debit. 100% of borrowers qualify. No income requirement Cosigner release available after the first 24 on-time payments of principal and interest. No payments required for first six months after degree completion Applications received up to 180 days after the end of the enrollment period will be processed. International students can apply with a creditworthy U.S. cosigner.

The information in this list has been provided by each lender and is subject to change at any time. Accordingly, neither our ECMC nor the school can verify the accuracy of the information or how current it may be

The Financial Aid Office at Kendall College has selected a diverse list of lenders that offer the highest level of service and other benefits for our students and their families. We selected lenders for this list based on a number of considerations which include accessibility, ease of processing, borrower benefits, and customer service. Borrowers have the right to choose any lender that participates in a private or alternative loan program, we will make every effort to accommodate a borrower who chooses a lender not listed above. However, we feel that a suggested list is a helpful tool for borrowers because the Financial Aid Office has selected these lenders after careful consideration of a number of lenders, and believes they will service our students with excellence during all stages of the education loan process. If you would prefer to use a lender who is not on our lender list, please contact the Financial Aid Office.