Ferrum College - Financial Aid

Welcome to the Alternative Loan page for Ferrum College.

Alternative Loans are offered by private lending institutions and are not guaranteed by the federal government. These funds are available to credit and non-credit students who may not be eligible for federal financial aid or who may need to bridge the gap between the actual cost of education and their federal financial aid. The lender will interpret credit history and other determining factors to see if the student is eligible. This list describes alternative educational loans, offered by private lending institutions.

Student borrowers are encouraged to research lenders by visiting their websites and contacting the lending agency for more information regarding their products and services. Students are not required to use any of the alternative lenders listed below. Ferrum College will process any alternative loan through any lender selected by the student.

When you have decided on a lender, click on the lender name to proceed to the next step. If your lender is not listed, please complete any necessary documents/promissory notes from your lender and mail them to the Financial Aid Office if necessary.

The information below is provided by the lender. Ferrum College assumes no liability for inaccurate information or change in benefits. Please contact the lender for more information regarding their products and services.

AFC Tuition Relief	Prime (various rate depending upon credit history) .25% for ACH interest rate reduction No Fees
Academic Answer Loan SunTrust	No upfront fees Competitive interest rates starting as low as the 1-month LIBOR + 2.50% Graduation Reward- $300 Principal Reduction per loan with proof of graduation 0.25% interest rate reduction for automatic withdrawal Cosigner release available Defer payments while in school 6 month grace period
SLMA Signature Loan Sallie Mae	Super Tier, with rates as low as Prime - 1% and no fees, 0.50% interest rate reduction for auto debit, Education Funding Pledge, Price Advantage with Credit Worthy Borrower and Credit Worthy Co-Signer, UPromise Loan Link, Co-Signer Release option for 24months of on-time payments, High Approval Rates, 6 months grace period.
Campus Door	Interest rate as low as Prime -0.5% 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 20 years 0.50% interest rate deduction with auto debit 0.50% rate reduction after 48 consecutive on time payments
CLC® Premier Loan College Loan Corp.	Rates as low as prime + 0%¹ Origination fees as low as 0%¹ Co-borrower release eligibility after any 24 consecutive, on-time payments Interest capitalized only at repayment, to save you money 0.25% interest rate reduction for enrolling in automatic payments² Combined billing with federal student loans may be available No prepayment penalty No payments for six months after graduation or dropping below half-time enrollment Flexible repayment terms based on loan balance You may be able to borrow up to the full cost of attendance, minus other aid you have received ¹Rates and fees are determined by a credit evaluation. For applicants utilizing a co-borrower, the stronger credit applicant determines the most favorable terms. ²To receive the interest rate reduction, the borrower must enroll in automatic payments through ACH and remain current. Borrowers who cancel ACH can re-enroll at any time and return to the benefit as long as all loan payments have been made on time.
AFC Focus	0.25% interest rate reduction Fees as low as 0% (See attached brochure for details) Monthly payments as low as $103.00 on a $10,000 loan (see attached brochure for details) 20 year repayment terms Instant loan decisions No prepayment penalty No in-school payments required Borrow as much as the total cost of education minus any financial aid received.
Chase Select	Zero origination or repayment fees for students full-time, half-time, less than half-time or enrolled in a degree or certificate program Interest rates as low as prime - 1.0% with a co-signer 0.25% interest rate reduction for having principal and interest payments automatically debited from checking or savings account Co-signer release option available after 36 on-time payments Annual minimum loan amount of $500 Finance current or past due balances No satisfactory academic progress required Choice of repayment options
Citizens Bank Signature Loan	0.50% interest rate reduction for automatic payment deduction from any bank account. Combined billing for Federal Stafford Loans (serviced by Sallie Mae) and Signature Student Loans. No minimum income and no debt-to-income ratio requirement for student borrowers International students and students with no credit or an insufficient credit history are required to apply with a creditworthy U.S. cosigner Cosigner release option. After the first 24 on-time payments of principal and interest, U.S. citizen or permanent resident borrowers may request a cosigner release. Borrowers must meet applicable credit requirements at that time. Other terms and conditions apply. Interest rates are variable In-school deferment: Students are not required to make payments while they remain enrolled in school at least half-time Six month grace period Minimum monthly payment is $50 Affordable 15-year repayment terms Flexible repayment options Customer service and online account access available at www.salliemae.com
Edamerica Xtra Credit	Interest Rate: Prime + 0% - Prime + 2% Fees: 0 – 9% (based on credit) Repayment: up to 20 years based on amount borrowed Deferment Options: principal deferment while in school Co-signer Release: option available after 36 on-time payments
Wachovia Private LoanSM	Available May 19, 2008 Zero origination, guarantee, repayment, disbursement, and co-signer fees Interest rate as low as the Prime Rate minus– 0.50% to Prime + 4% Interest rate reduction of -0.50% available with auto debit payments No income documentation required for most borrowers No minimum credit hours, no SAP required, and can use for Non-Degree students Borrow up to Cost of Attendance – other aid ($15,000 for Bar and Residency) Finance current or past-due balances up to 3 years old (no current enrollment required) Students may apply alone or with a co-borrower (co-borrower release available after 36 months) Online application for faster funds (can apply up to 180 days before first disbursement) Flexible repayment with ability to suspend or reduce payments during times of financial difficulty (up to 24 months for hardship forbearance) and up to 25 years to repay Make NO Payments with in school deferment up to 10 years Interest capitalizes 6 months after graduation or 6 months after student leaves school - 6 or 9 month grace period Minimum loan amount $500
PNC Solution Loan	Variable interest rate as low as LIBOR + 2.75%¹ 0.25% interest rate reduction for automatic payments for as long as payments are automatically deducted Co-signer release option available after 48 consecutive, on-time payments and subject to credit approval Student and/or co-signers may apply online with an option to e-sign Borrow up to the cost of student’s education, less any financial aid received (Continuing Education borrowers may borrow up to $20,000 annually) Defer payments until six months after student graduates or leaves school Favorable repayment terms available, up to 25 years based on the amount borrowed Repayment options: Immediate, Interest-Only and Deferred Repayment² Originated through eCourier, ELM NDN, Scholarnet, TG or AES Serviced at AES * Subject to credit approval ¹ Please see repayment examples on the next page. ² Interest will continue to accrue on the outstanding balance of the loan from the time of disbursement until payment. Interest, which is not paid during any period of deferment, will be capitalized (added to the principal balance) when payments are scheduled to begin. Please Note: PNC Bank reserves the right to modify the discount terms of this program at any time without notice.

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