Randolph-Macon College - Financial Aid

Private Alternative Loans

Alternative Loans are offered by private lending institutions and are not guaranteed by the federal government. These funds are available to student 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 interest rate will be based on the credit worthiness of the borrower or co-borrower. Students will greatly improve their chances of qualifying for a private alternative loan and acquiring a better interest rate if they utilize a credit worthy co-signer on the promissory note. Randolph Macon College cannot recommend a lender to you but we encourage you to utilize a loan comparison calculator to assist you in comparing different loan products and their costs.

Please note: before applying for a private loan, consider a federal PLUS (parent) loan. The loan terms and benefits are generally more favorable and most lenders will assist you with flexible repayment options.

This list describes a few alternative educational loans offered by private lending institutions. For more information and additional lender choices, click here.

Chase	No origination or repayment fees. Rates as low as Prime + 2.00% (for loans approved on or after November 15, 2008). Students approved with a qualified cosigner may receive a 0.50% interest rate reduction. A 0.25% interest rate reduction for borrowers who have their monthly payments automatically deducted from a bank account. Cosigner release option available after 36 on-time consecutive payments. Satisfactory academic progress is not required. Students can be enrolled full time, half time and less than half time. Can be used for previous school balances less than 12 months old. Rates and other product terms and features are subject to change. Online pre-approval and application, including e-signature. Loans originated and serviced by Chase. All Chase-serviced loans, including private loans, are combined into a single bill. 24-hour online access to their loan status information. Flexible repayment options, including deferring all payments until after graduation with a six-month grace period. Chase currently holds and does not sell its Chase Select Private Loans. Terms and conditions apply. Loans are subject to submission of a completed application, credit approval and other required documentation and verification, as applicable. The borrower benefits listed above are offered to Chase Select loan borrowers attending a participating school during the stated Academic Year and are not contingent upon Chase being selected for placement on a school’s preferred lender list. Nothing herein shall be construed as an agreement on the part of Chase to make loans available to or on behalf of particular students and Chase retains complete authority and discretion with regard to whether to provide such loans. Borrower benefits, interest rates and other loan product terms and features are subject to change.
CitiAssist	Full suite of private loan products for undergraduate, graduate, health, and law students. Competitive interest rates and fees as low as 0.00% No payment while in school. Grace period after graduation. Apply with a creditworthy co-signer to increase your chance of approval and/or qualify for a better interest rate 24 month co-signer release option available.
Edamerica Xtra Credit Loan	Interest Rate: LIBOR + 2.75% - LIBOR + 6.0% Fees: 0% - 10% Amount: minimum loan amount is $500; maximum loan amount is cost of education minus other financial aid; aggregate limit is $75,000. Repayment: up to 25 years based on amount borrowed Deferment Options: automatic deferment of principal and interest payments while the student is in school
SunTrust - Academic Answer	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 of payment Cosigner release available Defer payments while in school 6 month grace period Satisfactory Academic Progress is not required

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.