If other forms of financial aid are exhausted, such as scholarships and grants, then you can use loans to cover the remainder of your Cost of Admission (COA). On our website we discussed the Loan Borrowing Order

  • Federal Perkins Loan - 5% 
  • Federal Subsidized Stafford Loan - 4.29% (No interest while attending university) 
  • Federal Unsubsidized Stafford Loan - 4.29% (Accrues interest while attending university) 
  • PLUS Loan - 6.84% 
  • Alternative Student Loans - Based on credit (typically a higher rate than federal loans) 

When you are down to your last option, alternative student loans, there are lots of important things to keep in mind. 

  • Look for loans with rates of LIBOR + 2.0% or PRIME - 0.50% with no fees
    • These rates will often only be available to borrowers with great credit who also have a creditworthy cosigner 
  • 3% or 4% in fees is about the same as a 1% higher interest rate 
  • It is common for lenders to advertise a lower rate for the in-school grace period and then enact a higher rate when the loan enters repayment 
  • Personal information that will be needed
    • Basic information about the school you will attend
    • Name, address, phone number and email 
    • Social security number
    • Drivers license number
  • You may need a cosigner 

There are lots of options when it comes to private student loan lenders. We have highlited a few to get you started, but a more comprehensive list can be found here. In order to ensure that you are optimizing your chances of receiving the best education loans, you may want to consider enlisting the services of a qualified financial aid consultant

Acumen Student Loans 

  • No Fees
  • Variable interest rates start at 3.15% APR
  • You can borrow as little as $2,000 and up to the total Cost of Admission ($120,000 lifetime maximum for undergraduate students and $160,000 for graduate students) 

Contact Information: 
Customer Service Desk (P): 1-888-549-9050
Application Help (E): loanhelp@cedaredlending.com
Website Help (E): website@cedaredlending.com
General Questions (E): info@cedaredlending.com

Citizens Bank 

  • No Fees
  • Rates vary between 2.44% - 11.75% (APR) 
  • You can borrow as little as $1,000 and up to $170,000 depending on level of education 

Contact Information: 
Live chat with a representative on their site
General Questions (P): 1-800-922-9999

College Ave Student Loans

  • No Fees 
  • Rates vary between 2.50% - 11.85% (APR) 
  • You can borrow as little as $2,000 and up to the total Cost of Admission 

Contact Information: 
General Questions (E): studentloans@collegeave.com
Loan Application Help (E): Studentloans@collegeave.com
Loan Application Help (P): 844-422-7505

Sallie Mae

  • No origination fee and no prepayment penalty 
  • Rates vary between 2.20% - 11.24% (APR) 
  • You can borrow as little as $1,000 and up to the total Cost of Admission 

Contact Information: 
Apply/ Cosign for a new loan or check application status (P): 844-422-7505 

Wells Fargo

  • No Fees 
  • Rates vary between 3.39% - 10.93% 
  • Borrow up to $120,000 lifetime maximum 

Contact Information 
Student Loan Consultant (P): 1-800-378-5526

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Tags: acumen student loans citizens bank college ave student loans fafsa federal student aid

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