Suggested Alternative/Private Loans 09-10 for International Students

We are currently waiting for the Senate to finalize legislation before we can update our 2010-11 suggested lender list for graduate students that need to borrow for Fall 2010/Spring 2011. As soon as we obtain the necessary information, the website will be updated and an email will be sent to incoming and returning students.

For graduate students that need to borrow for Spring 2010/Summer 2010, you can utilize the 2009-10 information below.

For graduate students that need to borrow for Summer 2010/Fall 2010, please contact us.

                                                                                                                                                                                                                                                                            Carnegie Mellon University, Tepper School of Business 2009-2010 Suggested Private/Alternative Loan Lenders & Benefits

Each year you are required to reapply for the Private/Alternative loan as indicated below.

• Information was provided by the lenders and the benefits are accurate as of 03/01/2010.

• All information is subject to change at anytime.    

 *NEW* DUE TO FEDERAL REGULATION, PRIVATE LOAN LENDERS ARE NOW REQUIRED TO PROVIDE YOU WITH THREE LOAN DISCLOSURES DURING YOUR APPLICATION PROCESS. THIS CHANGE WILL DELAY THE DISBURSEMENT OF LOAN FUNDING. THE APPLICATION PROCESS CAN TAKE A MINIMUM OF 8-10 BUSINESS DAYS. PLEASE VIEW OUR LIST OF WHAT TO EXPECT DURING THE PRIVATE LOAN APPLICATION PROCESS.

                Chase  Select                                                                                                                                                                                                                                                                                                                                                                                                                                  

• 0% Origination Fees
• 0% Disbursement Fees
• 0% Repayment Fees
• 0.25% interest rate reduction for enrolling to make automatic payments
• Co-signer release after 36 consecutive payments.
• International students with a valid Social Security Number and a U.S. address must have a creditworthy co-signer who is a U.S. CItizen or Permanent Resident. We recommend applying via phone to ease the application process.
• Variable rate based on Libor plus 3.50%-6.25% basis points based on your/your cosigner's credit history.
• Apply Online
• Lender Code: 503000

                                                                                                                                                                                                     Citibank

• Origination fees range from 0 to 6% based on the amount that you borrow.
• 0% Disbursement Fee
• 0% Repayment Fee
• .25% interest rate reduction for auto debit
• Co-signer release after 24 consecutive payments 
• International students must have a creditworthy cosigner who is a U.S. Citizen or Permanent Resident.
• Variable rate based on 3 month Libor plus 4.75% to 11.50%.
• Apply Online  

                                                                                                                                                                                                                     Citizen's Bank- True Fit Student Loan

• 0% Origination Fee
• 0% Disbursement Fee
• 0% Repayment Fee.
• .50% Interest rate reduction for automatic payment from an eligible Citizen's bank account.
• Co-signer release after 36 consecutive on-time payments.
• International students must have a creditworthy cosigner who is a U.S. Citizen or Permanent Resident and must call to complete the paper loan application process.
• Variable interest rates based on 1 month Libor rate plus a margin ranging from +3.00 to +12.00.
• Apply Online
• Lender Code:700700

                                                                                                                                                                                                          Wells Fargo

• 0% Origination Fee
• 0% Disbursement Fee
• 0% Repayment Fee
• .25% interest rate reduction for auto debit
• .50% interest rate reduction upon graduation
• Co-signer release after the first 24 consecutive on-time monthly payments.
• The interest rate is variable and equal to the Index plus a specific margin. - http://wfefs.wellsfargo.com/jump/rates.html#graduate
•  International students with a valid Social Security Number and a U.S. address must have a creditworthy co-signer who is a U.S. Citizen. We recommend applying via phone to ease the application process.
• Interest rate tiers are Prime + a margin ranging from +1.0 to +7.99.
• Apply Online.
• Lender Code: 807176