Alternative Loans

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Alternative Loans

Alternative loans (also called private student loans) are available to help students pay for education expenses. These loans are credit based. Alternative loans may provide funds to meet the cost of education once other sources of financial aid have been depleted or when annual or aggregate federal student loan limits have been reached. Many lenders provide access to credit-based loans to cover education expenses. Which lender you use is your choice. There are numerous lenders that offer alternative loans. You need understand that your alternative student loan is your loan. Review the borrow benefits from different lenders, and then make the choice that is right for your personal situation. Be sure you understand and ask questions of the lender you choose.

The lenders listed here have been selected based on past experience and qualifications and they offer excellent service and benefits to their borrowers. You are free to choose ANY lender that offers alternative or private education loans, even if they are not on this list. If you have borrowed previously, we suggest you consider remaining with that lender or another lender that works with your same servicer. If you do select a different lender or servicer, be aware of the advantages and disadvantages of your decision.

To apply for an alternative student loan with the lender of your choice, simply contact the lender on the web and fill out an online application. For the lenders listed below, simply click on the lender name to visit their alternative loan website and apply online. Please remember that these loans are credit-based and may require you to have a co-signer. If you are unsure whether you meet the credit criteria please follow the links below to inquire.

Preferred Lenders	Lender Code	Borrower Benefits
Edamerica	831453	• XtraCredit features low competitive interest rates with NO FEES for eligible
Regions	900902	•.25 percentage point interest rate reduction is available for automatic debit. •.25 percentage point interest rate reduction is available if the borrower provides a valid email address and elects to receive all servicing communications via email. •Applying with a credit worthy cosigner may help you qualify and/or receive a lower interest rate. •Borrowers may apply for cosigner release after successful completion of their education
SALLIE MAE	900905	•Pricing that rewards good credit •Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate •The borrower may apply for cosigner release after successful completion of their education •A 0.25 percentage point interest rate reduction is available for automatic debit •A 0.25 percentage point interest rate reduction is available if the borrower provides a valid e-mail address and elects to receive all servicing communications via e-mail.
Suntrust	802560	• $300 Principal Reduction per loan at graduation (proof req) • 0.25% interest rate reduction with ACH • Satisfactory Academic Progress (SAP) not required • Co-signer release option available
US Bank	830964	•For students enrolled part-time or more •Minimum annual loan amount is $1,000 •Six-month Grace Period (where no payment of principal or interest is required). •There are no reserve, origination or guarantee fees. •No requirement to pay principal during enrollment. •Interest can be paid monthly, or accrued and capitalized when the Repayment Period begins. •Interest rate reduction benefits of up to 0.50% if you have your monthly payments automatically deducted from your checking account.
Wells Fargo	807176	•Deferred Payments: No payments are required while a student is in school (up to seven years) and for up to six months after graduation or leaving school •0.50% interest rate reduction at repayment upon verification of graduation with the Wells Fargo Student Graduation Benefit (SM) Program •0.25% interest rate reduction at repayment when Wells Fargo automatically withdraws payments from a personal checking or savings account. •Cosigner release after the first 24 consecutive on-time monthly payments. • Enrolled full-time, half-time or less than half-time seeking a degree, certificate, or license
Universal footnote: The above listed lenders reserve the right to modify, extend or discontinue offering these benefits at any time without notice. Borrower benefits will terminate in the event of default or failure to meet qualification criteria. Additional terms and conditions apply; please contact your chosen lender for details.

Please note: Tennessee Tech University and its Financial Aid Office do not benefit from your choice of lender. No TTU financial aid employee serves on an advisory board to any lending institution.

If you wish to check on the status of your alternative student loan, please follow the link to ELM Resources.

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Tennessee Tech University Financial Aid
P.O. Box 5076
Cookeville, TN 38505
Phone: (931) 372-3073 or (800) 268-0236 FAX: (931) 372-6309
Questions or Comments, please e-mail financialaid@tntech.edu

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