University of Connecticut University of UC Title Fallback Connecticut

Alternative Loans – Undergraduate Students

Suggested Private (Alternative) Loan Lenders for Undergraduate Students

Note: Due to changes in the credit market, some private (alternative) lenders have recently changed their Private (Alternative) Loan terms. Please contact your lender of choice for the most up-to-date information. All benefits are subject to change at the lender’s discretion.

For more information on how our Suggested Lenders were chosen, please see our Lender Selection page.

Citizens Bank – Trufit Loan Discover Student Loans – Discover Undergraduate Loan Sallie Mae – Smart Option Loan Union Federal – Union Federal Private Student Loan Program Wells Fargo – Collegiate Loan
Fees Paid by Borrower None None None None None
Interest Rate Variable interest rates range from 1-Month LIBOR plus 2.50% to 1-Month LIBOR plus 9.25%. Fixed interest rates range from 5.75% to 11.75%. Variable interest rates range from 3-month LIBOR plus 3.24% to 3-month LIBOR plus 8.49%. Fixed interest rates range from 5.99% to 11.24%. Variable interest rates range from 1-month LIBOR plus 2% to 1-month LIBOR plus 9.875%. Fixed interest rates range from 5.75% to 12.88%. Variable rates range from 1-month LIBOR plus 2.99% to 1-month LIBOR plus 8.99%. Fixed interest rates range from 4.75% to 11.25%. Variable interest rates range from Prime plus 0.25% to Prime plus 5.99 %. Fixed interest rates range from 6.99% to 11.99%.
Eligibility Criteria Student must be enrolled in a degree seeking program at least Half Time. Students enrolled in a non-degree or certificate program are not eligible. Funds may be used for past due balances incurred within the past 180 days as long as the borrower is enrolled at least half time or has recently graduated. Students are not required to be meeting SAP. Student must be enrolled at least half-time in a degree seeking program. Students enrolled in a non-degree or certificate program are not eligible. Funds may not be used for past due balances. Students are required to be meeting SAP. Students may be enrolled Full Time, Half Time, or Less than Half Time. Students enrolled in a non-degree or certificate program may be eligible. Funds may be used for past due balances as long as fewer than 365 days have passed from the loan period end date to the first disbursement of the loan and the student is enrolled, intends to enroll, or has graduated. Students are not required to be meeting SAP. Student must be enrolled at least Half Time in a degree seeking program. Students enrolled in a non-degree or certificate program are not eligible. Funds may be used for past due balances up to 90 days after the end of the loan period. Students are not required to be meeting SAP.

Students may be enrolled Full Time, Half Time, or Less than Half Time. Borrowers are also eligible if enrolled in a certificate program or are a matriculated student. Funds may be used for past due balances of the prior year if currently enrolled. Funds may be used for past due balances up to 30 days past the end of the loan period for students not currently enrolled. Students are not required to be meeting SAP.

Minimum and Maximum Loan Amounts Minimum = $1,000, Aggregate limit = $120,000 for undergraduate students. Minimum = $1,000, Aggregate Limit = $150,000. Minimum = $1,000, Aggregate Limit = $200,000. Minimum = $1,001, Aggregate Limit = $150,000. Minimum = $1,000, Aggregate Limit = $120,000.
Borrower Benefits Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Borrowers who are a current Citizens Bank account holder and/or have prior TruFit Student Loans will qualify for a 0.25% interest rate reduction. Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Borrowers who sign up for immediate repayment may qualify for a lower interest rate. NEW 1% Cash Reward for Good Grades for applications received on or after May 1, 2014. Sallie Mae Tuition Insurance Benefit is provided to Smart Option borrowers. Borrowers who sign up to have their payments deducted automatically will qualify for a 0.25% interest rate reduction. Borrowers who elect either the Interest Repayment or Fixed Repayment Option earn a 2% reward in their Upromise account for making on-time payments while in-school. Borrowers may qualify for a 0.25% for automatic loan payment withdrawals. Borrowers who sign up to have their payments automatically deducted from a SunTrust account will qualify for a 0.25% interest rate reduction. Borrowers may qualify for an additional 0.25% rate reduction for 36 on time payments. Borrowers may qualify for an additional 1% principal balance reduction upon graduation. Borrowers who sign up to have their payments automatically debited will qualify for 0.25% interest reduction. Additional upfront discount(s) may be available for Wells Fargo customers.
Repayment Borrowers may choose from deferred, interest only, or immediate repayment options. Borrowers have the option to defer payments of principal and interest while in school or make $25 fixed monthly payments while in-school. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Borrowers have the option to defer payments of principal and interest while in school, pay interest only while in-school, or make $25 fixed monthly payments while in-school. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. Graduating students can request to make 12 interest only payments instead of full principal and interest payments after their separation period. Borrowers have the option to defer payments of principal and interest while in school, pay interest only while in-school, or make partial monthly payments while in-school. Borrower may be eligible for a cosigner release after 36 consecutive payments. If the borrower elects to defer repayment, deferment ends 6 months after student ceases to be enrolled on at least a half time basis. No payments are due while the borrower is in school. Deferment ends 6 months after student ceases to be enrolled on at least a half time basis (up to 7 years after the date of first disbursement).
Loan is Serviced by Firstmark Services Great Lakes Sallie Mae First Marblehead Wells Fargo
Is Lender Affiliated with Other Lender on List? No No No Yes, SunTrust No
How to Apply/Contact Information Citizens Bank Website
Telephone 1-800-708-6684
Discover Student Loan Website
Telephone 1-800-STUDENT
Sallie Mae Website
Telephone 1-877-279-7172
Union Federal Student Loans Website
Telephone 1-866-513-8445
Wells Fargo Website
Telephone 1-800-378-5526
Disclosure Truth in Lending Act Disclosures can be accessed via Citizen’s website. Truth in Lending Act Disclosures can be accessed on Discover’s website. Truth in Lending Act Disclosures can be accessed on Sallie Mae’s website. Truth in Lending Act Disclosures can be accessed on Union Federal’s website. Truth in Lending Act Disclosures can be accessed on Wells Fargo’s website.

Note: Prime refers to the Wall Street Journal published Prime rate. LIBOR refers to the London Interbank Offered Rate.