Student Financial Aid
University Of Missouri-Columbia FAFSA Code: 002516
Alternative Loans for Undergraduate, Graduate & Law Students
Financial Aid Info
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Undergraduate & Graduate lender list , Law lender list


In May, 2008 the University of Missouri-Columbia solicited through a Listserv maintained by the Missouri Association of Student Financial Aid Professionals (MASFAP) a Request for Information (RFI) from lenders for the purpose of promulgating a list of alternative loan lenders for the benefit of our students and their parents. Responses to the RFI were received in June, 2008. The following is a list of criteria, in relative rank order, used to determine which lenders were selected to appear on our list:

1) Customer Service: To determine relative customer service levels for each lender the financial aid director sent an email to the entire financial aid staff requesting feedback based on personal contact with the lenders and student feedback about customer service. Staff was then asked to recommend whether or not a lender should be placed on our alternative loan lender list;

The following items were reviewed by the financial aid director and loan staff personnel:

2) Interest Rates: Interest rates charged during loan repayment;
3) Fees: The percent of fees, if any, charged to borrow an alternative loan;
4) Approval Rate: The relative approval rates of loan applicants;
5) Co-Signer Release: Whether or not a co-signer can be released from repayment responsibilities after a certain number of repayments;
6) Duplicative Benefits: To maintain a manageable list of lenders, if more than one lender offered basically the same benefits only one lender was chosen;

Students and Parents should also know the following:

1) You have the right and ability to select the alternative loan lender of your choice whether or not that lender appears on this list and you will not suffer any penalty for choosing a lender that is not on this list;
2) The decision to include a lender on this list is based solely on consideration of the best interest of students and parents;
3) This lender list shall be reviewed no less than annually;
4) Lenders appearing on this list have not provided -- for the purpose of appearing on this list -- any benefit to the University, its employees or its students;
5) Lenders appearing on this list have adopted or agreed to abide by a lending code of conduct that contains principles similar to those adopted by the University in Executive Order No. 36,10-22-07; 240.035 -- Relationships with Student Loan Lending Institutions;
6) Lenders appearing on this list have agreed to all other conditions required by the University as listed in: University in Executive Order No. 36, 10-22-07; 240.035 -- Relationships with Student Loan Lending Institutions which can be viewed at: http://www.umsystem.edu/ums/departments/gc/rules/programs/240/035.shtml


THINGS TO CONSIDER BEFORE BORROWING AN ALTERNATIVE LOAN:
  • Alternative loans are designed to help students with educational expenses after all federal, state, and institutional aid has been received.
  • Students are responsible for all interest charges.
  • Most alternative loans will require a creditworthy co-signer.
  • Alternative loans have higher interest rates than federal loans. For the current prime and LIBOR rates, go to www.bankrate.com/brm/ratehm.asp
  • Interest rates change often and have no cap.
  • Alternative loans cannot be included in a federal consolidation loan.
  • Each time you apply your credit is reviewed.
  • If you plan to attend graduate school, check with your lender to determine if your loan can be deferred.

CHOOSING A LENDER AND APPLYING FOR A LOAN

If you are interested in borrowing from a lender on this list, click on the website link provided to access their online application. Approval time for online applicants is typically less than five minutes. Each lender listed below offers repayment benefits, however, you will need to confirm the available benefits with your lender.

APPLICATION TIPS

When completing the application, you will be asked to supply a loan period. Common loan periods for the 2008-2009 aid year include:
  • August 2008 to May 2009 for the full year;
  • Auguest 2008 to December 2008 for fall 2009 only;
  • January 2009 to May 2009 for spring 2009 only;
  • May 2009 to August 2009 for summer 2009 only;
Note, summer term always requires a separate application.


Alternative Loans for Undergraduate & Graduate Students

Lender Degree
Seeking
SAP* Enrollment
Minimum
Minimum
Loan
Maximum
Loan
Repayment
Benefits
Interest
Rate
Fees Years to
Repay
Co-Signer
Release
Prepay
Penalty
U.S. Bank no no < 1/2 time $1,000 Cost less
Other Aid
yes, check
with lender
Prime
0 to + 3.95%
None 15 yes no
Contact:  www.usbank.com/supploans/   phone: 1-800-242-1200

Wells
Fargo
no no < 1/2 time $1,000 Cost less
Other Aid
yes, check
with lender
Prime
0 to + 5.99%
None 15 yes no
Contact:  www.wellsfargo.com/student/apply   phone: 1-800-658-3567

Citibank no no < 1/2 time $1,000 Cost less
Other Aid
yes, check
with lender
Prime
- 0.5 to + 4.75%
0 to
5.0%
20 yes no
Contact:  www.studentloan.com/findstudentloan/citiassistundergraduateloan.htm   phone: 1-800-967-2400

Chase yes no < 1/2 time $500 Cost less
Other Aid
yes, check
with lender
Prime
- 0.5 to + 6.0%
None 20 yes no
Contact:  www.ChaseSelectLoans.com   phone: 1-866-306-0868

SallieMae yes no < 1/2 time $1,000 Cost less
Other Aid
yes, check
with lender
Libor
+ 2.5 to + 9.5%
None 15 to 30 yes no
Contact:  www.salliemaeedtrust.com/signature/   phone: 1-888-272-5543

Wachovia no no < 1/2 time $500 Cost less
Other Aid
yes, check
with lender
Prime
- 0.5 to + 4.0%
None 25 yes no
Contact:  www.wachovia.com/education   phone: 1-800-338-2243

* Student must be making Satisfactory Academic Progress (SAP) as defined by Mizzou.



Alternative Loans for Law Students (Law Loan)

Loan Lender Minimum Maximum Interest
Rate
Fees Repayment Repayment
Incentive
Citiassist Citibank None Cost less
Other Aid
Prime
+ .5% to 4%
No Fees Up to 15 years. Begins 6 months after graduation or drop below half-time .25% interest reduction for auto debit, .50 % reduction after 48 on-time payments.
Contact:  www.studentloan.com/findstudentloan/loanforlawstudents.htm  phone: 1-800-745-5473

Law Loan Access Group $1000 Cost less
Other Aid
Libor
+ 2.75% to 6.45 %
No Fees Up to 20 years. Begins 9 months after graduation or drop below half-time .25% interest reduction for auto debit, .50 % reduction after 48 on-time payments.
Contact:  www.accessgroup.org/Student-Loans/find-a-loan/student-loan-finder.htm  phone: 1-800-282-1550

Lawloans SallieMae $1,000 Cost less
Other Aid
Libor
+ 2.5% to 9.5%
No Fees Up to 15 years. Begins 9 months after graduation or 6 months after drop below half-time with no prepayment fee .50% interest reduction for auto debit.
Contact:  www.salliemae.com/lawloans  phone: 1-888-272-5543



Alternative Loans for Law Students (Bar Loan)
Loan Lender Minimum Maximum Interest
Rate
Fees Repayment Repayment
Incentive
Lawloans SallieMae $1,000 $15,000 Libor
+ 2.5% to 9.5%
No Fees 15 to 30 years. Begins 9 months after graduation or 6 months after drop below half-time with no prepayment fee .50% interest reduction for auto debit.
Contact:  www.salliemae.com/lawloans/  phone: 1-888-272-5543

Citiassist Citibank None $11,000 Prime
+ .5% to 4%
No Fees Up to 15 years. Begins 6 months after graduation or drop below half-time with no penalty for early repayment .25% interest reduction for auto debit, .50 % reduction after 48 on-time payments.
Contact:  www.studentloan.com/findstudentloan/loanforlawstudents.htm  phone: 1-800-745-5473

Law Loan Access Group $1000 $15,000 Libor
+ 2.75% to 6.45 %
No Fees Up to 20 years. Begins 9 months after graduation or drop below half-time with no penalty for early repayment .25% interest reduction for auto debit, .50 % reduction after 48 on-time payments.
Contact:  www.accessgroup.org/Student-Loans/find-a-loan/student-loan-finder.htm  phone: 1-800-282-1550

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©Curators of the University of Missouri
Division of Enrollment Management, MU
Office of Student Financial Aid
11 Jesse Hall, Columbia, MO 65211
Phone: 573-882-7506
Fax: 573.884.5335
Email: finaidinfo@missouri.edu
Maintained by: umcfinaidwebmaster@missouri.edu
Updated on April 16, 2008
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