Private Loan
Selection Process for Recommended Lenders
U.S. Citizen, Permanent Resident, and International Students
Stanford Federal Credit Union (SFCU) Private Loan
- Need-based and non-need based loan
- Available to U.S. citizens, permanent residents, and International students
- A variable interest rate adjusted quarterly based on the average of the one-month London Interbank Offering Rates (LIBOR) as published in the Wall Street Journal on the first business day of each of the 3 calendar months immediately preceding the quarterly change + 2.6%
- Current loan rate is 5.25% for the period from July 1, 2008 – September 30, 2008
- Simple interest accrues from time of disbursement
- Payment of interest can be deferred end of grace period
- No origination or guarantee fees
- No co-signer required, unless applicant does not meet minimum credit criteria established by lender.
- Credit check required
- 180-day grace period
- 20 year repayment if aggregated loan amount less than $40,000; 25 year repayment if loan amount is greater
- Maximum loan can not exceed cost of attendance minus financial aid
- Minimum loan is $1,000
Citibank Private Loan
- Need-based and non-need based loan
- Available to U.S. citizens, permanent residents, and International students
- A variable interest rate based on Prime (5.00%) and your credit score. The interest rate can be as low as
Prime minus 0.5% and does not exceed Prime plus 4.75%. Adjusts quarterly - Simple interest accrues from time of disbursement
- Payment of interest can be deferred end of grace period
- Origination fees may be applied
- International students must apply with a U.S. citizen or permanent resident co-signer who meets credit criteria
- Credit check required
- 180-day grace period
- Up to 20 years. Able to make interest-only payments for 24 or 48 months. The remainder of the term is then calculated
under standard principal plus interest payments - Maximum loan can not exceed cost of attendance minus financial aid
- No minimum
- 0.25% interest rate reduction, at start of repayment, if you authorize automatic electronic payments
- 0.50% interest rate reduction after 48 on time payment
A Note About Credit
Private loans usually run credit checks to determine a borrower's eligibility for loans. Delinquent payments, charge-offs, or a low credit score can prohibit you from securing a private loan. Our office encourages you to monitor your credit. The following credit-reporting agencies can provide personal credit reports:
» Equifax
» Experian
» Transunion
