Patrick Henry Community College
Before you apply for a Private loan, you should first consider all aid alternatives including grants and scholarships.

The lenders listed on this Web page are frequently used by our Private Loan students. These lenders provide multiple benefits and an efficient application process. Additionally, they disburse funds electronically to Patrick Henry Community College, which allows us to post funds directly to your account.
We provide this list as a guide to you; however, you are free to choose another lender without penalty. If you choose another lender, please inform us as soon
as possible. Prior to choosing a lender, we encourage you to review all possible options. If you decide to choose a lender from this list, simply click on the corresponding "Apply Now" button to complete your Private Loan Application.

Lender
Loan Features
Select
Chase Education One Private Loan
866.661.7573
Borrower Benefits

0.5% interest rate reduction available

Cosigner release available

Additional Benefits

Funds sent directly to student

Repayment can begin after graduation

No financial aid forms or school certification required
Wachovia Education Loansm
877.689.0763
Borrower Benefits

Interest rate reduction of -0.50% available with auto debit payments

Students may apply alone or with a co-borrower

Co-borrower release available after 48 on-time payments

Finance current or past-due balances up to 3 years old (no current enrollment required)

Additional Features

Zero origination, guarantee, repayment, and co-signer fees

Interest rate as low as the Prime Rate minus– 0.50% to Prime + 5%

Borrow up to cost of education annually with no aggregate limit

Repayment up to 25 years, depending on loan balance

Make NO Payments with in school deferment up to 10 ˝ years

Interest capitalizes 6 months after graduation or 6 months after student leaves school

No SAP required and can use for Non-Degree students

Minimum loan amount $500
Academic Answer® Loan
by SunTrust
800.552.3006
Borrower Benefits

Graduation Reward- $300 Principal Reduction per loan with proof of graduation

0.25% interest rate reduction for enrolling in automatic payments1

May apply for cosigner release after making 48 consecutive on-time payments2

Additional Features

No up-front fees; repayment fees range from 0-4% and are based on credit history

Interest rates range from One-month LIBOR Index + 2.50% to One-month LIBOR Index + 8.00%3

Satisfactory Academic Progress not required; Enrollment in degree or certificate program not required; at least half-time attendance required

International students may apply with qualified US cosigner

Borrow up to the total Cost of Attendance, minus other aid received up to an aggregrate of $225,000 (includes both undergraduate and graduate loan limits)

Minimum loan amount is $1,001

Interest is capitalized once only while the loan is in deferment

Flexible repayment options allows to choose between immediate repayment, deferring principal repayment, or deferring principal and interest repayment

Six-month grace period after graduating or dropping below half-time enrollment

Repayment period up to 20 years

Forbearance options available after graduating or leaving school
TERI
800.225.8374
Borrower Benefits4

Borrowers can lower their interest rate by 0.25% by electing to have payments automatically deducted from a bank account.5

Once borrowers make the initial 48 payments on time and meet a creditworthiness test, the borrower may request that the cosigner be released from the loan.

Applicants may borrow for past due balances.

Additional Features

Choose one of the (14) TERI Lender partners

Apply via phone at 800.255.TERI or online at www.teri.org

Student and/or creditworthy co-signer can apply

Student borrowers are encouraged to apply with cosigners and often receive better pricing when they do
Must be enrolled at least half-time in a degree or certificate program of study

International students are eligible, but must apply with a U.S. citizen or permanent resident cosigner

Borrower must be at least the age of majority at the time of the loan application (i.e., 18 years old, except 21 in Mississippi, and 19 in Alabama and Nebraska) or be at least 17 years old and apply with a qualified cosigner

Loan Minimum is $1,000

Students may borrow up to the cost of education minus other aid (as certified by the school)

No Aggregate limit

Interest rates vary by participating lenders

Fees as low as 0%

Up to 25 years to repay your loan, depending on loan amount

Up to 6 month grace period


1 The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006.

2Borrowers must meet credit guidelines at the time the cosigner release is requested.

3LIBOR stands for London Interbank Offered Rate. The one-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes. Your variable interest rate is calculated by adding the current one-month LIBOR index (captured on the 25th business day of each month and rounded up to the nearest 1/8th of one percent) to your margin. The current one-month LIBOR index was 3.000% on 5/1/08. This APR example assumes a single disbursement transaction with a margin of 2.5% and no repayment fee. Margins can range from 2.5% to 8.0% and repayment fees can range from 0% to 4% both depending upon your or your cosigner's credit history.

4The lender and servicer reserve the right to modify, continue or discontinue borrower benefit programs at any time without notice. Call for details about current benefit offerings.

5The 0.25% rate reduction is available to borrowers who arrange with the loan servicer to automatically deduct monthly payments from their bank account. The interest rate reduction will begin when automatic principal and interest loan payments start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to contract rate if auto payments are cancelled, rejected or returned for any reason.

Check with the lender for details and conditions regarding eligibility for special benefits or incentives.


The information on this Web page was gathered on behalf of the Financial Aid Office at Patrick Henry Community College and is believed to be correct as of this posting, but this information is not warranted and is subject to change without notice.