Rhodes College
Below is a list of private loan lenders frequently used by Rhodes College students. These lenders were considered by a group of Rhodes staff from three different offices. The Rhodes Staff evaluated the lenders based on several different factors including: history, associations, stability, servicing, processing, benefits, costs, and customer service. Traditionally these lenders provide excellent service to our students, using state-of-the-art online and electronic processes. Additionally, they disburse funds electronically to Rhodes, which is a more efficient manner of delivery.

Before you apply for a private loan, you should first apply for all aid alternatives including grants, scholarships and federal loans (Stafford, PLUS, and Grad PLUS).

Rhodes derives no benefit from, nor participates in any revenue-sharing agreements with, the lenders below. The College provides this list as a service to our students, and Rhodes' students are free to choose a lender not represented below. If you choose a lender not listed below, please inform us so that we may insure that our electronic processes are set up for that lender.

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. You should go through this process one time only. If you make a mistake, simply let us know, and we will help you remedy it.

Should you have any customer service problems with any lender, let the Financial Aid Office know, and we will intervene for you.If you have any questions, please contact the Rhodes Financial Aid Office at finaid@rhodes.edu

Lender
Loan Features
Select
Chase
(JP Morgan Chase Bank, N.A.)
866.306.0870
Lender Code: 503000
www.chaseselectloans.com
Min Loan Amount:
$500

Max Loan Amount:
Education Costs less any financial aid

Lifetime Loan Limit:
$120,000 - Undergraduate

Interest Rate:
As low as 3-month LIBOR plus 4.15%

Cosigner Release:
Cosigner release option

Fees:
0% origination fees and repayment fees

Repayment Terms:
Choice of repayment options

Borrower Benefits:
  • 0.25% interest rate reduction for borrowers who elect to have their monthly payments automatically deducted from a bank account. See web site or call for important terms and information.
Academic Answer® Loan
by SunTrust
800.552.3006
Lender Code: 802560
suntrusteducation.com/
academicanswer
Min Loan Amount:
$1,001

Max Loan Amount:
Cost of education minus aid

Lifetime Loan Limit (includes all federal and private student loan debt:
$100,000 - Undergraduate $150,000 - Graduate

Interest Rate:
Competitive interest rates starting as low as 1-month LIBOR Index + 3.50%, currently 4.16% APR1

Cosigner Release:
Availale after 48 months2

Fees:
No fees3

Repayment Terms:
Generous repayment options available

Borrower Benefits:
  • $300 Principal Reduction per loan with proof of graduation


  • 0.25% interest rate reduction for auto debit payments4


  • Defer payments while in school


  • 6-month grace period
Citibank - The Student Loan Corp.
800.967.2400
Lender Code: 826878
www.studentloan.com
Min Loan Amount:
There is a one time minimum loan amount of $1,000. No minimum loan amount is required on subsequent CitiAssist loans.

Max Loan Amount:
Cost of education less any financial aid received

Lifetime Loan Limit:
$120,000 Undergraduate

$150,000 Graduate

Interest Rate:
As low as Prime + 1.00% based on credit rating and cosigner

Cosigner Release:
Yes

Fees:
As low as 0.00%

Repayment Terms:
20 years

Borrower Benefits:
  • 0.25% interest rate reduction for auto debit


  • 0.50% interest rate reduction when you make 48 consecutive monthly payments on-time
Wells Fargo Collegiate®Loan
800.658.3567
www.wellsfargo.com/student
Min Loan Amount:
$1,000

Max Loan Amount:
Cost of education minus other financial aid ($25,000 annual maximum for international students)

Lifetime Loan Limit:
Aggregate limit is $120,000 including all other educational debt

Interest Rate:
As low as Prime + 1%, based on credit

Cosigner Release:
Cosigner release after making the first 24 consecutive monthly payments on time and meeting certain credit requirements

Fees:
No origination, repayment or disbursement fees

Repayment Terms:
15 year repayment term

Borrower Benefits:
    For loans first disbursed on or after July 1, 2008
  • 0.25% interest rate reduction for borrowers who elect to have their monthly payments automatically deducted from a bank account

  • 0.50% rate reduction at repayment upon verification of graduation

Brochures containing additional information on lenders are available in the Student Financial Aid Office.

You have the right to select any lender that participates in a Private Loan Program.

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

1 LIBOR 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 day of each month, or the next business day thereafter, of the month immediately preceding such calendar month and rounded up to the nearest 1/8th of one percent) to your margin. The current one-month LIBOR index was 0.25% on 2/1/10. This APR example assumes a $10,000 undergraduate, cosigned, loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a 25 year repayment term, and a 4.00% margin. Margins can range from 3.50% to 11.25% (depending on whether you are an undergraduate or graduate student, if the loan is co-signed, and upon your or your cosigner's credit history).

2 The cosigner can be released from liability after the first 48 initial, consecutive principal and interest payments are made on time. Borrowers must meet credit guidelines at the time the cosigner release is requested.

3 Effective for applications received on or after 10/15/09.

4 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.




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