Private Loan Lender List

Private Loan Lender List


print this page

Educational loans provided by private lenders (banks) may be an alternative option to students who are ineligible for a Government Direct loan. Although the Financial Aid Office cannot give an official recommendation, it makes information available about lenders, some of whom Westminster has worked with in the past to provide educational loans. These lenders and their loan options are listed below in tabular form.

Please refer to each bank's website and be sure to compare the fees and terms of all student loan products and determine which are best suited to your needs. Note that most interest rates are determined by the sum of an Index rate (such as LIBOR or Prime) and a Margin that determined from your credit rating.

Disclaimer: The private loan information presented in the table is current as of November 20, 2013. Please carefully read the information provided by your lender to verify the particulars of the loan.

 LENDER LIST

Bank Name Loan Name
Eligibility Requirements Starting Interest Rate
Fees
Repayment Benefits
Loan Disclosure/Information
Citizens Bank
TruFit Student Loan
Enrolled at least half-time in a degree program

Fixed: 5.25% - 11.25%

Variable: LIBOR+2.5% to 8.75%

None
Auto payments: 0.25% IRR for automating payment from any eligible Citizens Bank account

Discover Student Loans* Certified Private Loan Enrolled at least half-time in a degree program

Fixed: 5.49% - 7.89%

Variable: Prime Index + 0% to 4%

None

Upon graduation: 2% cash reward on principal balance

Automatic payments: 0.25% IRR

PNC Solution Loan for Grads
Enrolled at least half-time in a degree program

Fixed: 6.49% - 12.99%

Variable: 3.49% - 10.44%

None
Auto Payments: 0.5% IRR for automating payment from your checking or savings account

Sallie Mae* Smart Option Student Loan Any enrollment status at a degree granting institution

Fixed: 5.74% - 8.56%

Variable: 2.25% - 7.72%

None

Auto Payments: 0.25% IRR for automating payment

Reward of 2% of scheduled monthly payments made on time while in school

Wells Fargo* Wells Fargo Graduate Loan Any enrollment status in a degree program

Fixed: as low as 6.36% - 9.44%

Variable: as low as 3.22% - 8.03%

None

Upon graduation: 0.25% IRR to borrowers who graduate.

Auto Payments: 0.25% IRR for enrolling in automatic payment from your checking or savings account

 


Key: IRR = Interest Rate Reduction, LIBOR = London Interbank Offered Rate
* Awarded to a Westminster student within the past two years.