Alternative - Student Loans
From UConn Student Financial Aid Services
Contents |
Alternative Loan Information
- Non-federal private loan options
- Variable interest rates; most have no cap
- Must apply directly with your chosen lender
- Repayment options vary by lender
- FAFSA is not required
- UConn requires students who have not filed a FAFSA to complete the Alternative Loan Information form.
- Borrowers use ELMNet to check their loan status
- Before applying for an alternative loan, read our Borrowing for Your Education page.
- Read more about the impact of the credit crunch on student loans.
 View Our Suggested Alternative Loan Lenders
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Before You Borrow
We strongly suggest that you exhaust all federal borrowing options before turning to a costlier alternative loan. Almost all students are eligible for at least a Federal Stafford Loan.
The recent passage of the "Ensuring Continued Access to Student Loans Act" may have increased the amount of Unsubsidized Federal Stafford Loan for which you are eligible. More information about the differences between alternative and federal loans can be found on our Borrowing for Your Education page. You must file the FAFSA to obtain a Stafford loan.
These private sector loan products vary and terms frequently depend on the creditworthiness of the borrower and/or cosigner. In general, borrowers must be U.S. citizens or Permanent Residents and enrolled half-time. Interest rates and repayment terms are unique to the loan product selected. Students may borrow cost of attendance minus any financial aid received. Student and co-signer, if applicable, must complete a Master Promissory Note (MPN).
The University certifies alternative loans electronically through Educational Loan Management (ELM). To access your loans, you must log in to ELMNet.
| Note: If your most recent alternative loan does not appear in ELMNet, contact the lender you applied through. Status appears on ELMNet approximately two days after the borrower has been approved by the lender. If your status appears as "awaiting certification", our office certifies the loan within two business days of ELM posting (if student has eligibility). |
Suggested Alternative Loan Lenders
The Suggested Alternative Loan Lenders are divided into two lists: one for Undergraduate Students and one for Graduate students.
Suggested Alternative Loan Lenders for Undergraduate Students
Note: Due to changes in the credit market, some alternative lenders have recently changed their Alternative Loan terms. Please contact your lender of choice for the most up-to-date information. All benefits are subject to change at the lender's discretion.
| For more information on how our Suggested Lenders were chosen, please see our Lender Selection page. |
(For loans first disbursed on or after 7/1/08; in alphabetical order) 
| Loan Product - Lender Name | Fees Paid by Borrower | Interest Rates | Eligibility Criteria | Minimum and Maximum Loan Amounts | Borrower Benefits | Repayment | Loan is Serviced By | How to Apply/Contact Information |
|---|---|---|---|---|---|---|---|---|
| Chase Select Loan - Chase Bank | None | *Interest rates range from LIBOR plus 3.65% to LIBOR plus 10.25%. | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Students must be enrolled in a degree or certificate program *Funds may be used for past due balances incurred within the past 12 months of enrollment | *Minimum = $500 *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = $120,000 for Undergraduate students | *Borrowers who sign up to have their payments automatically debited will qualify for a 0.25% interest rate reduction *Borrowers who make immediate payments of interest and/or principal will qualify for a 0.25% interest rate reduction will qualify for a .50% interest rate reduction. | *Interest and principal payments are deferred while the borrower is in-school *6 month grace period | Chase Bank | *Chase Bank Website Telephone = 866-306-0868 |
| CitiAssist Loan - Citibank | Citiassist Undergraduate Loans have origination fees ranging from 0.00% to 6.00%, based on borrower's credit | *Interest rates range from 3 Month LIBOR plus 4.75% to 3 Month LIBOR plus 11.50% | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Non-degree and certificate students may qualify | *Minimum = $1,000 for first time borrowers *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = $120,000 for Undergraduate students | *Borrowers who sign up to have their payments automatically debited will qualify for a .25% interest rate reduction | *Interest and principal payments are deferred while the borrower is in-school *6 month grace period | Citibank | *Citibank Website Telephone = 800-967-2400 |
| Smart Option Loan- Sallie Mae | Disbursement fees range from 0% to 3% | *Interest rates vary monthly and range from 1-month LIBOR plus 4.00% to 1-month LIBOR plus 10.5% | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Students must be enrolled in a degree program *Funds may be used for past due balances incurred within the past 6 months of enrollment Note: Students must be currently enrolled or recently graduated from a degree program to apply based on a past due balance) | *Minimum = $1,000 *Maximum = Cost of Attendance less other financial aid | *Borrowers who sign up to have their payments automatically debited will qualify for a 0.25% interest rate reduction *Borrowers who provide a valid e-mail address and consent to receive all servicing communications by e-mail will qualify a 0.25% interest rate reduction | *Monthly interest-only payments are required during the in school period and during the six-month separation (grace) period;
| Sallie Mae | *Sallie Mae Website Telephone = 1-888-2SALLIE |
Suggested Alternative Loan Lenders for Graduate Students
(For loans first disbursed on or after 7/1/08; in alphabetical order)
Note: Due to changes in the credit market, some alternative lenders have recently changed their Alternative Loan terms. Please contact your lender of choice for the most up-to-date information. As information is received, the University will update the Suggested Lender List to reflect these changes. New lenders may be added based on proposals submitted via an RFP process initiated in 2007.
| For more information on how our Suggested Lenders were chosen, please see our Lender Selection page. |
| Loan Product - Lender Name | Fees Paid by Borrower | Interest Rates | Eligbility Criteria | Minimum and Maximum Loan Amounts | Borrower Benefits | Repayment | Loan is Serviced By | How to Apply/Contact Information |
|---|---|---|---|---|---|---|---|---|
| Chase Select Loan - Chase Bank | None | *Interest rates range from LIBOR plus 3.65% to LIBOR plus 10.25% | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Students must be enrolled in a degree or certificate program *Funds may be used for past due balances incurred within the past 12 months of enrollment | *Minimum = $500 *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = $120,000 for Graduate students | *Borrowers who sign up to have their payments automatically debited will qualify for a 0.25% interest rate reduction *Borrowers who make immediate payments of interest and/or principal will qualify for a 0.25% interest rate reduction will qualify for a .50% interest rate reduction. | *Interest and principal payments are deferred while the borrower is in-school *6 month grace period | Chase Bank | *Chase Bank Website Telephone = 866-306-0868 |
| CitiAssist Loan - Citibank | Citiassist Graduate Loans have origination fees ranging from 0.00% to 6.00%, based on borrower's credit | *Interest rates range from 3 Month LIBOR plus 4.75% to 3 Month LIBOR plus 11.50% | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Non-degree and certificate students may qualify | *Minimum = $1,000 for first time borrowers *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = $150,000 for Graduate students | *Borrowers who sign up to have their payments automatically debited will qualify for a .25% interest rate reduction | *Interest and principal payments are deferred while the borrower is in-school *6 month grace period | Citibank | *Citibank Website Telephone = 800-967-2400 |
| Smart Option Loan- Sallie Mae | Disbursement fees range from 0% to 3% | *Interest rates vary monthly and range from 1-month LIBOR plus 4.00% to 1-month LIBOR plus 10.5% | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Students must be enrolled in a degree program *Funds may be used for past due balances incurred within the past 6 months of enrollment. Note: Students must be currently enrolled or recently graduated from a degree program to apply based on a past due balance) | *Minimum = $1,000 *Maximum = Cost of Attendance less other financial aid | *Borrowers who sign up to have their payments automatically debited will qualify for a 0.25% interest rate reduction *Borrowers who provide a valid e-mail address and consent to receive all servicing communications by e-mail will qualify a 0.25% interest rate reduction | *Monthly interest-only payments are required during the in school period and during the six-month separation (grace) period;
| Sallie Mae | *Sallie Mae Website Telephone = 1-888-2SALLIE |
Note: Prime refers to the Wall Street Journal published Prime rate. LIBOR refers to the London Interbank Offered Rate.
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Alternative Loan Forms & Documents
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- Suggested Alternative Financing Options: Resource for those considering alternative loans through suggested lenders
- Alternative Loan Information Form: Required for Fall/Spring applicants who have not filed a FAFSA- NOT required for Summer applicants
