Alternative - Student Loans
From UConn Student Financial Aid Services
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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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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). 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. 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.
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
For more information on how our Suggested Lenders were chosen, please see our Lender Selection page. For 2008-2009, the Suggested Alternative Loan Lenders are divided into two lists: one for Undergraduate Students and one for Graduate students
2008-2009 Suggested Alternative Loan Lenders for Undergraduate 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. Also note that the University is in the process of adding more lenders to our Suggested Lender List as they finalize their benefits.
| 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 |
|---|---|---|---|---|---|---|---|---|
| CitiAssist Loan - Citibank | Citiassist Undergraduate Loans have origination fees ranging from 0.00% to 5.00%, based on borrower's credit | *For cosigned loans, rates range from Prime minus 0.50% to Prime plus 4.00%. *For non-cosigned loans, rates range from Prime minus 0.50% to Prime plus 4.75% | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Non-degree and certificate students may qualify *Funds may be used for past due balances incurred within the past 12 months of enrollment | *Minimum = None *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 *Borrowers who make their first 48 consecutive monthly payments on-time will qualify for a .50% 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 |
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Signature Student Loan- Sallie Mae | None | *Interest rates range from LIBOR plus 2.50% to LIBOR plus 8.00%, based on borrower's credit | *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 12 months of enrollment | *Minimum = $500 *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = $100,000 | *Borrowers who sign up to have their payments automatically debited will qualify for a .50% interest rate reduction *Approved borrowers will continue to be eligible for subsequent Signature Student Loans, provided the University borrower is making progress towards his degree, there is unmet Cost of Attendance, and there are no new negative items on the credit report. | *Interest and principal payments are deferred while the borrower is in-school *6 month grace period | Sallie Mae | *Sallie Mae Website Telephone = 800-695-3317 |
| Wachovia Education Loan- Wachovia | None | *Interest rates range from Prime minus 0.50% to Prime plus 4.00%, based on borrower's credit | *Students may be enrolled Full Time or Half Time *Students must be enrolled in a degree or certificate program *Funds may be used for past due balances incurred within the past 36 months of enrollment | *Minimum = $500 *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = $130,000 | *Borrowers who sign up to have their payments automatically debited will qualify for a 0.50% interest rate reduction | *Interest and principal payments are deferred while the borrower is in-school, up to a maximum of 10 years *6 month grace period | Wachovia | *Wachovia Website This online application will not be available until 5/17. Telephone = 800-338-2243 |
2008-2009 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. Also note that the University is in the process of adding more lenders to our Suggested Lender List as they finalize their benefits.
| 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 |
|---|---|---|---|---|---|---|---|---|
| CitiAssist Loan - Citibank | Citiassist Graduate Loans have origination fees ranging from 0.00% to 5.00%, based on borrower's credit | *For cosigned loans, rates range from Prime minus 0.50% to Prime plus 4.00%. *For non-cosigned loans, rates range from Prime minus 0.50% to Prime plus 4.75% | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Non-degree and certificate students may qualify *Funds may be used for past due balances incurred within the past 12 months of enrollment | *Minimum = None *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 *Borrowers who make their first 48 consecutive monthly payments on-time will qualify for a .50% 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 |
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Signature Student Loan- Sallie Mae | None | *Interest rates range from LIBOR plus 2.50% to LIBOR plus 8.00%, based on borrower's credit | *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 12 months of enrollment | *Minimum = $500 *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = $150,000 | *Borrowers who sign up to have their payments automatically debited will qualify for a .50% interest rate reduction *Approved borrowers will continue to be eligible for subsequent Signature Student Loans, provided the University borrower is making progress towards his degree, there is unmet Cost of Attendance, and there are no new negative items on the credit report. | *Interest and principal payments are deferred while the borrower is in-school *6 month grace period | Sallie Mae | *Sallie Mae Website Telephone = 800-695-3317 |
| Wachovia Education Loan- Wachovia | None | *Interest rates range from Prime minus 0.50% to Prime plus 4.00%, based on borrower's credit | *Students may be enrolled Full Time or Half Time *Students must be enrolled in a degree or certificate program *Funds may be used for past due balances incurred within the past 36 months of enrollment | *Minimum = $500 *Maximum = Cost of Attendance minus other aid *Aggregate Limit = $150,000 | *Borrowers who sign up to have their payments automatically debited will qualify for a 0.50% interest rate reduction | *Interest and principal payments are deferred while the borrower is in-school, up to a maximum of 10 years *6 month grace period | Wachovia | *Wachovia Website This online application will not be available until 5/17. Telephone = 800-338-2243 |
2007-2008 Suggested Alternative Loan Lenders
(For loans first disbursed before 7/1/08)
| 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 |
|---|---|---|---|---|---|---|---|---|
| Citiassist Loan - Citibank | None | *Interest rates range from Prime minus 0.50% to Prime plus 4.00%, based on borrower's credit | *Students may be enrolled Full Time, Half Time, or Less Than Half Time *Non-degree and certificate students may qualify *Funds may be used for past due balances incurred within the past 12 months of enrollment | *Minimum = None *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = None | *Borrowers who sign up to have their payments automatically debited will qualify for a 0.25% interest rate reduction *Borrowers who make their first 48 consecutive monthly payments on-time will qualify for a 0.50% 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 |
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Signature Student Loan- Sallie Mae | No origination fees; Repayment fees of up to 3.00%, based on credit at the time of repayment | *Interest rates range from Prime minus 1.00% to Prime plus 2.00%, based on borrower's credit | *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 12 months of enrollment | *Minimum = $500 *Maximum = Cost of Attendance less other financial aid *Aggregate Limit = None if applying with a cosigner | *Borrowers who sign up to have their payments automatically debited will qualify for a .50% interest rate reduction | *Interest and principal payments are deferred while the borrower is in-school *6 month grace period | Sallie Mae | *Sallie Mae Website Telephone = 800-695-3317 |
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
