Graduate Loan Programs
Graduate Aid | Graduate Loan Programs | Graduate Financial Aid
Federal Stafford Loans:
Loans are both subsidized (government pays the interest while student is enrolled at least six hours) and unsubsidized (student is responsible for the interest). Current Federal Stafford subsidized and unsubsidized loans carry a fixed interest rate of 6.8%. The maximum student loan is a total of $20,500, not to exceed the student's cost of attendance (tuition, fees, books and living allowance). Students must be matriculated and taking at least six credits each semester to be eligible for a loan.
GRADUATE Federal PLUS loans:
Once a graduate student has exhausted their annual Federal Stafford loan borrowing, they are eligible to borrow under the GRADUATE Federal PLUS loan program up to the student's cost of attendance. Current GRADUATE Federal PLUS loans carry a fixed interest rate of 8.5%. Students apply directly with a lender of their choice. Students must complete entrance counseling prior to receiving a GRADUATE Federal PLUS loan.
Alternative/Private Loan Programs:
Various lenders offer private education loans, with different terms and interest rates available to students who are credit worthy or who apply with a credit worthy co-signor. These loans are non-need based and most of them can be deferred while the student is in school. Interest rates and terms vary according to credit worthiness. Students should carefully consider the overall costs of borrowing under alternative loan programs.
Choosing a Lender:
You are eligible to borrow Federal Stafford loans and Federal GRAD PLUS loans from any lender that participates in the Title IV Federal Family Education Loan program. You are eligible to borrow private education loans from any lender that participates in private loan originations. Your choice of lender will not affect the manner in which the financial aid office will process your loan application. We suggest that you consider lenders that have sophisticated student loan capabilities and a tradition of offering quality service to students and families.
As a service to our students who may be undecided on a lender, we share that in our experience the lenders listed below provide quality service. Our recommendation is made solely on an observed history of service; no inducement or payment of any kind has been made by these lenders.
LENDER COMPARISON CHART
Effective 7/1/2008
| Lender Name | Stafford Rate |
GRAD PLUS Rate | Alternative/Private Loan Name/Rate |
FFELP Borrower Benefit |
|
Lender Code: 824421
Phone: |
6.0% Sub 6.8% Unsub |
8.5% | Product not offered | .25% Interest rate reduction for Bank of America checking and savings customers |
|
Lender Code: 803000 Phone: |
6.0% Sub 6.8% Unsub |
8.5% | Chase Select Loan Variable rate per borrower credit score |
.25% Interest rate reduction with auto-debit ACH payment |
|
Lender Code: 826878
Phone: |
6.0% Sub 6.8% Unsub |
8.5% | CitiAssist Loan
Variable rate per borrower credit score |
.25% Interest rate reduction with auto-debit ACH payment .50 Interest rate reduction when you enter repayment Unlimited opportunities to earn back interest rate reduction if ever lost due to late payment |
|
Lender Code: |
6.0% Sub 6.8% Unsub |
8.5% | Key Alternative Loan Variable rate per borrower credit score |
.25% Interest rate reduction with auto-debit ACH payment |
|
Lender Code: Phone: |
6.0% Sub 6.8% Unsub |
8.5% | Product not offered | .25% Interest rate reduction with auto-debit ACH payment |
Office of the Ombudsman:
The Department of Education has established the Office of the Ombudsman to reconcile any disputes between borrower and lender or guaranty agency which are not able to be resolved through any other means. The toll-free number for this office is 1-877-557-2575.
Nazareth College
4245 East Avenue, Rochester, NY 14618
