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CSLF First Rate Solutions Loan

The Connecticut Student Loan Foundation (CSLF) of Rocky Hill, Connecticut, offers an alternative loan which can be used as a sponsor loan. A parent may apply for a loan on behalf of a student and this sponsor accepts full responsibility to repay the loan. The First Rate Solutions loan has a variable interest rate, but it's capped at 10%.

THE FIRST RATE SOLUTIONS LOAN AT A GLANCE:
* Parent may borrow loan on behalf of a student and accepts full responsibility for the repayment of the loan; student does NOT sign loan documents;
* interest rate is variable and changes every three months;
* interest rate is based on the Wall Street Journal Prime Rate index plus 2%;
* interest rate is capped at 10%;
* fees include a $150 origination fee and a 2% reserve fee; fees are taken out of the disbursement;
* repayment terms range from 10 years up to 30 years, depending on the amount borrowed;
* repayment begins six months after student graduates or leaves school; interest is billed every three months during the in-school and grace period and may be paid or capitalized on the principal each year;
* minimum annual loan amount is $2500;
* maximum annual loan amount is $20,000;
* loan aggregate amount is $100,000;
* forbearance (postponement of payments) is available for times of unemployment, illness, or other economic hardships;
* payments may be postponed if student attends graduate school in the future;
* no pre-payment penalty.

LOAN SERVICER:
Granite State Loan Servicing, Manchester, New Hampshire

PROS & CONS OF THE FIRST RATE SOLUTIONS LOAN:
Pros: Interest rate cap; six month grace period; several forbearance options.

Cons: Fees; average margin over the interest rate index.

HOW TO APPLY:
Apply over the phone at 1-800-237-9721, or
Visit the CSLF web site to print an application.
 



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