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Private College Loans

Private Loan Programs

You may apply for these loans to help cover the educational costs you will incur during one term or one academic year. Generally, these are not need-based loans, but rather loans based on such factors as creditworthiness and stability of income, residence, or employment. Many of the loan programs offer deferment options while you are in school. You will be able to apply for preapproval by phone, fax, or mail. Some programs will require certification of you enrollment status and/or educational costs by the Excelsior College Financial Aid Office. Remember, you must repay these funds to the lender. If the loan program you have chosen requires verification of admission or enrollment status, please contact the Financial Aid Office.
Wells Fargo Education Connection Loan

Provided by Wells Fargo Education Financial Services
800-658-3567 or http://wfefs.wellsfargo.com/jump/excelsior.html

The Wells Fargo Education Connection Loan is an ideal solution for students at Excelsior College. The loan is designed for students who want additional training to change careers, or who are working and want to enhance their current careers. Students may borrow up to $7,000 annually. The interest rate is as low as the Prime Rate + 0 percent, and there are no origination, disbursement, or repayment fees.

The Wells Fargo Education Connection Loan's affordable rates and flexible repayment options make paying for your education easier than ever. A generous repayment period (up to 10 years) and competitive interest rates mean your monthly payments will be affordable. You can lower your interest rate by making your payments automatically from a checking or savings account. (0.50% from a Wells Fargo account or 0.25% from a non-Wells Fargo account) And, when you pay on time every month for the first 48 months, Wells Fargo will lower the interest rate again.

To apply, call Wells Fargo at 1-800-658-3567 or go online at www.wellsfargo.com/student. If you apply with a cosigner, both of you should have the following information ready beforehand. If your cosigner is not present with you when you sign on, you will need his or her information and permission to apply. (A cosigner may improve the likelihood of an approved application.)

  • Social Security number(s)
  • Personal reference(s) — including contact information
  • Employment and income information — employer’s address and phone number, annual gross income, and previous employment information (All students who apply on their own and all cosigners must complete this requirement.)
  • Requested loan amount
  • School information — name, city, state, your current grade level, and anticipated graduation date (Required of the student borrower only.)
  • Residence information — status (own/rent) and monthly housing payment (All students who apply on their own and all cosigners must complete this requirement.)

After you submit your application, it will be evaluated for pre-approval status. You will receive a response online within a few minutes. Be sure to record your application number for your reference.

CitiAssist Loan
Offered by Citibank
800-745-5473 or www.studentloan.com

Enrolled students are eligible to apply for the CitiAssist Loan, although no specific enrollment status (full-time, half-time) is required. If you have not established a credit history or are not a U.S. citizen or permanent resident, a co-signer is required. There are no loan fees, and there is no minimum loan amount. You may borrow up to the cost of education, less other financial aid received. The interest is variable and adjusted quarterly. There are no loan payments required while in school. To apply, you may mail or fax the completed loan application to Citibank.
Offered by Nellie Mae
800-634-9308 or www.nelliemae.com

Undergraduate students who are enrolled in an Excelsior College degree program on at least a half-time basis are eligible to apply for the EXCEL Loan. Yo may borrow from $500 up to the cost of education, less other financial aid received. You may select a montly variable interest rate or an annual variable interest rate. There are flexible repayment options. You apply by sending the completed and signed loan application (included in the application brochure) to Nellie Mae.
Offered by Nellie Mae
800-634-9308 or www.nelliemae.com

Half-time graduate-level enrolled status and satisfactory credit history are required for the student borrower; creditworthiness and total monthly credit obligations not exceeding 40% of the monthly income are required for the co-borrower. The annual loan amount for students borrowing with a co-borrower is $2,000 or up to the cost of education. The annual amount for students borrowing on their own is $2,000 to $7,000. You may select a monthly variable interest rate or an annual variable interest rate. There are three repayment options, including in-school deferment. With a co-borrower, the guarantee fee varies.


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