The following is our Recommended Lender List for Alternative loans.  This list has been established by our institution through a rigorous examination of a combination of the stability and longevity of each of the lenders, their customer service, and the terms and conditions offered to their borrowers. For more information, you can access each lender's website by clicking the “Apply Now” buttons.

You may apply with lender for your loan(s) that is not listed here.

Alternative loans are non-federal loans that are based upon credit. We encourage you to borrower conservatively and exhaust all Federal loan eligibility before borrowing Alternative loans.

These benefits and services are subject to change and are not guaranteed by the OUHSC Financial Aid Office or by the individual lenders. Should you have questions, please contact the lender for more information regarding benefits and services.

 
     
     
Lender Information
Borrower Benefits
Services
     

Chase Select Loan
    • Origination fees—None
    • Repayment fees—None
    • In school interest rates; also repayment interest rates
      • With a cosigner: LIBOR + 4.40% to LIBOR + 9.75%
      • Without a cosigner: LIBOR + 9%
    • Interest rates DO vary based on credit tiers
    • Capitalization of interest
      • Once upon entering repayment
    • 0.25% interest rate reduction for having principal and interest payments automatically debited from a checking or savings account
    • Cosigner release is available after the borrower makes 36 consecutive payments on time; borrower must be creditworthy at time of request to release the cosigner
    • Grace period of 6 months
    • Students have a 20 year term to pay balances up to $30,000 and 25 year term for balances $30,000 or more
    • Convenient combined billing of other Chase serviced loans
    • Servicer of the loans—Chase
    • Customer service information

Citibank—Graduate and Undergraduate

    • Origination fees—None
      • Repayment fees—0% to 6%
      • In school interest rates; also repayment interest rates
        • LIBOR + 4.75% to LIBOR + 11.5%
    • Interest rates DO vary based on credit tiers
    • Capitalization of interest
      • Once upon entering repayment and once after end of any period of deferment or forbearance
    • .25% Interest Rate Reduction for students who have their loan payments withdrawn electronically from their bank accounts through Citibank's auto-debit payment program service.
    • Cosigner release is available after the borrower makes the first 24 payments on time; borrower must be creditworthy at time of request to release the cosigner
    • Grace period of 6 months (undergraduate and graduate)
    • Undergraduate and graduate students have a 20 year repayment term
    • Borrowers can utilized Standard or Graduated repayment terms in repayment
    • Convenient combined billing of other Citibank serviced loans
    • Servicer of the loans—Citibank
    • Customer service information

Citibank—Health Professions

    • Origination fees—None
    • Repayment fees—0% to 3.5%
    • In school interest rates; also repayment interest rates
      • LIBOR + 4.75% to LIBOR + 9.0%
    • Interest rates DO vary based on credit tiers
    • Capitalization of interest
      • Once upon entering repayment and once after end of any period of deferment or forbearance
    • .25% Interest Rate Reduction for students who have their loan payments withdrawn electronically from their bank accounts through Citibank's auto-debit payment program service
    • Cosigner release is available after the borrower makes the first 24 payments on time; borrower must be creditworthy at time of request to release the cosigner
    • Grace period- 9 months (health professions)
    • Health professions students have a 25 year repayment term
    • Borrowers can utilized Standard or Graduated repayment terms in repayment
    • Convenient combined billing of other Citibank serviced loans
    • Servicer of the loans—Citibank
    • Customer service information

Discover Student Loans
    • Origination fees—None
    • Repayment fees—None
    • In school interest rates; also repayment interest rates
      • Prime + 1% to Prime + 7.75%
    • Interest rates DO vary based on credit tiers
    • Capitalization of interest
      • Once upon entering repayment
    • 0.25% interest rate reduction on all loans when payments are set up for automatic debit
    • Graduation Reward of 2% of outstanding principal balance at graduation
    • Cosigner not required but may increase chances for approval and a lower interest rate
    • Grace period—9 months after graduation (for graduate borrowers) or 6 months after graduation (for undergraduate borrowers) or 6 months after dropping below half-time
    • Up to a 20 year repayment term
 

EdAccess Private Student Loan
    • Disbursement fees—0% to 4% (fees are waived if student chooses to pay interest while in school)
    • Repayment fees—None
    • In school interest rates; also repayment interest rates
      • LIBOR + 3.90% to LIBOR + 8.90%
    • Interest rates DO vary based on credit tiers
    • Calculation of interest
      • Once upon entering repayment
    • 1.00% interest rate reduction once a student repays 10% of loan balance
    • Cosigner release available after making 24 on-time payments
    • 30 no fee return fee policy
    • 6 month grace period
    • Repayment term of 120 months
 
    • Servicer of the loans—Fynanz
    • Customer service information

Sallie Mae Smart Option Student Loan

    • Disbursement fees—0% to 3%
    • Repayment fees—None
    • In school interest rates; also repayment interest rates
      • With a cosigner: LIBOR + 5.75% to LIBOR + 10.5%
      • Without a cosigner: LIBOR + 5.75% to LIBOR + 11.5%
    • Interest rates DO vary based on credit tiers
    • Calculation of interest
      • Monthly interest only payments required during in school and separation period
    • 0.25% interest rate reduction is available for auto debit
    • 0.25% interest rate reduction is available if the borrower provides a valid e-mail address and elects to receive all servicing communications via e-mail
    • Borrowers may apply for cosigner release after successful completion of their education. Borrowers must meet applicable credit requirements at that time. Other terms and conditions apply.
    • 6 month grace period
    • Length of repayment term dependent upon loan balance
    • Upromise reward service to help students and families pay down loan balance
    • Combined billing for Sallie Mae-serviced Stafford and private loans. Certain restrictions apply
 
    • Servicer of the loans—Sallie Mae
    • Customer service information

Wells Fargo MedCAP Loan

    • Origination fees—None
    • Repayment fees—None
    • In school interest rates; also repayment interest rates
      • To view current interest rates, please visit here
    • Interest rates DO vary based on credit tiers
    • Capitalization of interest
      • Once upon entering repayment and once following period(s) of deferment or forbearance
    • Combined billing for Wells Fargo-serviced Stafford and private loans
    • Wells Fargo Student Graduation Benefit program interest rate reduction of 0.50% at repayment upon verification of graduation
    • 0.25% interest rate reduction when Wells Fargo automatically withdraws payments from a personal checking or savings account
    • 6 month or 36 month grace period (dependent on discipline)
    • Servicer of the loans—Wells Fargo
    • Customer service information