Private loans are used to bridge the gap between what you have been awarded in federal aid and any remaining balance. These loans usually have higher interest rates. Students (or cosigners) must have a good credit history to obtain alternative loans. Most loan programs will allow students to apply with a credit-worthy cosigner. For more information, check out the lenders and programs listed below.

This is a list of suggested lenders; however, borrowers may choose to have their
loan(s) processed through any participating lender of their choice. If you wish to have a loan processed through another lender, please contact Senior Financial Aid Counselor Dawn Graviss at dgraviss@bellarmine.edu or by calling (502) 452-8124.

To apply for a loan or for more information about the loan program, click on the links below.

Student Loan Funding

• Loan: Signature Loan
• No income requirement
• No payments while in school

 

PNC

• Borrowers may choose to defer payments until after graduation
• A 0.25% interest rate reduction is available if you elect automatic payment deduction from a bank account
• A co-signer release option is available to borrowers after the initial 48 consecutive on-time monthly payments and subject to credit approval

Student Loan People

• Loan: Advantage Loan
• Enrollment Requirement: at least half-time
• Variable interest rates ranging from Prime -0.5% to Prime + 5%
• 0.25% interest rate reduction with auto debit
• 0.25% interest rate reduction after 48 on-time payments
• Cosigner release after borrower makes 48 on-time payments
• Deferment options: can defer payment up to 12 months after graduation

Chase

• Loan: Chase Select
• Enrollment requirement:  full-time, half-time, or less than half-time student
• No origination or repayment fees
• Interest rates based on the Prime rate
• 0.25 % interest rate reduction for auto debit
• Cosigner release option available

Citibank

• Loan: CitiAssist
• Variable interest rates as low as Prime -.50%
• No fees
• 0.25% interest rate reduction for auto debit
• 0.50% interest rate reduction after 48 consecutive, on-time payments
• Cosigner release option

Education Finance Partners

• Loan: Private Student Loan
• Variable interest loan rates as low as LIBOR + 2.5%
• Variable origination fee
• Cosigner release after the borrower makes 24 consecutive on-time payments and is credit approved

Edamerica

• Loan: Xtracredit
• Enrollment requirement: at least half-time
• Automatic deferment of interest and principal payments while in school
• No prepayment penalty

National City

• Loan: Undergraduate Loan
• Enrollment requirement: at least half-time
• Variable interest rate
• Variable origination fee
• Take up to 25 years to repay based on loan balance with no prepayment penalties
• $1,000 minimum loan
• Cosigner release option after 48 on-time payments and a creditworthiness test

Wachovia

• Loan: Alternative Wachovia Education Loan
• Enrollment requirement: must be at least half-time
• Variable interest rate ranges from Prime -0.50% to Prime + 4%
• No fees
• Interest rate reduction of 0.50% with auto debit
• Cosigner release option after 36 months of on-time payments
• Minimum loan amount of $500
• Make no payments with in school deferment up to 10 years
• No minimum enrollment requirement or Satisfactory Academic Progress requirements
• Can be used for non-degree seeking students
• Can be used for past due balances up to 3 years old

Key Bank

• Loan: Key Alternative Loan
• $500 minimum loan
• Interest rate with cosigner: LIBOR + as low as 2.99% but up to 6.99%; without cosigner: LIBOR + as low as 3.99% but up to 7.99%
• No fees
• Cosigner release option after 48 months
• Defer payment until 6 months after graduation

Access Group

• Loan: Private Loan
• Variable interest rate ranges from LIBOR + 2.77% to LIBOR + 6.45%
• No fees
• Enrollment: full-time, half-time, or less than half-time students eligible
• 0.50% interest rate reduction after 48 on-time payments
• 0.25% interest rate reduction for auto debit
• Cosigner release option

SunTrust

• Loan: Academic Answer
• Variable interest rates range from one-month LIBOR + 2.50%
• $300 principal reduction per loan at graduation
• No upfront or origination fees (a repayment fee may apply based on credit history)
• 0.25% interest rate reduction for auto debit
• Cosigner release option after 48 on-time payments