Private Educational Loans for Less
Than Half-Time Enrollment
If you need funding for a term when you are enrolled in fewer than 6 credit hours, you may choose to apply for a private educational loan. Approval of private loans is dependent upon the applicant's satisfactory credit history.
Many student loan providers offer private loans for less than half-time enrollment. Following are several loan products that have worked well for Penn State and Dickinson students. They are all from reputable companies that also offer Federal Stafford Loans and Grad PLUS loans. You should examine the information that follows to choose the best loan product for your needs. Please keep in mind that these are only a few of many options. We will happily process any private loan that you wish to pursue. Please note that individual lender terms are subject to change. You should contact the lender directly to confirm these details.
| |
Citibank CitiAssist Law Loan |
Comprehensive Access Loan by Access Group |
| Maximum Loan Amount | Cost of attendance minus any other financial aid | Cost of attendance minus any other financial aid |
| Minimum Loan Amount | None | $1,000 |
| Interest Rate | Prime -0.5%,+ 0.5%, +1.%, +2%, +3% or +4% dependant upon credit rating at time of application | 3-month LIBOR + 2.55%, 3.75%, or 6.45%, dependant upon credit rating at time of application |
| Fees Deducted at Disbursement | None | None |
| When Repayment Begins | 9 months after graduation | 9 months after graduation |
| Standard Repayment Term | 20 years | 20 years |
| Loan Servicer | Citibank | Access Group |
| Maximum Aggregate Loan Amount | None | None |
| Repayment Incentives | 0.5% interest rate reduction after 48 on-time payments. 0.25% interest rate reduction for auto-debit of payment | 0.5% interest rate reduction after 48 on-time payments. 0.25% interest rate reduction for auto-debit of payment |
| How to Apply | Apply online or call 1-800-394-7035 | Apply online or call 1-800-282-1550 |
Interest Rates as of 3/7/2008:
3 month LIBOR = 2.94%
PRIME =6.00%
