Private credit-based educational loans are offered by private commercial lenders or state loan authorities for the purpose of financing college costs. Qualifications and eligibility criteria vary by lender. Most lenders require a credit-worthy U.S. borrower and sometimes a co-borrower. The interest rate and fees are determined by your credit history, your debt-to-income ratio and that of your co-signer. The interest rates for most private educational loans are variable and are most often based on a range using Prime or the London Interbank Offered Rates (LIBOR) as a base and add an additional percentage based on the borrower's credit. The current Prime and LIBOR rates are available at the Federal Reserve Statistical Release.

Students may borrow up to the cost of attendance less any other financial aid received.

Before making a borrowing decision, students and families should consider the following:

• Exhaust federal loans for both students and parents - Before applying for private loans it is important for you to ensure that you have reviewed all of your federal loan options and eligibility. Federal loans generally have better benefits and lower, fixed interest rates. Contact the Office of Financial Aid to see if you have any remaining federal loan eligibility. We advise parents and graduate students to consider the Federal Parent PLUS Loan. For more information on the PLUS Loan, visit the Loan Office website or contact the Loan Office at Loans@Brown.edu.

• Be an educated consumer – Learn the language of student loans, including terms such as interest, deferment, repayment, capitalization, forbearance, default, etc. A  glossary is available.

• Borrow only what you need – Avoid the temptation to borrow more; remember, you must pay back every dollar borrowed plus interest.

• Recognize your loan term commitment – Realize that borrowing loans can impact your financial choices and priorities after graduation.

• How soon will I enter repayment? Are interest-only payments required while I am enrolled?

• What will my monthly payment be when I enter repayment? Calculate your estimated loan repayment on the lender’s site. Keep in mind what you are borrowing and monthly payment as you borrow from year to year.

Click here for a detailed private education loan checklist.

Brown University is committed to offering a variety of options to help students and their families meet their college expenses. In an effort to assist students and families in choosing a lender, the Office of Financial Aid has compiled a list of institutions we consider to offer competitive interest rates, fees, quality customer service, a variety of loan products, and loan repayment options. The Office of Financial Aid surveys lenders annually to provide information regarding products and benefits. The information presented in our Lender List was compiled from information received from the lenders as of September 2010 and is available in the Office of Financial Aid upon request. Be assured that Brown receives no incentive, financial or otherwise, from any lender whether or not they are designated as preferred.

This list should only be used as a guide or starting point for analysis. It is up to the student to investigate these options cautiously and thoroughly. We recommend you review the Private Education Loan Checklist before making a borrowing decision.

You are under no obligation to borrow from one of these lenders and you are free to choose to borrow from a lender who is not on the list. If you would like to borrow from a lender who is not on this list, you can simply select the lender of your choice and apply directly with that lender. The lender will be responsible for getting your loan information to us. The University will certify a loan with ANY lender you choose. Students will suffer no penalty for choosing a lender that is not on the list.

You may borrow up to the cost of education minus any aid received.

Brown University Preferred Lender List (last reviewed March 2013)

Lender

Undergraduate Students

Graduate Students

Medical Students

 

 

 

 

Citizens Bank

TruFit Student Loan:  students enrolled at least half-time in a degree granting program; all applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

TruFit Student Loan:  students enrolled at least half-time in a degree granting program; all applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

TruFit Student Loan:  students enrolled at least half-time in a degree granting program; all applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

Discover Student Loans

Discover Certified Private Loan:   Available to students, at least 16 years of age, attending school at least half-time and making satisfactory academic progress. All applicants must be a U.S. citizen or permanent resident, or an international student with a U.S. citizen or permanent resident cosigner.

Discover Certified Private Loan:   Available for students attending school at least half-time and making satisfactory academic progress.  All applicants must be a U.S. citizen or permanent resident, or an international student with a U.S. citizen or permanent resident cosigner.

Discover Health Professions Loan: Available to graduate health professions students attending school at least half-time and making satisfactory academic progress.  All applicants must be a U.S. citizen or permanent resident, or an international student with a U.S. citizen or permanent resident cosigner.

RISLA

Rhode Island Family Education Loan (RIFEL):  for Rhode Island residents or non-residents attending an eligible Rhode Island school.

Rhode Island Family Education Loan (RIFEL):  for Rhode Island residents or non-residents attending an eligible Rhode Island school.

N/A

Sallie Mae

Sallie Mae Smart Option Loan*: for students enrolled in an eligible program.  All applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

*Borrowers have two options when choosing the Smart Option Loan.  You can choose the Fixed Repayment loan (make $25 monthly payments while in school), or the Interest Only loan option (make full interest payments while you are in school). 

Sallie Mae Smart Option Loan*: for students enrolled in an eligible program.  All applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

*Borrowers have two options when choosing the Smart Option Loan.  You can choose the Fixed Repayment loan (make $25 monthly payments while in school), or the Interest Only loan option (make full interest payments while you are in school).

Sallie Mae Smart Option Loan*: medical school students enrolled in an eligible program.  All applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

*Borrowers have two options when choosing the Smart Option Loan.  You can choose the Fixed Repayment loan (make $25 monthly payments while in school), or the Interest Only loan option (make full interest payments while you are in school). 

Sallie Mae Residency and Relocation Loan: students enrolled in their final year of study at an allopathic or osteopathic school of medicine and expect to be awarded an M.D. or D.O. degree during the same academic period that they apply for the loan.  All applicants must be a US citizen or permanent residents, or an international student attending a US medical school who has a US citizen or permanent resident cosigner. 

Wells Fargo

Wells Fargo Collegiate Loan:  students enrolled in a degree, certificate, or license program.  All applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

The Wells Fargo Graduate Loan: students earning a degree and making satisfactory academic progress in an eligible program at an eligible school.  All applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

 

The Wells Fargo MedCAP Loan: students enrolled in an approved allopathic or osteopathic medical program or other health-related programs offered by an approved medical school.  All applicants must be a US citizen or permanent resident, or an international student with a US citizen or permanent resident cosigner.

 

Wells Fargo MedCAP-XTRA Loan: is for Wells Fargo or Wachovia customers in their final year at an approved allopathic or osteopathic school or those enrolled at an approved school in one of nine other disciplines (please see website for details). 

Other:

The Wells Fargo Student Loan for Parent or Sponsor is for parents of currently enrolled, degree seeking, undergraduate students at an eligible school.  Applicants must be US citizens who meet credit history, income, and employment requirements. 

The Wells Fargo Private Consolidation Loan allows students to consolidate private student loans into one loan with one monthly payment.

Please contact the lender for further information regarding interest rate, terms and conditions.

Your private education lender will require you to complete a Private Education Loan Applicant Self-Certification Form.  You should use the version the lender provides as it may contain pre-populated information. 

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