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The University of New England invites lenders to provide information about their products through a Request for Information (RFI) process. Based on the information received, we have chosen seven lenders to feature on our Recommended Lender list. These lenders were chosen based on the interest rates, borrower benefits and customer service standards that they offer. You do not have to borrow from one of the lenders on the list. In addition, we suggest you thoroughly research lenders to find the loan that best suits the needs of you and your family. Before considering an alternative loan, we suggest you take full advantage of federal loans for which you are eligible.
Citizens Bank Student Loan
Also available for parents
Call Citizens Bank at 1-800-708-6684
Web: Citizens Bank
Borrower Eligibility
Student must be enrolled at least half-time in a degree-seeking program. Parent or another qualified individual can borrow on behalf of undergraduate or graduate student.
Interest Rate
- Variable Rate Option: Rates as low as LIBOR + 2.50%
- Fixed Rate Option: Rates as low as 5.75%
Fees
0% Fees
Minimum & Maximum Allowed
Minimum loan amount is $1,000, up to the cost of education per year.
Repayment Terms
Up to 15 years
Deferment Options
- In-School Period - Student borrowers have the option to defer principal and interest or defer principal and pay interest as long as the student borrower remains enrolled at an approved school.
- Residency or Internship Program Participation - If the student borrower enrolls in an eligible internship or residency program as defined by lender, they are eligible for a maximum of 48 months of deferment.
- Military Deferment - Student borrowers who are members of the National Guard or the Ready Reserves called to active duty for a period of more than 30 days or a regular active-duty member of the Armed Forces reassigned to another duty station due to a military mobilization may request a military deferment.
- Repayment and deferment options may vary for parent borrowers. For full details, visit the website.
Borrower Benefits
- 0.25% Interest Rate reduction for Loyalty Benefit (customer of Citizens Bank or prior student loan with Citizens).
- 0.25% Interest Rate reduction for automating your regular monthly payment out of a bank account.
- Choice of Fixed or Variable Rate: Upon application, all borrowers will have a choice of a fixed or variable rate loan.
- Co-signer Release - The borrower may apply for co-signer release after making their first 36 consecutive payments on-time.* The student borrower must meet credit and income guidelines at the time of application for the release.
- International Student Co-signer Release – International students may also apply for co-signer release by demonstrating U.S. citizenship or permanent resident status and making their first 36 consecutive payments on-time.*
- Loan Forgiveness: In the unfortunate event of the student borrower’s death or total and permanent disability, The Citizens Bank Student Loan will be forgiven.
- Choice of Repayment Options: The Citizens Bank Student Loan provides students with a choice of repayment options. Students may choose from:
- Deferred: Students defer payment until 6 months after graduation.
- Interest-only: Students make interest-only payments while in school.
- Immediate: Students make payments while in school.
- No Prepayment Penalty: There is no prepayment penalty for The Citizens Bank Student Loan.
- Benefits may vary for parent borrowers. For full details, visit the website.
Disclosure Information
Discover Undergraduate Loans
Call Discover Undergraduate Loans at 1-877-728-3030
Web: Discover Undergraduate Loans
Borrower Eligibility
- Be enrolled at least half-time in a 4- or 5-year undergraduate program at an eligible school
- Be seeking a degree
- Be making satisfactory academic progress as defined by your school
- Be a US citizen, permanent resident or international student (International students require a Social Security number and a cosigner)
- Be 18 years or older at the time you apply
- Pass a credit check
Interest Rate
- Fixed interest rates from 6.24% APR to 12.49% APR
- Variable interest rates based on 3-month LIBOR + Margin (starting rates currently range from 3.87% APR to 10.12% APR)
Fees
0% Fees
Minimum & Maximum Allowed
- Up to 100% of the cost of attendance minus other financial aid
- $1,000 minimum on each loan
Repayment Terms
Up to 15 years
Deferment Options
Automatic in-school deferment while you are enrolled in school at least half-time and no payments are due until 6 months after you graduate or your enrollment status drops below half-time. You can defer payments while:
- On active military duty (up to 3 years)
- In public service with certain organizations (up to 3 years)
- In a health professions residency program (up to 5 years)
Borrower Benefits
- 0.25% Auto Debit Reward
- 1% cash rewards for good grades
Disclosure Information
FAME The Maine Loan
Call FAME at 1-800-228-3734
Web: FAME
Borrower Eligibility
Student must be enrolled at least half time (6 credits or more for undergraduate students) in a degree seeking program. Co-borrower may be required.
Interest Rate
Fixed interest rates based on choice of repayment options:
- 4.99% for Immediate Repayment
- 5.99% For Interest Only Payments
- 6.99% For Deferment of Principal & Interest Payments
Fees
None
Minimum & Maximum Allowed
Minimum 10 year term, Maximum 15 year term
Repayment Terms
A wide range of flexible repayment terms up to 15 years
Deferment Options
Begin immediate repayment or defer your payments while in school
- Make interest only payments
- Defer principal and interest of loan
Borrower Benefits
.25% Auto Debit Reward
Sallie Mae Student Loans
Sallie Mae at 1-855-429-9759
Web: Sallie Mae
Terms and Conditions
Borrower Eligibility
Available to students enrolled full-time, half-time and less than half-time.
Interest Rate
Undergraduate
-
Variable Rates: 1-Month LIBOR + 2.00% to LIBOR + 9.88%
-
Fixed Rates: 5.74% APR to 11.85% APR
Graduate Medical School Loan, Dental School Loan, Health Professions Loan
- Variable Rates: 1-Month LIBOR + 2.00% LIBOR + 7.25%
- Fixed Rates: 6.25% APR to 9.16% APR
Fees
No origination fees and no prepayment penalty.
Minimum & Maximum Allowed
Borrow up to 100% of your school-certified education costs (minimum $1,000).
Repayment Terms
Undergraduate: 5-15 years. Repayment term will vary based on loan amount and year in school.
Graduate: 15-20 years. Based on Graduate/Professional Degree Loan Program
Deferment Options
Pay now or later—defer your payments until after school or choose an in-school repayment option that fits your needs.
- Pay monthly interest
- Pay $25 per month
- Defer payments
Borrower Benefits
- Auto Debit Savings — 0.25 percentage point interest rate reduction for automatic debit enrollment.
- Graduated Repayment Period — Budget flexibility for graduating students.
- Cosigner Release: Available as early as 12 months after borrower graduates and makes 12 consecutive on-time payments of full principal and interest and meet certain credit requirements.
-
Free quarterly FICO® Credit Score — Borrowers with an eligible loan may receive their FICO® Score quarterly.
-
Death and disability loan forgiveness.
Disclosure Information
Suntrust Custom Choice Loan
Call Suntrust at 1-866-232-3889
Web: SunTrust
Hours: Monday - Friday (9AM - 8PM)
Borrower Eligibility
Undergraduate and graduate students must be enrolled at least half-time. Borrower or cosigner must be a U.S. citizen or permanent resident.
Interest Rate
- Fixed interest rate: 4.75% to 11.25%
- Variable interest rate: 1M LIBOR + 2.99% to 1M LIBOR + 8.99%
Fees
0% Fees
Minimum & Maximum Allowed
- Minimum: $1,001
- Maximum: $150,000 (inclusive of all student loan debt)
Repayment Terms
Applicants Choice
Terms: 5, 10 or 15* years
Options:
- Fully Deferred Repayment
- Interest Only Repayment
- Partial Interest Repayment*
- Immediate Repayment
* Available for loan amounts of $5,000 or more.
Deferment Options
Both principal and interest can be deferred for up to 60 months from the date of the first disbursement of the loan while the student remains enrolled at least half-time, plus 180 days after graduation or dropping below half-time status.
Borrower Benefits
- Apply between June 1 and August 31, 2015 and receive a 0.75% interest rate reduction on your loan
- Addition rate reductions for automatic payments
- ACH Reduction: Borrowers can save up to 0.50% for auto debit. (Interest rate reduction of 0.25% for borrowers who elect to have monthly principal and interest payments transferred electronically from a bank account. Additional 0.25% for auto debit of payments from a SunTrust deposit account.)
- Graduation Reward: Upon graduation with a bachelor’s degree or higher, all borrowers are eligible to request a 1% reduction to the principal balance per loan, applied to the full disbursement amount.
- Cosigner Release: Available to borrowers who have made 48 consecutive on-time payments.
Disclosure Information
Union Federal Private Student Loan
Call Union Federal at 1-866-513-8445
Web: Union Federal Private Student Loan
Borrower Eligibility
- Undergraduate and graduate students must be enrolled at least half-time.
- On a student only application, the applicant must be a U.S. citizen or permanent resident.
- International students must apply with an eligible U.S. cosigner.
- Past-due balance option available
Interest Rate
- Variable interest rate: 2.99% APR to 7.69% APR
- Fixed interest rate: 4.751% APR to 9.762% APR
Fees
0% Fees
Minimum & Maximum Allowed
- Minimum: $1,001
- Maximum: $150,000 (inclusive of all student loan debt)
Repayment Terms
Applicants can select from 3 repayment terms (7, 10 or 15* years) and from 4 repayment options (Fully Deferred, Interest Only, Partial Interest* or Immediate Repayment).
* Only available for loan amounts of $5,000 or more.
Deferment Options
Both principal and interest can be deferred for up to 60 months from the date of the first disbursement of the loan while the student remains enrolled at least half-time, plus 180 days after graduation or dropping below half-time status.
Borrower Benefits
- ACH Reduction: 0.25% interest rate reduction for borrowers who make monthly electronic funds transfer (EFT) payments of principal and interest from a savings or checking account.
- On-Time Payment: 0.25% interest rate reduction for borrowers who make 36 on-time monthly principal and interest payments.
- Additional 0.25% interest rate reduction for automatic payments from a SunTrust Bank deposit account
- 1.00% principle reduction per loan at graduation
- Student loan protection in case of death/disability
- Cosigner Release: Available to borrowers who have made 36 consecutive on-time payments.
Disclosure Information
Wells Fargo Collegiate Loan
ALSO AVAILABLE FOR PARENTS
Web: Wells Fargo Parent Student Loans
Call Wells Fargo at 1-800-378-5526
Web: Wells Fargo
Borrower Eligibility
Full, half or less than half time enrollment, seeking a degree, license or certificate.
Interest Rate
- Fixed: 5.94% APR to 11.26% APR with discounts*
- Variable: 4.34% APR to 10.30% APR with discounts*
*The quoted interest rate and APR includes a customer discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. The borrower may be eligible for a relationship interest rate discount if they or their cosigner have a qualifying Wells Fargo product prior to their final loan disclosure. See Wells Fargo website for more information on qualifying products.
Fees
0% Fees
Minimum & Maximum Allowed
- Min: $1,000
- Max: Cost of education, less any financial aid
Repayment Terms
Up to 15 years
Deferment Options
No payments required while in-school, 6 month grace period and up to 4 years of deferment.
Borrower Benefits
- Interest Rate Reduction of .25% to .75% for one or more of the following: .25% ACH reduction, .25% prior loan with Wells Fargo relationship discount, .25% to .5% for certain checking accounts
- Co-signer release available to borrowers who have made the first 24 consecutive monthly payments on time and meets certain credit requirements
Disclosure Information
Sallie Mae Parent Loan
Sallie Mae at 1-855-429-9759
Web: Sallie Mae
Borrower Eligibility
- You may borrow on behalf of a student who is enrolled full time, half time, or less than half time.
- Borrower, cosigner and student must be U.S. citizens or permanent residents.
- Parents and other credit-worthy individuals may be the borrower. The student may not be the borrower.
Interest Rate
- Variable Rates: 1-Month LIBOR + 3.50% to LIBOR + 9.88%
- Fixed Rates: 5.74% APR to 12.87% APR
Fees
- No origination fees and no prepayment penalty
Minimum & Maximum Allowed
- 10 years of principal and interest payments
Repayment Terms
- Interest Repayment: Borrowers make monthly interest payments while the student is enrolled in school for up to 48 months, followed by principal and interest payments
- Principal and Interest Repayment: Borrowers make monthly principal and interest payments while the student is enrolled in school and through the life of the loan
Borrower Benefits
- Auto Debit Savings — 0.25 percentage point interest rate reduction for auto debit enrollment
- Quarterly FICO Credit Score is available online
- Student Death and Disability Loan Forgiveness
Disclosure Information