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Private LoanLender Panel
Moderated by:Mike Mutziger, Great Lakes
Bank of North DakotaContact Information
• Roxy Jacobson, Student Loans Communication Specialist
• Phone: 701-328-5785
• Email: [email protected]
• Tom Ternes, New Loans Supervisor
• Phone: 701-328-5658
• Email: [email protected]
• New Loans Team -701-328-5763
DealStudentLoan.nd.gov
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Bank of North Dakota
• Eligibility Requirements– State of legal residence OR school attending must be located in
one of the following states: • North Dakota, South Dakota, Minnesota, Montana, Wyoming or Wisconsin.
– U.S. citizen
– Meeting SAP
– No loans in default.
– Complete the FAFSA
– School Certification
– Meet credit criteria or have creditworthy cosigner
• Credit Checks– Credit report is good for 180 days– School certification is required
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Bank of North Dakota
• Rates and Terms– Variable & Fixed rates (No risk based pricing)
– 3.75% Administrative Fee. (Fee paid for ND residents)
– 6 months grace period ; 10-25 year repayment terms.
– .25% reduction for ACH
– Deferment and Forbearance options
• Co-signer Requirements– Meets credit criteria – A cosigner release after 24 consecutive on-time
regular payments & borrower must be creditworthy4
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Contact Information
• Atiya M. Coleman Young, Account ExecutiveEmail:
[email protected]: 630-861-7468
• Website: www.citizensone.com/student-loans• School Services: 888-333-0169• Borrower Services: 800-708-6684
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Eligibility Requirements• Execute an application, promissory note, and any other
supporting documentation such as income verification.• Satisfy all credit requirements.• Have no prior student loan defaults.• Be at least 18 years of age and have attained the age of majority
in their state of residence. • Be a U.S. citizen or permanent resident with a valid U.S Social
Security number living at a U.S. address.
Citizens One Student Loan/Parent Loan
Additional Requirements for Parent Loan•Is not limited to parents, relatives or legal guardians.•The student whose education the funds will benefit must be attending an eligible school.•The student must be a U.S. citizen or permanent resident.
Credit Checks•Good for 90 days•School needs to certify/disburse within 180 days
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Co-signer Requirements• Have attained the age of majority in their state of residence. • Be a U.S. citizen or permanent resident living at a U.S. address. • Satisfy all credit requirements. • Option for Co-signer is not available for Parent Loan
Citizens One Student Loan/Parent Loan
The Student Loan •Range of rates which will vary by student’s degree and field of study. • Interest rates are based on FICO scores. For loans with a cosigner present, the approved interest rates will be driven by the cosigner’s credit score. •Offers borrowers a choice of a fixed or variable interest rate.
The Parent Loan•Fixed rate only loan and is priced to be an attractive alternative to the federal Parent PLUS loan for approved applicants. •Interest rates will be driven by the borrowers choice of repayment term. •We offer immediate and interest-only repayment with a choice of a 5 or 10 year term.
Rates and Terms
All borrowers can save up to .50 percentage points off their interest rate with a combination of discounts.
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Discover Student LoansContact Information
• Rebecca Hedrick, Relationship ManagerPhone: 316.744.2610Email: [email protected]
• Priority Services (For FAAs):[email protected]
• Customer Service (For Borrowers) 24/7:800-STUDENTServicemembers:844-DFS-4MIL
• www.DiscoverStudentLoans.com
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Discover Student Loans
• Eligibility Requirements– Enrolled at least half-time and making satisfactory academic
progress in an undergraduate, graduate, health professions, law, MBA or other business degree
– Residency and bar study loans available– Degree seeking– US citizen, permanent resident or international student
(International students require a co-signer)– Must pass a credit check
• Credit Checks– Good for 120 days– Schools should certify as soon as possible
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Discover Student Loans
• Rates and Terms– Zero Fees for the life of their loan – Variable and Fixed rate loan options– 1% Cash Rewards for Good Grades– 0.25% Auto Debit Reward
• Co-signer Requirements– At least 18 years old – US citizen or permanent resident – Must pass a credit check
First Marblehead Corporation
First Marblehead is a leading provider of private student loan solutions for lenders, credit unions, and schools. We help meet the growing demand for education financing by offering clients a complete and integrated suite of outsourced services for private student loans, including underwriting, loan origination, and portfolio risk management.
Julie Finn, Relationship Manager(217) [email protected]
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Lender Partners
• SunTrust Bank• Union Federal Private Student Loan• Kinecta Federal Credit Union• Higher Education Servicing Corporation• Thrivent• Cology and Tuition Management Systems
(TMS)
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Presentations Available
• Private Student Loans 101• Challenging Negative Attitudes• First Aid for Stress• Federal vs Private Loans• Financial Literacy
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iHELP Student LoansContact Information• Reid Moehn, VP of the Midwest Region
Phone: 612-354-2837Email: [email protected]
• Craig Green, SLFC, Marketing ManagerPhone: 605-622-4507Email: [email protected]
• Customer SupportPhone: 1-800-645-7404Website: www.ihelploan.comEmail: [email protected]
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iHELP Student Loans
• Eligibility Requirements– U.S. Citizen or permanent resident (or co-signer)– Enrolled at least half time at an eligible school– Must be of legal age– Meet certain financial criteria
• Credit Checks– Applicants credit scores are good for 90 days– School needs to certify attendance and amount
requested, and remains good through school designated disbursement date
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iHELP Student Loans
• Rates and Terms– Variable rate ranging from LIBOR +2.5% - LIBOR +7.5% – No Application, Origination, or Prepayment fees– Maximum: Undergraduate is $100,000 and Graduate is
$150,00– 3 payment options while in school, 3 after graduation
• Co-signer Requirements– Not Required but generally helps students get a lower rate– Meet financial requirements– Students can apply to have cosigner released after 24 on
time payments
• Consolidation– 4 Fixed Rates options – Can Consolidate Private, Federal, Parent Plus
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Sallie MaeContact Information
• Brad Riebel - Director, Business Development
612-206-6426 [email protected]• Sallie Mae School Assist
1-844-827-7478 [email protected]
• Borrower Customer Service 1-800-472-5543
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Sallie Mae Smart Option Student Loan
• Eligibility Requirements– Minimum enrolled 1 credit– 365 day “look-back”– Meets credit requirements or has credit worthy co-
signer– U.S. Citizen or meets other criteria– undergrad., graduate, Bar Study, Residency &
Relocation
• Credit Checks– Credit approval is valid for 180 days– School certification must be completed so that 1st
disbursement can be made within 180 days after application date
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Sallie Mae Smart Option Student Loan
• Rates and Terms– No Fees. Discounts & addt’l benefits
available– Variable and Fixed interest rate options– Defer, interest-only or $25/mo payments – Graduated Repayment Period available
• Co-signer Requirements– Co-signer recommended but not required– Release option after 12 months of on-time
payments (borrower credit check required)– Ability, Stability, Willingness to pay
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MN Office of Higher Education (SELF Loan)Contact Information• Marilyn Kosir, SELF Loan Manager
Phone: 651-355-0600E-mail: [email protected]
• Sheila Price, SELF Loan SupervisorPhone: 651-355-0602E-mail: [email protected]
• Customer Service:651-642-0567 or 800-657-3866
• www.selfloan.state.mn.us
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MN Office of Higher Education (SELF Loan)
• Eligibility Requirements– MN residents attending eligible institutions in-state or out-of-state – Non-residents physically attending eligible institutions
in Minnesota– Seeking degree, certificate or license– Attending at least half-time– Credit worthy co-signer
• Borrowing Limits– Minimum amount is $500– Maximum is $7,500 or $10,000 depending on the
program
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MN Office of Higher Education (SELF Loan)
• Rates and Terms– No Fees– Variable (3.3%) & Fixed (6.5%)
• Co-signer Requirements– Meet credit requirements– Must be 24 years of age unless a sibling. (Sibling can
be 18 years of age)– Must be US Citizen or Permanent Resident residing
in the US
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Contact Information
Brian CoxBusiness Development Advisor for ThriventDirect: 916-281-3538 bcox @cology.com
Program Information:https://www.thriventcu.com/personal/student-loans/
For Students and Families:For general questions on student lending and membership call 866-226-5225For questions about applying or an existing application call 866-540-3191
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Smarter Student Loans Start with a Higher Purpose - at Thrivent, we do more than help members manage their finances. We help them make wise money choices through every phase of their life.
Eligibility Requirements• Undergraduate and Graduate Loans where student enrolled
at least half-time• 1,200 eligible schools, primarily 4yr Public/Private • Easy online application process including CU membership• Cost Less Aid Annually Up to $80,000 Lifetime
Credit Checks• Good for 90 days• School needs to certify/disburse within 150 days
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Rates and Terms• Rates currently as low as: 2.18%1 variable rate or 5.20%2
fixed rate, line of credit 2.25%3 variable rate• No Fees4 and rate discount of .25% with automatic
payment5
• Repayment terms – Thrivent Private Student Loan: Up to 15 years– Thrivent Student Tuition Line: Up to 25 years
Co-signer Requirements• Strongly recommended• Consideration of credit score, debt-to-income ratio, credit
history • Cosigner release option after 24 on time payments or in
case of death of the student borrower
1 Variable-rate – APR effective April 1, 2015 and range from 2.18% - 9.25% APR tied to LIBOR; based on borrower(s) creditworthiness and repayment option.2 Fixed-rate – APR effective April 1, 2015 and range from 5.20% - 10.49% APR; based on borrower(s) creditworthiness and repayment option.3 Variable rate Line of Credit - APR effective April 1, 2015 and range from 2.25% - 9.25% APR tied to LIBOR; based on borrower(s) creditworthiness and repayment option. 4 No minimum, fixed, transactional or similar fees and no membership or participation fee.5 Automated payment discounts apply when full payment of principal and interest are automatically deducted from a bank account. Discount will continue unless (1) automatic deduction of payment is stopped (including when loan is deferred or in forbearance) or (2) automatic deductions are denied by your bank two times.
Wells Fargo EFSContact Information• Jana Vanderah, AVP/Market Relationship Manager
phone: 952.226.2909email: [email protected]
• Carin Kruger, AVP/Market Relationship Managerphone: 605-595-2557email: [email protected]
• Client Services Team:1-877-699-5444
• Customer Service for borrowers: 1-877-451-5039
• www.wellsfargo.com/student
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Wells Fargo EFS
• Eligibility Requirements– Minimum enrollment 1 credit– Seeking degree, certificate or license– Meets credit requirements or has co-signer that does– U.S. Citizen or meets other criteria– Meets SAP for Grad only
• Credit Checks– School needs to certify within 180 days of
initial application– After certification, no time limit
regardless of disbursement date
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Wells Fargo EFS
• Rates and Terms– No Fees– Up to 1% in discounts– Variable & Fixed rates
• Co-signer Requirements– Meets credit requirements– Release options after first 24 months of on-time
payments (borrower credit check required)– If borrower denied loan, co-signer is given option to
be primary borrower on Student Loan for Parents
• UG, Graduate, Medical, Bar, Parent, and Consolidation Loans available
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