Private Loans

What is a Private Loan?  (Also known as Private Education Loans)  These loan products are not backed by the federal government.  They usually have variable interest rates based on Prime or LIBOR and rely on a credit review to calculate the initial rate of interest.  Typically the student is the borrower and often a co-borrower is required to pass credit or receive a favorable interest rate.  Interest accrues from disbursement.  These loans may not be included in a federal consolidation.  In recent years the lenders have offered refinancing to convert the loans to a fixed rate.

Each of our Private Loan Recommended Lenders offer an array of educational loans.  To assist students and families in the selection process, we are using FASTChoice, a loan comparision tool that will assist borrowers in deciding on a private loan that is best suited for their needs. For a comparison of the loans and borrower benefits, please visit our online Private Loan Recommended Lenders list. For direct contact information see the list of lenders below.

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International Students (Juniors and Seniors):

Eligible international students may apply for an educational loan with MPOWER Financing without a US citizen or permanent resident as a cosignor.  For more information regarding this loan, please see the contact information below.

MPOWER
1-202-417-3800

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Additionally, be sure to review your state’s higher education assistance program(s).  Here are the most common state organizations for which we have processed applications:

VSAC for Vermont http://www.vsac.org/ 

MEFA for Massachusetts http://www.mefa.org/ 

HESAA for New Jersey www.hesaa.org

College Foundation of North Carolina http://www.cfnc.org/ 

RISLA for Rhode Island http://www.risla.com/ 

FAME for Maine http://www.famemaine.com/ 

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Private Loan Recommended Lenders:

Borrowers need to email loans@wesleyan.edu with details about any pending application.

CHESLA 
1-800-935-2275

Citizens Bank
1-800-708-6684

Discover Student Loans
1-877-728-3030

Sallie Mae Student Loans
1-877-279-7172

SunTrust
1-866-232-3889

Thrivent Federal Credit Union
1-866-540-3191

Wells Fargo
1-800-658-3567

DISCLOSURE STATEMENTS

CHESLA Loan Disclosure

Citizens Bank TruFit Student Loan Disclosure

Discover Loan Disclosure

MPOWER Financing Disclosure

SallieMae Smart Option Disclosures:

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SunTrust Disclosure

Trivient Federal Credit Union Disclosures:

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Wells Fargo Loan Disclosure

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Disclosure Statement:

Students and parents have the right and ability to select the education loan provider of their choice.  You are not required to use any of the lenders on the suggested lender list and will suffer not penalty from the University for choosing a lender that is not on said suggested lender list.  Wesleyan will process any approved alternative loan promissory note you submit to the office.  

The University’s selection of preferred lenders and the University’s decision as to where or how prominently on the list the lending institution’s name appears shall be based solely on the best interests of student and parent borrowers, utilizing stated criteria that are limited to benefits provided to borrowers (such as competitive interest rates and repayment terms, quality of loan servicing, and whether loans will be sold) and the ability to work efficiently and effectively with the University to process loans, without regard to the pecuniary interest of the University or to any benefits provided by lending institutions to the University or any of the University’s officers, trustees, directors, agents or employees or their family members.

The University reviews its suggested lender list annually. 

General Factors Used in University Suggested Lender Determination: 

1.       Loan Terms, including possible interest rate and principal reductions, repayment options, and average interest rates and approval rates for alternative loans

2.       Observed and reported customer service to families

3.       Student recommendations based on borrower interface

4.       University staff evaluations of proposals sent by lenders

5.       Likelihood of loans being sold, especially in cases in which borrower benefits and/or terms could be impacted

6.      Projections by lenders of their companies ability to survive given current condition of the student loan market