Alternative/Private Loan Information and Links

Alternative loans may be necessary to cover the cost of attendance at Lipscomb University.  It is imperative that you research your options and make the choice that best fits your situation.  We strongly encourage you to exhaust all other federal loan options before considering the alternative loan.  All information for each of the following loans can be completed online, including; approval, signature and all necessary documentation.  Co-signers must complete all of the information online as well, making sure to reference the primary borrower.  Loans cannot exceed the Cost of Attendance to the University minus other financial aid.  Loans that do not require school certification are not recommended based on considerable variance in repayment terms, additional fees, and interest rates.  Obtaining a non-certified loan can cause reductions in other financial aid and hinder us from helping you.   

The lenders listed below are the most frequently used by Lipscomb students.  We strongly encourage you to thoroughly examine the lender, even those listed below, to determine which one is best for you.  However, you are free to choose any lender, even though they may not be listed.  If you choose a different lender, please notify the Lipscomb University Financial Aid Office so that the proper documentation can be obtained from the lender.

***Please Note: Some lenders may have our school listed as David Lipscomb University.

Due to recent legislation, a Self-certification form is required to be completed by the borrower with your lender before the loan is fully approved and the funds are released to the school.  This may require additional time before the loan can be added to your Lipscomb account.  Credit decisions are only valid for a certain number of days.  It is important that you consider these factors when applying for an alternative/private loan. 

Chase Select Certified Private Education Loans
www.chaseselectloans.com
1-866-306-0868

• 3+ hours enrollment required
• 3-month LIBOR index rates plus/minus points 
  • Rate total determined by lender upon review of credit history
  • Rates may differ based on the repayment option you choose 
• Different Repayment options available
  • Immediate Repayment
  • Deferred principal and interest
  • Interest Only
• No pre-payment penalties
• No origination fees for qualified borrowers
• Co-signer release available for qualified borrowers during repayment

SallieMae Smart Option Student Loan
www.salliemae.com
1-800-695-3317

• 3+ hours enrollment required
• 1-month LIBOR index rates plus/minus points 
  •  Rate total determined by lender upon review of credit history
• Interest payments required during school, no full deferral option available
  • Although interest payments required may be less than full deferral over time. 
  • Check SallieMae website for comparisons
• Co-signer release available for qualified borrowers during repayment
• 0-3% disbursement fee, no repayment fee
• No pre-payment penalties
• Available to International students with a creditworthy U.S. citizen cosigner 

U.S. Bank No Fee Education Loan
www.usbank.com/nofeeapp
1-800-242-1200

• 6+ hours enrollment required
• Minimum annual loan amount is $1000
• Variable Interest rates are Prime + 0%, Prime + 1.95% or Prime + 8.95%, depending upon the credit history of the borrower
• Repayment begins 6 months after graduation or dropping below half-time status
• No reserve, origination or guarantee fees
• Interest rate reduction benefits of up to 0.50% with automatic deduction of payment from your checking account

Wells Fargo Collegiate Loan
https://www.wellsfargo.com/student/undergrad/collegiate/
1-800-378-5526

• 3+ hour enrollment required
• Variable Interest rates are Prime + 1.00% to 7.99% points, depending upon credit history of the borrower
• Repayment begins 6 months after graduation or leaving school
• Graduation Benefit--Once you can verify that you have graduated, you can lower your interest rate by 0.50%
• 0.25% reduction in interest for automated payments through your personal checking or savings account
• Available to International students with a permanent U.S. address and a creditworthy U.S. citizen cosigner

Discover Student Loans
https://www.discoverstudentloans.com/CompareApply/CompareApply.aspx
1-877-728-3030
 

• Variable Interest rates are Prime +1.00% to 7.75%
• Zero Origination Fees
• No payments due until 6 months after graduation or enrollment in school less than half-time
• 15 year repayment term if applicable
• 2% Graduation Reward
• 0.25% reduction in interest for automated payments through your personal checking or savings account