Undergraduate Students
PLUS Loan and Alternative Loans Comparison Chart
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Federal PLUS Loan (various lenders)
Web Site: www.hamline.edu/fa
| Eligibility: |
Parents of at least half-time undergraduate students enrolled in a degree-seeking program. |
| Loan Limits: |
Up to the school's "cost of attendance" less any other financial aid received. |
| Interest Payment: |
Repayment of loans begins within 60 days after final disbursement of loan. |
| Interest Rate: |
8.50% |
Insurance/
Guarantee Fee |
Origination Fee: 3%
Guarantee Fee: Up to 1% at disbursement. |
| Repayment |
Repayment of loans begins within 60 days after final disbursement of loan funds.
Up to 10 years.
$50 monthly minimum. |
Co-sign
Release |
No |
|
Part Due
Balance
|
No |
Bremer Bank Educational LoanWeb Site: www.bremer.com
| Eligibility: |
All credit ready or credit worthy undergraduate students, or with credit worthy co-signer. |
| Loan Limits: |
Minimum Annual:
$500
Maximum Annual:
Cost of education less other aid
Aggregate Maximum:
None |
| Interest Payment: |
May be deferred while in school.
|
| Interest Rate: |
Prime Rate + 1-3% |
Insurance/
Guarantee Fee |
0-5% Added to principal amount borrowed. |
| Repayment |
Repayment begins 6 months after graduation, withdrawal, or if enrollment drops below half-time.
Up to 15 years.
$50 monthly minimum. |
Co-sign
Release |
Yes |
Part Due
Balance |
Yes
(12 months) | Citibank CitiAssist Loan Web Site: www.studentloan.com/schools/hamline
| Eligibility: |
All credit worthy undergraduate students, or with credit worthy co-signer. |
| Loan Limits: |
Minimum Annual:
None
Maximum Annual:
Cost of education less other aid
Aggregate Maximum:
$120,000 |
| Interest Payment: |
May be deferred while in school.
Capped at repayment. |
| Interest Rate: |
Prime Rate -.50%-4.00% |
Insurance/
Guarantee Fee |
None |
| Repayment |
Repayment begins 6 months after graduation or withdrawal.
Up to 20 years.
$50 monthly minimum. |
Co-sign
Release |
Yes |
Part Due
Balance |
Yes
(12 months) | Wells Fargo Collegiate Loan Web Site: www.wellsfargo.com
| Eligibility: |
All credit worthy undergraduate students, or with credit worthy co-signer.
|
| Loan Limits: |
Minimum Annual:
$1,000
Maximum Annual:
Cost of education less other aid or $25,000, whichever is less.
Aggregate Maximum:
$120,000 |
| Interest Payment: |
May be deferred while in school.
Capped at repayment. |
| Interest Rate: |
Prime Rate + 0%-4.5%, based on credit. |
Insurance/
Guarantee Fee |
None |
| Repayment |
Repayment begins 6 months after graduation, withdrawal, or if enrollment drops below half-time.
Up to 12 years
$50 monthly minimum. |
Co-sign
Release |
Yes |
Part Due
Balance |
Yes
(12 months) | U.S. Bank GAP Loan Web Site: www.usbank.com/sl/hamline
| Eligibility: |
All credit ready or credit worthy undergraduate students, or with credit worthy co-signer. |
| Loan Limits: |
Minimum Annual:
$1,000
Maximum Annual:
Cost of Education Less Other Aid
Aggregate Maximum:
$100,000 |
| Interest Payment: |
May be deferred while in school.
Capped at repayment. |
| Interest Rate: |
In-school and Grace:
91 Day T-bill + 2.50%
Repayment:
91 Day T-bill + 3.50% |
Insurance/
Guarantee Fee |
4% if creditworthy or with creditworthy co-signer.
8% if credit ready at disbursement. |
| Repayment |
Repayment begins 6 months after graduation, withdrawal, or if enrollment drops below half-time.
Up to 15 years.
$50 monthly minimum. |
Co-sign
Release |
No |
Past Due
Balance |
Yes
(6 months) | State of Minnesota SELF Loan Web Site: www.selfloan.org
| Eligibility: |
Credit worthy co-signer required.
Must be at least half-time in a degree seeking program. |
| Loan Limits: |
Minimum Annual:
$500
Maximum Annual:
$7,500 (Effective 7/1/07)
Aggregate Maximum:
$55,500 |
| Interest Payment: |
Quarterly interest payments required while in school. |
| Interest Rate: |
Variable based on Libor plus a margin. No cap. |
Insurance/
Guarantee Fee |
None |
| Repayment |
Repayment of principal and interest begins 12 months after graduation, withdrawal, or if enrollment drops below half-time.
Up to 15 years from 1st disbursement.
$50 monthly minimum. |
Co-sign
Release |
No |
Part Due
Balance |
No |
Wachovia Education Loan
Web Site: www.wachovia.com/education
| Eligibility: |
All credit ready or credit worthy undergraduate students, or with credit worthy co-signer. |
| Loan Limits: |
Minimum Annual:
$500
Maximum Annual:
Cost of education less other aid |
| Interest Payment: |
May be deferred while in school. |
| Interest Rate: |
Prime Rate minus 1% |
Insurance/
Guarantee Fee |
None |
| Repayment |
Repayment begins 6 months after graduation, withdrawal, or if enrollment drops below half-time.
Up to 20 years.
$50 monthly minimum. |
Co-sign
Release |
Yes |
|
Part Due
Balance
|
Yes (36 months) |
To request alternative loan applications please contact the Financial Aid Office.
Most alternative loan applications will be available after May 1, 2007.
Prime Rate = 8.25.%, 91 day T-Bill Rate = 5.00%, Libor Rate = 5.38% as of 01/20/07.
Please note: the above information does not constitute the endorsement of any lender by Hamline University. Contact lender for more recent information.
Information contained herein was correct as of January 20, 2007.
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