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Office of Financial Aid & Scholarships
Alternative Loans 2007-08
RIT students have historically borrowed through these lenders based on
the high quality of service provided. However, you may borrow from any lender
you choose.
| |
CitiAssist® Loan |
Key Alternative Loan |
For More Information |
Citibank
800-967-2400/800-846-1298 TDD
www.studentloan.com
|
Keybank
800-539-5363
www.key.com |
Eligibility Requirements |
- Flexible credit evaluation guidelines
- Positive credit history
- U.S. citizen or permanent resident
- International students may apply with an eligible U.S. citizen
or permanent resident co-signer
- At least 18 years of age
- May be enrolled less than half-time, half-time or full-time
status
- Available for both undergraduate and graduate programs
|
- U.S. citizen or permanent resident
- At least half-time enrollment
- At least 18 years of age
- Positive credit history
- Loan must be processed within 10 days of the end of the term
intended
|
Fees |
None |
None |
Interest Rate |
As low as Prime minus 0.50%
Based on credit review and co-signer presence |
3 month LIBOR + 3.00% (with a co-signer)
3 month LIBOR + 3.60% (without a co-signer) |
Repayment |
- Principal and interest may be deferred until 6 months after
student is no longer enrolled, or pay interest only, while in
school
- Up to 12 years (Undergraduate Maximum)
- Up to 15 years (Graduate Maximum)
- Level and graduated payment available
- No prepayment penalty
|
- No payments required while the student is in school at least
half-time and during the 6 month grace period
- Up to 20 years depending upon loan balance
- No prepayment penalty
|
Eligible Amounts |
No minimum
Cost of attendance minus other financial aid |
Minimum of $500
Cost of attendance minus other financial aid |
Borrower Benefits |
- 0.25% Citibank E-Z Pay interest rate reduction for borrowers
who have payments automatically deducted from a bank account
- Additional 0.50% interest rate reduction with CitiExtras Savings
when you make your first 48 consecutive monthly payments on
time
- Easy Master Promissory Note Process
- Co-signer release is available
- Loans can be certified for balances incurred with the last
12 months
- Internet Online Services including the ability to complete
and sign a loan application online, make payments and service
your account online
- A free, no fee, checkless Citibank Access Account when you
finance your education with a loan from Citibank
|
- Co-signer release option after 48 consecutive on-time repayments
- Easy Master Loan Note Application Process--students complete
an application just once
- 0.25% interest rate reduction for borrowers who have their
payments automatically deducted from a checking or savings account
|
Interest Rates (Effective March 2007 - June 2007)
Prime Rate = 8.25%.
3 month LIBOR Rate = 5.36%
Co-signed: 3 month LIBOR + 3.00%
Non co-signed: 3 month LIBOR + 3.60%
The above information is gathered from publicly available sources
and is believed to be correct as of its original posting date. It is
intended for use as an approximate guide for comparison purposes only.
To ensure fully informed borrowing, you should refer directly to each
lender's loan application and promissory note for exact information
regarding terms, assumptions, conditions, eligibility, definitions,
and Annual Percentage Rate (APR).
Borrowers must receive their statements electronically to be eligible
for Citibank E-Z Pay rate discount. Borrower benefits terminate upon
loan default and/or assignment of the loan to an insurer. Future borrower
benefits are subject to lender's discretion.