Master Promissory Notes and Preferred Lenders Lists
Overview/Read Me
Below are lists of established lenders added to our Preferred Lender list because they provide exemplary, customized services. The lender is the institution from which the money is actually borrowed; however, for federal loans, the interest rates and terms of the loan are set by the U.S. Department of Education, while private lenders set both their own interest rates and terms of the loan.
Some lenders offer special incentives that will reduce your loan balance or lower your interest rates upon repayment. You may want to visit their websites for additional information.
The Office of Financial Aid makes every effort to keep our preferred lender information current. However, lenders may change their fees, repayment benefits, servicers and/or contact information without notice to the Illinois Institute of Technology. Therefore, you should check with your lender of choice as to their current fees, repayment benefits, servicers and/or contact information prior to your loan application.
Federal Stafford
If you have not yet notified the Office of Financial Aid about the loan amount you wish to accept for the 2007-2008 academic year, please complete the Federal Stafford Loan Instruction and Amount Request Form and return it to the Office of Financial Aid. Your loan will not be approved without your expressed written acceptance.
| Bank of America | |
| Fees | 1% originiation fee; 0% federal default fee. |
| Repayment Benefits | Bank of America will offer a 0.25% interest rate reduction to any Bank of America deposit account customer whose loan is serviced on a Bank of America Preferred Servicing Platform. This benefit is also offered to any borrower of a student loan who opens a Bank of America deposit account before entering repayment, provided the borrower's loan is serviced through a Bank of America Preferred Servicing Platform. The reduction will be applied after the borrower makes the first scheduled payment on time. |
| Servicer | Great Lakes |
| Contact Information | 1.800.344.8382 Monday - Friday 8:00 am - 5:00 pm (CST) |
| Apply Here | |
| Chase | |
| Fees | 1% origination fee; 0% federal default fee |
| Repayment Benefits |
- 0.25% interest rate reduction for borrowers who elect to have their monthly payments automatically deducted from a bank account. - The interest rate reduction will not lower the monthly payment amount but will reduce the interest that accrues, thereby reducing the total amount repaid. - This interest rate reduction will begin when the borrower enrolls for and begins having payments automatically deducted by Chase and will remain in effect as long as automatic payments continue without interruption. |
| Servicer | Chase |
| Contact Information | 1.800.487.4404 Monday - Friday 8:00 am - 7:00 pm (EST) |
| Apply Here | |
| Citibank | |
| Fees | 1% origination fee; 0% federal default fee. |
| Repayment Benefits | 0.50% automatic interest rate reduction at repayment for all borrowers Unlimited benefit recovery - The 0.50% interest rate reduction is reinstated when a delinquent borrower makes 24 consecutive on-time monthly payments 0.25% interest rate reduction when a borrower signs up for our auto-debit payment program and agrees to receive statements only electronically. |
| Servicer | Citibank |
| Contact Information | 1.800.967.2400 Monday - Friday 7:00 am - 10:00 pm (CST) |
| Apply Here | |
| National City | |
| Fees | 0% origination fee; 1% federal default fee. |
| Repayment Benefits |
- Interest rate reduction of .30% with ACH - Double the rate reduction to .60% after 245 on-time payments |
| Servicer | Great Lakes |
| Contact Information |
1.800.377.9095 Monday - Friday 8:00 am - 8:00 pm (CST) |
| Apply Here | |
| Charter One | |
| Fees | 1.0% origination fee; 1% federal default fee |
| Repayment Benefits |
0.25% interest rate reduction for automatic payment deduction from any bank account. |
| Servicer | Great Lakes |
| Contact Information |
1.800.721.3969 Monday - Friday 7:30 am - 5:30 pm (CST) |
| Apply Here | |
| Wachovia | |
| Fees | 1% origination fee; 0% federal default fee |
| Repayment Benefits | 1% rebate of original loan after making the first 12 scheduled payments on-time. 0.25% rate reduction with auto-debit payments. Benefit Repair — If a student misses one of the required 12 payments, they can restore their eligibility for the rebate by passing an online financial literacy course and making the remainder of the first 12 payments online. |
| Repayment Options | In-school deferment. |
| Servicer | Wachovia/ACS |
| Contact Information | 1.800.338.2243 Monday - Friday 7:30 am - 7:00 pm (CST) |
| Apply Here | |
| IIT (Grad students only) | |
| Fees | 1% origination fee; .75% federal default fee |
| Repayment Benefits | .25% interest rate reduction for payments made automatically |
| Servicer | IDAPP |
| Contact Information | 1.800.961.4327 Monday - Friday 8:00 am - 5:45 pm (CST) |
| Apply Here | |
Federal PLUS and Federal Graduate PLUS
If you have not yet notified the Office of Financial Aid about the loan amount you wish to accept for the 2007-2008 academic year, please complete the Federal PLUS Loan Amount Request Form (undergraduate students) or Federal Graduate PLUS Loan Amount Request Form (graduate students) and return it to the Office of Financial Aid. Your loan will not be approved without your expressed written acceptance.
| Bank of America | |
| Fees | 3% origination fee; 0% federal default fee. |
| Repayment Benefits | Bank of America will offer a 0.25% interest rate reduction to any Bank of America deposit account customer whose loan is serviced on a Bank of America Preferred Servicing Platform. This benefit is also offered to any borrower of a student loan who opens a Bank of America deposit account before entering repayment, provided the borrower's loan is serviced through a Bank of America Preferred Servicing Platform. The reduction will be applied after the borrower makes the first scheduled payment on time. |
| Repayment Options | In-School Forbearance if student is enrolled at least half-time. |
| Servicer | Great Lakes |
| Contact Information | 1.800.344.8382 Monday - Friday 8:00 am - 5:00 pm (CST) |
| Parent PLUS: Apply Here Graduate PLUS: Apply Here |
|
| Chase | |
| Fees | 3% origination fee; 0% federal default fee |
| Repayment Benefits |
- 0.25% interest rate reduction for borrowers who elect to have their monthly payments automatically deducted from a bank account. - The interest rate reduction will not lower the monthly payment amount but will reduce the interest that accrues, thereby reducing the total amount repaid. - This interest rate reduction will begin when the borrower enrolls for and begins having payments automatically deducted by Chase and will remain in effect as long as automatic payments continue without interruption. |
| Repayment Options |
1. Standard 2. Graduated 3. Income Sensitive Parent PLUS: In-School Forbearance for qualified parent borrowers. Graduate PLUS: In-School Forbearance if student is enrolled at least half-time. |
| Servicer | Chase |
| Contact Information | 1.800.487.4404 Monday - Friday 8:00 am - 7:00 pm (EST) |
| Parent and Graduate PLUS: Apply Here | |
| Citibank | |
| Fees | 3% origination fee; 0% federal default fee. |
| Repayment Benefits |
0.50% automatic interest rate reduction at repayment for all borrowers. Unlimited benefit recovery - The 0.50% interest rate reduction is reinstated when a delinquent borrower makes 24 consecutive on-time monthly payments 0.25% interest rate reduction when a borrower signs up for our auto-debit payment program and agrees to only receive statements electronically0.50% automatic interest rate reduction at repayment for all borrowers |
| Repayment Options |
Parent PLUS: In-School Forbearance up to 48 months. Graduate PLUS: In-School deferment. |
| Servicer | Citibank |
| Contact Information | 1.800.967.2400 Monday - Friday 7:00 am - 10:00 pm (CST) |
| Parent and Graduate PLUS: Apply Here | |
| Charter One | |
| Fees | 3% origination fee; 1% federal default fee. |
| Repayment Benefits |
Parent PLUS:0.25% interest rate reduction for automatic payment deduction from any bank account. Graduate PLUS:.70% interest rate reduction for automatic payment deduction from any bank account. 1.00% principal credit on the original loan balance after making the initial 12 consecutive payments on-time as scheduled. |
| Repayment Options | Parent PLUS: In-school forbearance if student in enrolled at least half-time for qualified borrowers. Graduate PLUS: In-school deferment. |
| Servicer | Great Lakes |
| Contact Information |
1.800.721.3969 Monday - Friday 7:30 am - 5:30 pm (CST) |
| Parent PLUS: Apply Here Graduate PLUS: Apply Here |
|
| National City | |
| Fees | 3% origination fee; 1% federal default fee. |
| Repayment Benefits |
Parent PLUS:5 chances for a 1% principal reduction in the first five years-1% principal reduction for every 12 scheduled on-time monthly payments. Graduate PLUS:7.65% Fixed Interest Rate at disbursement. |
| Repayment Options | Parent PLUS: In-school forbearance if student in enrolled at least half-time for qualified borrowers. Graduate PLUS: In-school deferment. |
| Servicer | Great Lakes |
| Contact Information |
1.800.377.9095 Monday - Friday 8:00 am - 10:00 pm (CST) |
| Parent and Graduate PLUS: Apply Here | |
| Wachovia | |
| Fees | 3% origination fee; 0% federal default fee. |
| Repayment Benefits |
Parent PLUS:1% instant rate reduction when the when the first 36 payments are made on-tine using auto-debit. Benefit Repair — If a borrower misses one of the required 36 payments, they can restore their eligibility for the rate reduction by passing an online financial literacy course and making the remainder of the first 36 payments online. Graduate PLUS:1.20% rebate of original loan after making the first 12 scheduled payments on-time. 0.25% rate reduction with auto-debit payments. Benefit Repair — If a student misses one of the required 12 payments, they can restore their eligibility for the rebate by passing an online financial literacy course and making the remainder of the first 12 payments online. |
| Repayment Options | Parent PLUS: In-school forbearance if student in enrolled at least half-time for qualified borrowers. Graduate PLUS: In-school deferment when enrolled at least half-time. |
| Servicer | Wachovia/ACS |
| Contact Information |
1.800.338.2243 Monday - Friday 7:30 am - 7:00 pm (CST) |
| Parent and Graduate PLUS: Apply Here | |
Private Loans
| Chase | |
| Interest Rate | As low as Prime - 1.00% |
| Fees | 0% |
| Enrollment Status | Less than half-time |
| Prior Year Balance | Up to 12 months; current enrollment not required |
| Repayment Term | Depends on amount borrowed 20-25 years. |
| Repayment Benefits | 0.25% interest rate reduction for auto-debit repayment; combined billing with Federal loans serviced with Chase. |
| Aggregate Loan Limit | Undergraduate students: $120,000; Graduate students: $180,000 |
| International Students | Eligible U.S. citizen or permanent resident co-borrower required. |
| Co-signer Release | After 24 on-time consecutive payments. |
| Servicer | Chase |
| Contact Information | 1.866.306.0868 Monday - Friday 8:00 am - 8:00 pm (EST) |
| Apply Here | |
| Citibank | |
| Interest Rate | Prime - 0.50% to Prime + 4.75% |
| Fees | 0-5% fees based upon credit score |
| Enrollment Status | Less than half-time |
| Prior Year Balance | Up to 12 months |
| Repayment Term | 20 years; Interest-only option: 24-48 months of interest-only payments. |
| Repayment Benefits | Unlimited benefit recovery - The 0.50% interest rate reduction is reinstated when a delinquent borrower makes 24 consecutive on-time monthly payments 0.25% interest rate reduction when a borrower signs up for our auto-debit payment program and agrees to only receive statements electronically. |
| Aggregate Loan Limit | Undergraduate students: $120,000; Graduate students: $150,000 |
| International Students | Eligible U.S. citizen or permanent resident co-borrower required. |
| Co-signer Release | After 24 on-time consecutive payments. |
| Servicer | Citibank |
| Contact Information | 1.800.967.2400 Monday - Friday 7:00 am - 10:00 pm (CST) |
| Apply Here | |