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.
The following lenders list was updated as of 6.26.09.
Federal Stafford
If you have not yet notified the Office of Financial Aid about the loan amount you wish to accept for the 2009-2010 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.
| Chase | |
| Fees | .50% 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. |
| Servicer | Chase |
| Contact Information | 1.800.487.4404 Monday - Friday 8 am - 7 pm (EST) |
| Apply Here | |
| Charter One | |
| Fees | .50% origination fee; 0% federal default fee |
| Repayment Benefits |
0.25% interest rate reduction for automatic payment deduction from any bank account. |
| Servicer | Sallie Mae |
| Contact Information |
1.800.721.3969 Monday - Friday 7:30 am - 5:30 pm (CST) |
| Apply Here | |
| Discover Student Loans | |
| Fees | .50% 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. |
| Servicer | Great Lakes |
| Contact Information | 1.877.728.3030 Monday - Friday 8 am - Midnight (EST) |
| Apply Here | |
| Sallie Mae | |
| Fees | .50% 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. |
| Servicer | Sallie Mae |
| Contact Information | 1.888.2-SALLIE Monday - Thursday 8:00am - 9:00pm(EST) Friday 8 am - 8 pm |
| Apply Here | |
| Wachovia | |
| Fees | .50% origination fee; 0% federal default fee |
| Repayment Options | Variable. In-school deferment. |
| Servicer | Wells Fargo, ACS |
| Contact Information | 1.800.658.3567 Monday - Friday 7 am - 10 pm (CST) Saturday 7 am - Noon (CST) |
| Apply Here | |
| Wells Fargo | |
| Fees | .50% origination fee; 0% federal default fee |
| Repayment Options | Variable. In-school deferment. |
| Servicer | Wells Fargo, ACS |
| Contact Information | 1.800.658.3567 Monday - Friday 7 am - 10 pm (CST) Saturday 7 am - Noon (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 2009-2010 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.
| 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. |
| 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 am - 7 pm (EST) |
| Parent and Graduate PLUS: Apply Here | |
| Charter One | |
| Fees | 3% origination fee; 0% federal default fee. |
| Repayment Benefits |
Parent PLUS:0.25% interest rate reduction for automatic payment deduction from any bank account. Graduate PLUS:.25% 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 | Sallie Mae |
| Contact Information |
1.800.721.3969 Monday - Friday 7:30 am - 5:30 pm (CST) |
| Parent PLUS: Apply Here Graduate PLUS: Apply Here |
|
| Discover Student Loans | |
| 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 -Fixed interest rate of 8.25% |
| Repayment Options |
1. Standard 2. Graduated 3. Income Sensitive Parent PLUS: In-School Forbearance if student is enrolled at least half-time. Graduate PLUS: In-School Deferment if student is enrolled at least half-time. |
| Servicer | Great Lakes |
| Contact Information | 1.877.728.3030 Monday - Friday 8 am - Midnight (EST) |
| Parent and Graduate PLUS: Apply Here | |
| Sallie Mae | |
| 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. |
| Repayment Options |
Parent PLUS: In-School Forbearance if student is enrolled at least half-time. Graduate PLUS: In-School Deferment if student is enrolled at least half-time. |
| Servicer | Sallie Mae |
| Contact Information | 1.888.2-SALLIE Monday - Thursday 8 am - 9 pm (EST) Friday 8 am - 8 pm |
| Parent and Graduate PLUS: Apply Here | |
| Wachovia | |
| Fees | 3% origination fee; 0% federal default fee. |
| 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 | Wells Fargo, ACS |
| Contact Information |
1.800.658.3567 Monday - Friday 7 am - 10 pm (CST) Saturday 7 am - Noon (CST) |
| Parent and Graduate PLUS: Apply Here | |
| Wells Fargo | |
| Fees | 3% origination fee; 0% federal default fee. |
| 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 | Wells Fargo, ACS |
| Contact Information |
1.800.658.3567 Monday - Friday 7 am - 10 pm (CST) Saturday 7 am - Noon (CST) |
| Parent and Graduate PLUS: Apply Here | |
Private Loans
| Charter One | |
| Interest Rate | With a co-borrower: Libor plus 2.50% to 10.00% Without a co-borrower: Libor plus 3.00% to 12.00% |
| Fees | 0-5.00% |
| Enrollment Status | Must be at least half-time in a degree granting program |
| Repayment Term | Up to 15 years |
| Repayment Benefits | 0.50 % interest rate reduction for auto-debit repayment from any eligible Charter One/Citizens Bank Account |
| Aggregate Loan Limit | $120,000 |
| International Students | Eligible U.S. citizen co-borrower required. |
| Co-signer Release | After 36 on-time consecutive payments borrower may apply for co-signer release. |
| Servicer | Firstmark Services (Nelnet) |
| Contact Information | 1.866.333.0248 Monday - Friday 8 am - 8 pm (EST) |
| Apply Here | |
| Chase | |
| Interest Rate | With a co-signer-Libor plus 3.65%-10.25% Without a co-signer-Libor plus 9.00% |
| Fees | 0% |
| Enrollment Status | Less than half-time, half-time or full-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 any 36 on-time payments. |
| Servicer | Chase |
| Contact Information | 1.866.306.0868 Monday - Friday 8 am - 8 pm (EST) |
| Apply Here | |
| Discover Student Loans | |
| Interest Rate | Prime plus 1.00%-7.75% |
| Fees | 0% |
| Enrollment Status | At least half-time in a degree seeking program |
| Repayment Term | 15 years for undergraduates; 20 years for graduate students |
| Repayment Benefits | 0.25% interest rate reduction for auto-debit repayment. Graduation Reward of 2% of outstanding principal balance. |
| Aggregate Loan Limit | $180,000 |
| International Students | Eligible U.S. citizen or permanent resident co-borrower required. |
| Co-signer Release | No |
| Servicer | Great Lakes |
| Contact Information | 1.877.728.3030 Monday - Friday 8 am - Midnight (EST) |
| Apply Here | |
| Sallie Mae | |
| Interest Rate | Libor plus 4.5%-10.5% |
| Fees | 0-3% |
| Enrollment Status | Less than half-time, half-time or full-time |
| Repayment Term | Variable. INTEREST ONLY PAYMENTS MUST BE MADE WHILE IN SCHOOL. |
| Repayment Benefits | 0.25% interest rate reduction for auto-debit repayment. 0.25% interest rate reduction if borrower provides a valid e-mail address and elects to receive all servicing communications via e-mail |
| Aggregate Loan Limit | $120,000 |
| International Students | Eligible U.S. citizen or permanent resident co-borrower required. |
| Co-signer Release | At the discretion of Sallie Mae; Borrower must apply for co-signer release. |
| Servicer | Sallie Mae |
| Contact Information | 1.888.2-SALLIE Monday - Thursday 8 am - 9 pm (EST) Friday 8 am - 8 pm |
| Apply Here | |
| Wells Fargo | |
| Interest Rate | Prime plus 1.00%-9.49% |
| Fees | No Fees |
| Enrollment Status | Less than half-time, half-time or full-time |
| Repayment Term | Up to 25 years, depending on product and discipline |
| Repayment Benefits | 0.25% interest rate reduction for auto-debit repayment. .50% interest rate reduction upon graduation |
| Aggregate Loan Limit | $100,000 to $250,000 depending on product and discipline |
| International Students | Eligible U.S. citizen co-borrower required. |
| Co-signer Release | After 24 on-time consecutive payments a borrower may apply for co-signer release. |
| Servicer | Wells Fargo |
| Contact Information | 1.800.658.3567 Monday - Friday 7 am - 10 pm (CST) Saturday 7 am - Noon (CST) |
| Apply Here | |