DOCUMENT RESUME

ED 406 918 HE 030 092

TITLE Alternative Loan Programs: A Comparison of Various Features.INSTITUTION New York State Higher Education Services Corp., Albany.PUB DATE Oct 96NOTE 14p.

PUB TYPE Numerical/Quantitative Data (110) -- Reports Descriptive(141)

EDRS PRICE MF01/PC01 Plus Postage.DESCRIPTORS Banking; Higher Education; Loan Repayment; Program

Descriptions; *Student Financial Aid; *Student LoanPrograms; Tables (Data)

IDENTIFIERS New York; Student Loan Marketing Association

ABSTRACTThis report provides comparative data on various features of

36 student loan programs available to undergraduate and/or graduate studentsin New York. Presented in a table format, the report provides information onloan type, lender, maximum limit, minimum limit, interest rate/payment, fees,repayment guidelines, eligibility, disbursement, and comments for thefollowing general loan sources: Access Loans, Citibank, Educaid, Keybank USA,Knight College Resource Group, Lawloans, Medcap, Medloans, Nellie Mae Loans,Private National Collegiate (PNC) Bank N.A., Sallie Mae, and The EducationResources Institute (TERI). Some loans are specifically targeted to studentsin such fields as medicine, law, or business administration. (MDM)

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* from the original document. *

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AlternativeLoan Programs

A Comparison of Various Features

U.S. DEPARTMENT OF EDUCATIONOffice of Educational Research and Improvement

EDUCATIONAL RESOURCES INFORMATIONCENTER (ERIC)

&ethos document has been reproduced as

received from the person or orgarnzahon

originating it.O Minor changes have been made to improve

reproduction Quality

Points of view or opinions stated in thus docu-

ment do not necessarily represent officialOERI position or policy

BEST COPY AVAILABLE

"PERMISSION TO REPRODUCE THISMATERIAL HAS BEEN GRANTED BY

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TO THE EDUCATIONAL RESOURCESMIN INFORMATION CENTER (ERIC)."

AlternativeLoan ProgramsA Comparison of Various Features

II II

New York State Higher Education Services CorporationDivision of Policy Analysis & Information Services

Phone: (518) 473-9232Fax: (518) 474-2839

3

Loan Type

. Comparison.

Lender

of VariousMaximum

Unit

FeaturesMinimum

Limit

of Alternative Loan Programs

FeesInterest Rate/Payment

ACCESS LOANS ;Law AccessProgram

BusinessAccessProgram

GraduateAccessProgram

Key BankUSA; TERI

Cost OfAttendance(COA);$100,000her 1aggregate;$120,000Tier 2 aggregate

$500 Varies quarterly; based on13-Week T-Bill + 3.25% untilrepayment begins, thereafter3.40%. May be deferred andcapitalized once at repayment;may make quarterly interestpayments before repayment. LawAccess borrowers receive adiscounted interest rate on UnsubFFEL prior to repayment.

Law: 7% guarantee fee at thetime of disbursement, and anadditional 4% added to theprincipal balance immediatelyprior to repayment. Noorigination fee.

Business: 6.5% at disbursement,2% at repayment.

Graduate: 7% at disbursement,3% at repayment.

MedicalAccessProgram

DentalAccessProgram

Key Bank

USA; TERI

Medical: COA;$135,000Tier 1

aggregate;$165,000her 2 aggregateDental:$100,000Tier 1

aggregate;$135,000Tier 2 aggregate

$500

-

Medical: Varies quarterly; basedon 13-Week T-Bill + 2.50% inschool until repayment, thereafter2.75%.

Dental: Varies quarterly; basedon 13-Week T-Bill + 2.50% inschool until repayment, thereafter3.0%.

Interest capped at repayment.

Medical: 6.5% guarantee fee atthe time of disbursement, and anadditional 2% added to theprincipal balance immediatelyprior to repayment. Noorigination fee.

Dental: 8% at disbursement, 2%at repayment

CITIBANKMed Loans

GraduateLoans

MBA Assist

Eng Assist(Engineering)

Med Loans:$20,000;$135,000aggregate

Graduate Loansand MBA Assist:$15,000;$100,000aggregate

Eng Assist$8,500;$80,000aggregate

$500 Med Loans: Varies quarterly;based. on T-Bill + 2.60% untilrepayment, thereafter 2.85%.

Graduate: Varies quarterly; basedon T-Bill + 4% until repayment,thereafter 4.50%.

MBA: Varies quarterly; based onT-Bill + 3.25% until repayment,thereafter 3.40%.

Eng Assist Varies quarterly;based on T-Bill + 3.25% untilrepayment, thereafter 3.50%.

Med Loans: 8.50%

Graduate and Eng Assist: 6% withco-signer, 9% without co-signer.No additional fee at repayment.

MBA Assist: 8.50%

EDUCAID

EXTRA

Premier LoanEducaidaffiliatepurchasesfromNationalBank -Originator,immediatelyafterdisbursement;Guarantor isRICA.

Annual - COAless other aid;aggregate$60,000;Cumulative Debt$150,000

$1,000 Varies quarterly; based on52-Week T-Bill + 3.10%;deferment while student isenrolled in school; interest maybe paid quarterly or accrued andcapitalized annually.

5% guarantee fee for borrowerschoosing immediate repaymentoption; 6% guarantee fee forborrowers choosing deferredrepayment. No origination orapplication fees.

NOTES: See individual lender for specific APR. Information is current as of 9/30/96.

Comparison

Repayment

of Various Features of Alternative Loan Programs

Disbursementmgib lity Comments

ACCESS LOANS

Begins 9 months aftergraduation; up to 20 years torepay. Minimum monthlypayment of $50. Forbearanceoptions at discretion of lender.

Business and Graduate -9 months grace or 36 monthsafter the first disbursement,whichever comes first.

At least half time student atABA-approved law school;satisfactory credit history; U.S.citizen or eligible non-citizen.

Multiple disbursements; up to 4per loan period. Minimum of 2required. Payable to thestudent; mailed or electronictransfer to school.

-

No cancellation provisions forpermanent and total disabilityor death.

Medical and Dental: Begins 9months after graduation; up to20 years to repay. Minimummonthly payment of $50. Ifresidency, deferred up to 48months, then 9 months grace.

Terms & conditions of FFELP;enrolled in an approved medicalor ADA-accredited dental school;must meet credit criteria.

CITIBANKBegins 6 months aftergraduation.

Med Loans: up to 20 years.All others: up to 15 years.

Repayment options:1) interest-only while in school.2) 15 years of principal and

interest.3) 1 - 2 years of Interest only,

plus 13 -14 years ofprincipal and interest.

Citibank approved school.

Satisfactory credit history.

U.S citizen OR apply with a U.S.citizen co-signer.

EDUCAID

Begins 6 months aftergraduation with a maximumdeferment of 5 years from initialdisbursement. Repaymentoptions include full repaymentof 15 years principal andInterest or 3 years interest onlyand 12 years of principal andinterest.

Enrolled at least half time at aneligible institution approved byEducaid. A U.S. citizen ornational, or an eligiblepermanent resident with a U.S.citizen or national co-signer.Credit worthy; or must have noadverse credit, and have creditworthy co-signer.

Checks are made co-payable tothe student borrower and theschool.

The student is always theborrower.

Page 1

5

Loan Type

Comparison

Lender

of VariousMaximum

Limit

FeaturesMhdnuan

Limit

of Alternative Loan

Interest Rate/Payment

Programs

Fees

KEYBANK USA.

KeyAlternativeLoan

Key Bank

USA

$5,000freshman year$7,500 otherundergraduateYears; $35,000aggregate

$1,000 Variable; 52-Week T-Bill + 3.10%while in school; changes to3.25% during repayment; adjustsquarterly.

4% with co-signer;9% without co-signer

KNIGHT COLLEGE RESOURCE GROUP

AchieverLoanOption AOption BOption C

Key BankUSA

COA less otheraid

$2,000 Option A - Multiple Year Option:varies quarterly; 13-Week T-Bill +3.95%; 9.16% as of October 1,1996.Options B & C - Annual orInterest-Only Option: variesquarterly; 13-Week T-Bill +4.50%; 9.75% as of October 1,1996.

Options A & B - Multiple Year andAnnual Option: 3.00%; $35processing fee.Option C - Interest-Only Option:4.00%; $35 processing fee.

MedAchiever

Key BankUSA

COA less otheraid

$1,000 91-Day T-Bill + 2.50% in school;T-13Ill + 2.85% during repayment.

6% at disbursement;2% at repayment

ADEAL

(Dental)Key Bank

USA;

RICA

COA less otheraid; $20,000annual

None 91-Day T-Bill + 2.50% duringschool; T-Bill + 3.00% duringrepayment.

6.50% at disbursement;2.00% at repayment;2.50% 36 months into repayment

LAWLOANS-

Law StudentLoan

Bar StudyLoan

Sallie Mae;HEMAR

InsuranceCorp.;NorthstarGuarantee,Inc.;NorwestBank ofSouthDakota

Withoutco-signer. COAless other aid,annual,$75,000 total;aggregate allsources -$125,000.With co-signerCOA less otheraid, annual,$100,000 total;aggregate allsources -$150,000

$500 Adjusted quarterly; based on91-Day T-Bill + 3.25%; T-Bill +3.50% during repayment.Accrues while in school;capitalized once at repayment.

6.5% guarantee fee atdisbursement. If no co-signer, anadditional tee (currently 5.25%)capitalized at repayment, not toexceed 8.75%. No origination fee.

NOTE: Guarantee fee on FederalStafford loans is .75%.

MEDCAP

MedicalAccessProgram

NorwestBank ofSouthDakota;NorthstarGuarantee,Inc.

$175,000aggregatemaximum (allsources)

$500 Varies quarterly; based on T-Bill +2.50% until repayment begins,thereafter 2.85%. Capitalized atgraduation and annually untilrepayment.

6% guarantee fee at disbursem6nt,and an additional 3% added to theloan balance Immediately beforecommencement of the repaymentperiod. No origination fee.

NOTES: See individual lender for specific APR. Information is current as of 9/30/96.

Comparison

Repayment

of Various Features

Eligibility

of Alternative Loan Programs

Disbursement Comments

KEYBANN USA

Begins 6 months aftergraduation; 10 years ifaggregate Is less than $15,000,15 years if aggregate is greaterthan or equal to $15,000.Interest capitalizes annuallywhile in school

Full-time undergraduate at4-year institution. U.S. citizenor eligible non-citizen; borrowerand/or co-signer must meetcredit criteria.

Sent to school by check or EFTeach semester or quarter.

KNIGHT COLLEGE RESOURCE GROUP

Options A & B -15 years.

Option C - Interest only duringin-school, 15-year repayment.

Must meet credit criteria.

If resident, 4 years grace aftergraduation; 20-year repayment.

Full time medical student ataccredited allopathic orosteopathic school; U.S. citizen.

Application to school forcertification; 5 - 6 business daysfor processing.

Residency Travel and RelocationLoan Available.

Upon graduation: 24-monthgrace; 20-year repayment.

Full time student attendingaccredited dental school; U.S.citizen.

Same as Med Achiever. Best Bet Loan available to coverthe cost of dental board examand travel expenses.

LAWLOANS

Begins 9 months aftergraduation, or 4 years after firstdisbursement, whichever isearlier, up to 15 years to repay;standard repayment terms orgraduated option. Eligible forSallie Mae's Law Rewardssu, aninterest rate reduction of .5% onprivate Law Student or BarStudy Loans after 48 on-timepayments.

At least half-time studentattending an approved ABA lawschool participating in theLAWLOANS Program. U.S.citizen or national (permanentresident must apply with acreditworthy U.S. citizenco-signer). Must apply forFederal loans. Must meet creditcriteria and have all outstandingstudent loans in good standing.

Multiple; up to 4 per loanperiod, school's option.Co-payable to school andborrower or payable toborrower; EFT to school.

Available to schoolsparticipating in either FFELP orFDSLP. Loans to students in ajoint Law/MBA program alsoavailable.

MEDCAP

Begins 9 months aftergraduation; up to 20 years torepay. Minimum monthlypayment of $50.

Terms & conditions of FFELPand enrolled in an approvedmedical school; specific creditcriteria.

.

Multiple; up to 4 per loanperiod. Payable to borrower;EFT to school.

No cancellation provisions fordeath or disability; offers lifeinsurance; offers consolidation;offers MEDCAP-EXTRA forresidency and relocationexpense.

Page 2

7

Loan Type

Comparison of Various Features of Alternative Loan Programs

FeesLenderMaximum Minimum

Limit Unfit Interest Rate/Payment

MEDLOANS

Associationof AmericanMedicalColleges

HouseholdBank;HEMAR

InsuranceGroup ofAmerica; LISAGroup; SallieMae

$175,000aggregatemaximum, allsources.

$500 Varies quarterly; based on T-Bill +2.50% prior to graduation orwithdrawal. Thereafter, T-Bill +2.85%. Deferred and capitalizedat graduation, thereaftercapitalized annually untilrepayment begins.

6% guarantee fee atdisbursement, and an additional3% added to the loan balanceimmediately beforecommencement of the repaymentperiod. No origination fee.

NEWE MAE LOANSShare Nellie Mae COA less other

aid$2,000annually

Monthly variable, prime rate + 0%first year, prime + .5% insubsequent years OR 1 yearrenewable prime rate + 2 to 3%,set on 8/1.

5% guarantee fee can bededucted from or added to therequested loan amount.

Grad Share Nellie Mae

-

$12,000, COAwith co-signer;aggregate limitsvary by degreeprogramEngineering-$65,000;Other - $50,000

$2,000 Monthly variable, prime rate + 0%first year, prime + .5% insubsequent years OR 1 yearrenewable prime rate + 2 to 3%,set on 8/1.

8% guarantee fee, or 6% withco-signer. Additional 2% interestdeferral fee assessed at start ofrepayment if repayment Option 3is chosen.

Law Share Nellie Mae $15,000, COAwith co-signer;$105,000aggregate

$2,000 Same options as Grad Share 9% without co-signer, OR 6% withco-signer; 2% capitalization fee.

MBA Share Nellie Mae $15,000, COAwith co-signer

$2,000 Same options as Grad Share 8% without co-signer,6% with co-signer

MedDentShare

Nellie Mae $20,000, up toCOA withco-signer;aggregate:Medical -$120,000;Dental -$90,000

$2,000 Same options as Grad Share 8% without co-signer,6% with co-signer

Excel Nellie Mae COA less otheraid

$2,000 Prime + 0.5% in first year. Prime+ 1% in subsequent years.1 year renewable -prime + 2-3%.

7% guarantee fee

NOTES: See individual lender for specific APR. Information is current as of 9/30/96. 8

Comparison

Repayment

of Various Features of Alternative Loan Programs

Disbursement CommentsEligibility

MEDLOANS

Begins 3-4 years aftergraduation; depending onlength of residency training, orafter 9 months if student dropsto less than half time prior tograduation. Up to 20 years torepay. Offers standardrepayment (20 years of interest& principal) or alternative of 3years interest only (17 yearsinterest and principal). Eligiblefor Great Rewards, GreatReturns, and Direct Repay toreduce interest rates.

Terms and conditions of FFELPand enrolled in an RAMCmember school at least halftime.

Multiple; up to 4 per loan periodat the school's option. Mailedor EFT to school.

Also available:- Life insurance- MEDEX - covers cost of

securing a residency- Federal Student Loan

Consolidation- Private Student Loan

Consolidation

NELUE MAE LOANS

Principal and interest in fixedmonthly payments beginning 45days after disbursement ORInterest only up to 4 years inschool. Repayment period from4 to 20 years.

Undergraduate or graduatestudents enrolled at least halftime at 1 of the 32 memberinstitutions of the Consortiumon Financing Higher Education( COFHE). Must meet creditcriteria.

1 or 2 disbursements - amountper disbursement Is the school'soption.

Same options as Share, plusOption 3; defer interest andprincipal up to 4/ years whileenrolled; interest capitalized atstart of repayment. Repaymentperiod from 4 to 20 years.

Graduate students enrolled atleast half time at a COFHEmember institution. Must meetcredit criteria.

1 or 2 disbursements. Amountper disbursement is the school'soption.

Same options as Grad Share Same options as Grad Share Same options as Grad Share

Same options as Grad Share Same options as Grad Share Same options as Grad Share

Same options as Grad Share Same options as Grad Share Same options as Grad Share Residency and relocation loansavailable, in final year of school.Students may borrow up to$5,000 in addition to theregular loan amount.

Pay principal and interest orpay interest only.

Parent usually the primaryborrower. Undergraduate orgraduate at least half time.Must meet credit criteria.

1 - 2 disbursements. Amountscan be determined by FinancialAid Officer.

Page 3

9

. iv Lean Pr .ms

Loan Type Lender Interest Rate/Payment FoesMaximum

UnitMinimum

Limit

NEWS MAE LOANS (Cont'd)Grad Excel Nellie Mae $10,000, up to

COA withco-signer;aggregate variesby discipline

$2,000 Prime + 0.5% in first year. Prime+ 1% In subsequent years, or1 year renewable -prime + 2-3%.

7% with co-signer;10% without co-signer;2% capitalization fee if defer bothprincipal and Interest.

Med Dent

Excel

MBA Excel

Law Excel

Nellie Mae $10,000 (Law -$12,000) up toCOA withco-signer;

aggregate:Medical -$110,000;Dental-$55,000;MBA - $80,000;

Law - $105,000

$2,000 Prime + 0.5% in first year. Prime+ 1% in subsequent years.1 year renewable -prime + 2-3%.

Medical - 9%Dental 10%,MBA - 9%Law -10%7% with co-signer2% capitalization fee if defer bothprincipal and interest.

PNC Bank NA.PrivateNationalCollegiateLoan(PNC Loan)

PNC BankNA;USA GroupLoan Services

COA less otheraid; $95,000aggregate(undergraduateand graduatedebt)

$1,000 Varies quarterly; based on the91-Day T-Bill + 3.25%. May bedeferred and capitalized once atrepayment; may make quarterlyinterest payments beforerepayment.

5% with co-signer;9% without co-signer

SALLIE MAESignatureStudentLoan

Sallie Maeand itsaffiliatednetwork of Ylenders -HemarInsuranceCorporationof Americaor lender asinsurer

COA less otheraid; $100,000aggregate

$500 Interest rate is variable, adjustedquarterly based on the 91-DayT-Bill rate + 3.10% with co-signerand 91-Day T-Bill rate + 3.50%without co-signer.

6% at disbursement; anadditional 3% is charged atrepayment for loans withoutco-signer.

10NOTES: See individual lender for specific APR. Information is current as of 9/30/96.

Comparison

Repayment

of Various Features of Alternative Loan Programs

CommentsEligibility Disbursement

NELUE MAE LOANS (Cont'd)Pay principal and interest, payinterest only, defer principaland Interest up to 4 1/2 yearswhile enrolled. Interestcapitalized at start of repaymentperiod; up to 20 years.

Same options as Grad Excel Same options as Grad Excel Medical/Dental Rights andResponsibilities same asMedical/Dental Share

Pay principal and interest, payinterest only, defer principaland interest up to 4 1/2 yearswhile enrolled. Interestcapitalized at start of repaymentperiod; up to 20 years.

Graduate student enrolled atleast half time. Must meetcredit criteria.

1 - 2 disbursements. Amountscan be determined by FinancialAid Officer.

`"PNC Bank N.A.

15 years beginning aftermaximum 5-year in-schoolperiod followed by a 6-monthgrace period. Level orgraduated repayment plans.$50 mimimum monthlypayment. Internship/ResidencyDeferment maximum length3 1/2 years.

Attend an eligible 4- or 5-yeardegree-granting institution.Maintain at least a half timeenrollment status and bemaking satisfactory academicprogress toward a degree. U.S.citizen or permanent resident.Must meet credit criteria.

EFT, Master Checks andco-payable checks; multipledisbursements.

Also available from PNC:

TERI Alternative loans forundergraduate and graduatestudy.

Professional Education Plan(PEP) loans for graduate andprofessional study.

(See descriptions under TERI.)

SALLIE MAEBegins 6 months after leavingschool; up to 15 years. Eligiblefor Great Rewards andSignature Rewards (interestrate reductions after 48 on -timepayments).

Undergraduate or graduatestudents who attend at least halftime accredited 4-year collegesand universities and who havecreditworthy co-signers.Borrowers at a limited numberof schools can also applywithout a co-signer if they havecompleted their freshman year.Students must meet creditcriteria regarding age,enrollment status, satisfactoryacademic progress, citizenship,and maximum student loanindebtedness.

Disbursement Options:Choose up to 4disbursements and havefunds distributed throughEFT, Master Check, orindividual checks.

Federal Stafford Loans andSignature Student'''. Loanswhich are owned by Sallie Maeare serviced in one account withone bill.

Page 4

Loan Type

Comparison

Lender

of Various Features of Alternative Loan Programs

FeesMatdmum Minimum

omit Unit lateens! Rate/Payment

SAWE MAE (Cont'd)SignatureHealthsm Loan

Sallie Maeand itsaffiliatednetwork oflenders -HeinerInsuranceCorporationof Americaor lender asinsurer

COA less otheraid; $100,000aggregate

$500 Varies by school. Varies by school.

SignatureSelect Loan

Jointly withthe CollegeBoard;selectedlenders;Sallie Mae

COA less otheraid; $100,000aggregate

$500 Varies by school. Varies by school.

TERITERI

AlternativeLoanProgram (forundergraduateand graduatestudy)

Multiplelenders

COA less otheraid

.

$2,000 Variable prime rate + 0% 5% at disbursement

Med FundsAlternativeUndergraduateLoan

Med FundsAlternativeGraduateLoan

Undergraduate:COA less otheraid;Graduate:$20,000,$80,000aggregate

$1,000 91-Day T-Bill + 2.40% in school;91-Day T-Bill + 2.70% inrepayment

6% at origination with co-signer;3% at repayment

NOTE: Reduced Staffordinsurance fee to borrowers usingMED Funds Alternative Loans.

ProfessionalEducationPlan (PEP)(for graduateandprofessionalstudy)

$7,500 (lawstudents -$12,000); up to$20,000 ifcreditworthy.

Aggregatebased ondisciplines.

$2,000 Variable prime rate + 0%;repayment amount remains fixed;fluctuation in interest ratereflected in length of repayment,not monthly amount.

6% at disbursement ifcreditworthy; 9% at disbursementif no credit history; 5% ($50maximum) origination fee.

BEST COPY AVAILABLE

12

NOTES: See individual lender for specific APR. Information is current as of 9/30/96.

Comparison

Repayment

of Various Features of Alternative Loan Programs

Dbbursement CommentsEligibility

SAWE MAE (Cont'd)Begins 6 months after leavingschool; up to 25 years.

Graduate students who attendeligible schools and arestudying in an eligible healthprofessions field. Studentsmust meet credit criteriaregarding age, enrollmentstatus, satisfactory academicprogress, citizenship, andmaximum student loanindebtness. No co-signer isrequired except for foreignstudents and permanentresidents.

Disbursement Options:Choose up to 4disbursements and havefunds distributed throughEFT, Master Check, orindividual checks.

Federal Stafford Loans andSignature Students!' Loanswhich are owned by Sallie Maeare serviced in one account withone bill.

15 years Participating schools tailorfeatures of loan (eligibility, loanamounts, interest rates, fees,etc.). Default coverage providedby schools. May not needco-signer.

IUp to 25 years; begins 45 daysafter disbursement of funds, ordefer principal while In schoolRepayment amount remainsfixed; fluctuation in interest ratereflected in length ofrepayment, not monthly amount.

Must meet credit criteria anddebt/income ratio analysis;enrolled at least half time at aTERI approved institution; U.S.citizen.

Up to 20 years; begins 6months after graduation forundergraduates, 9 months orend of deferment period forgraduate.

Must meet credit criteria; U.S.citizen; enrolled in approvedschool for specified health caredisciplines; apply for Staffordwith Med Funds Alternative LoanProgram.

N

Med Funds Alternative Optionavailable for additional stipendfor internship or residency.

Up to 20 years; begins 6months after graduation; maydefer interest while in school.Medical students may requestsecond disbursement.

Must meet credit criteria;enrolled at least half time Indegree-granting program; U.S.citizen.

13Page 5

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Alternative Loan Programs A Comparison of Various Features

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