Curry College
Resources for Alternative Financing
2016-2017
Curry College is Affordable
We know that a college education is a significant investment for many families. While the value of a
college education cannot be measured in dollars and cents alone, Curry College is committed to
providing the finest quality education to our students at an affordable price.
Navigating through all of the financing options available to you can be overwhelming. To assist you,
we have developed this brochure which presents credit-based loan and payment plan options that you
may be eligible for. As you review these options, feel free to contact our office with any questions.
STUDENT FINANCIAL SERVICES
1071 Blue Hill Avenue, Milton, MA 02186 tel: 617-333-2354 fax: 617-333-2915
Financial Aid email: [email protected]
Student Accounts email: [email protected]
Recommended Guidelines for Alternative Financing
1. Review your Award Letter and Financial Planner if
you applied for financial aid.
2.Determine your anticipated outstanding balance
for the academic year (Fall/Spring).
3. Research Alternative Financing Options best suited
to meet your financing goals.
4.Apply online or by telephone. Be sure to
borrow once for the entire academic year (Fall/
Spring) to avoid multiple loan applications and
credit reviews.
5. Once you apply, you will be required to complete
a Private Education Loan Applicant SelfCertification Form from your lender. To obtain
the information you need for this form view your
*myCurry Portal page for the information to
questions A, B and C.
6.You will also be required to submit a Promissory
Note to secure your loan. This MUST be completed with your lender PRIOR to the Curry
College due date. Please Note: You MUST
complete your Promissary Note in order for your
loan to be deducted from your tuition bill.
7.
Revised Award Letters will be mailed to
students acknowledging an Alternative Loan has
been processed.
8.It is recommended that prior to the start of the
semester that students view their bill online
through the myCurryPortal.
*New Students will be given access to myCurry
Portal once they have been accepted to Curry College.
Returning Students should contact the Tech Center if
access codes to the myCurry Portal have been misplaced.
Truth in Lending (TILA)
The Higher Education Opportunity Act (HEOA) enacted August
2008 amended the Truth-in-Lending Act (TILA) establishing
private education loan disclosure requirements about loan terms
on or with the loan application and lenders must also disclose
information about lower cost alternatives like federal student
loans. Additionally, once the loan is approved and finalized for
disbursement, additional disclosures must be provided. These
regulations were passed to ensure that borrowers of private
education loans have the necessary information to make informed
choices about financing products to fund educational costs.
These regulations apply to all private education loans but not to
loans under the Federal IV loan programs (Stafford, Perkins and
PLUS). You may view a model private lender agreement (PLA)
form at curry.edu/undergraduatefinancingoptions.
You will find, if you have borrowed a private educational loan
previously, the process of applying for and receiving an education
loan will take a longer period of time. Therefore, we encourage
you to start early in the planning your educational financing so
you do not experience delays in receiving your education loan
proceeds. Under these new amendments, you, the borrower will
have additional responsibilities as a loan borrower including
acknowledgement of the disclosure statements and completion
of the Self-Certification Form. We encourage you to check with
your lender to ensure you complete all necessary paperwork. Also,
we invite you to contact the Student Financial Services Office if
you have any questions about these new requirements.
How to Determine Your Loan Period
Educational Loan Programs
It is recommended that when you borrow an alternative loan that
you borrow only once for the academic year. For example, if you
are enrolling for the Fall and Spring semesters you should calculate
your balance to cover the entire academic year. This will require
only one loan application and review of your credit history. Loans
are disbursed in two equal payments unless otherwise noted. The
Loan Period for the Fall and Spring semesters is August 29,
2016 to May 13, 2017.
Curry College will work with and process Alternative
Loans for any lender of your choice. Parents and
students have the right to select the private loan lender
of their choice without penalty by the College and are not
required to use any private loan lender listed on this brochure.
When selecting the options best suited for your circumstances,
you should compare interest rates, credit requirements
and repayment options.
Important Billing Dates
Fall 2016:
Student bills will be mailed to billing or permanent addresses by mid-June and are due by mid-July.
Spring 2017:
Student bills will be mailed to billing or permanent addresses by mid-November and are due by
mid-December.
Common Alternative Loan Questions & Answers
Q How do I begin to choose a lender?
A Alternative loan programs represent a range of options and include eligibility and credit criteria, fees, interest
rates and repayment options. When considering an alternative method of financing your education, you should
be certain to review all of your options under each program before making a decision on what loan program best
suits your needs.
Q Do students need a cosigner for an alternative loan?
A In most cases, yes. A creditworthy cosigner (a parent, relative or friend with good credit) can also strengthen the
application and help reduce interest rates and fees.
Q Does an adverse credit history affect my chances of obtaining an alternative loan?
A Yes. All alternative loans are credit-based loans. If you have adverse credit (including late payments, charge-offs
or bankruptcies), you might want to consider a more creditworthy cosigner.
Q When should I apply?
A You should apply at least four (4) weeks prior to the due date of your first semester’s bill. You are urged to apply
once and borrow for the entire year (Fall/Spring). Note: You must reapply annually for alternative loans.
Q Is there a way I can compare alternative loans between different lenders?
A Yes, BorrowSmart (curry.afford.com) and ELMSelect (elmselect.com) are online
tools to compare
alternative loans.
Glossary of Terms
London Interbank Offered Rate (LIBOR): is an estimate
of how much interest a bank would pay to borrow money from
other financial institutions. It is determined on a daily basis
by the British Bankers’ Association and derived from a filtered
average of the world’s most creditworthy banks. Current rate
for 1 month LIBOR as of March 2016 is 0.43% and the
current rate for 3 month LIBOR is 0.62%.
Cosigner: The act of signing for another person’s debt which
involves a legal obligation made by the cosigner to make
payment on the other person’s debt should that person default.
Having a cosigner is way for individuals with a low income or
poor/limited credit history to obtain financing.
Variable Rate: A rate that is linked to Prime or LIBOR that
can change (increase or decrease) during the term of the loan.
PRIME: interest rate that commercial banks charge their Variable rates loans are generally lower than fixed rate loans.
most credit-worthy customers. It is determined by the
Federal Funds Rate, which is the rate banks charge each other to
borrow money overnight. Current rate as of March 2016 is
3.50%.
Fixed Rate: A rate that is linked to Prime or LIBOR that
remains fixed (will not increase or decrease) for the entire term
of the loan.
CURRY COLLEGE
STUDENT FINANCIAL SERVICES
1071 Blue Hill Avenue, Milton, MA 02186 tel: 617-333-2354 fax: 617-333-2915
Financial Aid email: [email protected]
Student Accounts email: [email protected]
How to Determine Your Loan Period
Educational Loan Programs
It is recommended that when you borrow an alternative loan that
you borrow only once for the academic year. For example, if you
are enrolling for the Fall and Spring semesters you should calculate
your balance to cover the entire academic year. This will require
only one loan application and review of your credit history. Loans
are disbursed in two equal payments unless otherwise noted. The
Loan Period for the Fall and Spring semesters is August 29,
2016 to May 13, 2017.
Curry College will work with and process Alternative
Loans for any lender of your choice. Parents and
students have the right to select the private loan lender
of their choice without penalty by the College and are not
required to use any private loan lender listed on this brochure.
When selecting the options best suited for your circumstances,
you should compare interest rates, credit requirements
and repayment options.
Important Billing Dates
Fall 2016:
Student bills will be mailed to billing or permanent addresses by mid-June and are due by mid-July.
Spring 2017:
Student bills will be mailed to billing or permanent addresses by mid-November and are due by
mid-December.
FINANCING OPTIONS
LOAN PROGRAMS
INTEREST FREE
PAYMENT
PROGRAM
LENDER/PAYMENT OPTION Payment Plan
Tuition Management Systems (TMS)
curry.afford.com
888-216-4258
US Department of Education
Federal Direct PLUS Loan
studentloans.gov
ELIGIBLE BORROWER*
Please consider that the borrower may be eligible for Federal Loans and such Federal Loans may have more beneficial terms than Alternative Loans.
LOAN/CONTRACT AMOUNTS
• Payment Plan typically in parents’ name
• Minimum: None
•
• Any family with a student attending Curry College is eligible
• Maximum: Cost of education less financial aid
•
• No credit check
• Parent or legal guardian of dependent, undergraduate student
• Minimum: $1,000
•
• FAFSA required
• Maximum: Cost of education less financial aid
• All income levels eligible for consideration
• Aggregate: None
•
INTEREST RATE/LOAN FEES
No interest
Low annual enrollment fee of $55 for the 10 month plan and $35
for the 5 month plan
Fixed rate of 6.84% for loans disbursed between 7/1/15 and 6/30/16. New rate will be set for 7/1/16
Origination Fee: 4.272%
REPAYMENT TERMS
• Spread payments over the 5 or 10 months per
Curry’s contract terms
OTHER FEATURES
• Monthly payments can be auto-debited from checking or savings account
• Up to 25 years depending on repayment option selected
• Multiple repayment options available
• Repayment begins within 60 days after full disbursement
• 0.25% Interest rate reduction for ACH
• $50 minimum monthly payment
Citizens Bank
• Students enrolled in a degree program at least half-time
• Minimum: $1,000
• Variable Rate (With Cosigner): 1 Month LIBOR + 2.50% to
• 5, 10 & 15 year repayment terms available
Citizens Bank Student Loan
• Satisfactory Academic Progress (SAP) is not required
• Maximum: Cost of education less financial aid
1 Month LIBOR +9.00%
• Immediate, deferred and interest only payment options available
citizensbank.com/studentloan
• Origination Fee: 0%
• Aggregate: $120,000
• Variable Rate (Without Cosigner): 1 Month LIBOR + 4.50% to
800-708-6684
1 Month LIBOR +9.25%
• Fixed Rate (With Cosigner): 5.75% to 11.75% • Fixed Rate (Without Cosigner): 7.00% to 11.75%
• 0.25% immediate interest rate reduction through the Loyalty Benefit program for existing bank customers and prior TruFit borrowers
• 0.25% Interest rate reduction for ACH
• Cosigner release consideration available after first 36 consecutive on-
time payments
• Past due balances up to 180 days after the end of the enrollment
period as long as student remains enrolled at least half-time or has recently graduated
Discover
• Students enrolled in a degree program at least half-time
• Minimum: $1,000
• Variable Rate (With or Without Cosigner): 3 Month LIBOR + 2.62% to • 15 year repayment term
Discover Undergraduate Loan
• Student must be making Satisfactory Academic Progress (SAP)
• Maximum: Cost of education less financial aid
3 Month LIBOR +8.74%
• Principal and interest can be deferred during in-school and grace
discoverstudentloans.com
• Aggregate: $150,000
• Fixed Rate (With or Without Cosigner): 6.15% to 11.99% period or student can elect to make $25 fixed payment during the 800-788-3368
• Origination Fee: 0%
in-school and grace period
Massachusetts Educational Finance • Students enrolled in a degree program at least half-time
• Minimum: $2,000
• Fixed Rate Immediate Repayment Option (10 Year repayment): • 10 or 15 year repayment term depending on loan option selected
Authority (MEFA)
• Student must be making Satisfactory Academic Progress (SAP)
• Maximum: Cost of education less financial aid
4.99% (In-School Rate); 5.84% Thereafter
• Principal and interest deferment option available
MEFA Loan for Undergraduate Education
• Residents of all states eligible to apply
• Aggregate: None
• Fixed Rate Immediate Repayment Option (15 Year repayment): mefa.org
5.39% (In-School Rate); 6.24% Thereafter
800-449-6332
• Fixed Rate Interest Only Repayment Option (Up to 15 Year repayment):
6.39% (In-School Rate); 7.19% Thereafter
• Fixed Rate Deferment Option (Up to 15 year repayment): 6.79% Fixed Rate
• Origination Fee: 4% with co-borrower; 7% without co-borrower
New Hampshire Higher Education
• Students enrolled at least half-time
• Minimum: $1,000
• Variable Rate (With Cosigner): 1 Month LIBOR + 2.00% to
• Up to 20 years depending on loan balance
Loan Corporation
• Satisfactory Academic Progress (SAP) is not required
• Maximum: Cost of education less financial aid
1 Month LIBOR +9.00%
• Principal and interest deferment option available during in-school
EDvestinU
• Residents of all states eligible to apply
• Aggregate: $200,000
• Variable Rate (Without Cosigner): 1 Month LIBOR +5.00% to period
edvestinu.com
1 Month LIBOR +8.00%
855-887-5430
• Fixed Rate (With Cosigner): 3.90% to 9.99%
• Fixed Rate (Without Cosigner): 6.50% to 9.50%
• Fixed rate is only available to residents of New Hampshire
• Fees: 0 %
Rhode Island Student Loan Authority (RISLA)
• Student must be a Rhode Island resident
• Minimum: $1,500
• Fixed Rate Immediate Repayment (With or Without Cosigner): 4.24% • 15 year repayment term
RISLA Student Loan
• Students are not required to be enrolled in a degree granting
• Maximum: $35,000
• Fixed Rate Deferred Repayment (With or Without Cosigner): 6.30% • Immediate and deferred repayment options available depending
risla.com
program but must be enrolled at least half-time at a degree
• Aggregate: $125,000
• Origination Fee: 0%
on loan type
800-758-7562
granting institution
• Satisfactory Academic Progress (SAP) is not required
SallieMae
• Full-time, half-time or less than half-time students
• Minimum: $1,000
• Variable Rate (With or Without Cosigner): 1 Month LIBOR + 2.00% to
• Repayment terms vary based on repayment option Smart Option Student Loan
• Satisfactory Academic Progress (SAP) is not required
• Maximum: Cost of Education Less Financial Aid
1 Month LIBOR +9.88% (Fixed, Deferred or Interest Only) selected salliemae.com
• International students with a US citizen or permanent resident
• Aggregate: $200,000
• Fixed Rate (With or Without Cosigner): 5.75% to 12.88%
• Borrowers and/or Cosigners experiencing financial difficulty may
800-472-5543
cosigner
• Origination Fee: 0%
temporarily postpone full principal and interest payments through approval of a hardship forbearance
• 1% Cash Rewards for Good Grades. Student may be eligible for a
one-time 1% reduction of loan amount with a GPA of 3.0 or better
• 0.25% Interest rate reduction for ACH
• Co-borrower release consideration available after first 48 on-time
payments
• Past due balances within the current academic year or prior semester
• 0.50% Interest rate reduction for ACH
• Cosigner Release consideration available after first 24 consecutive
on-time payments
• No time limit on past due balances as long as student is currently
enrolled
• 0.25% interest rate reduction for ACH
• Cosigner release consideration available after first 24 consecutive
on time principal and interest payments
• 2% Smart Reward for Upromise participants who choose the fixed or
interest repayment option
• 0.25% Interest rate reduction for AC
• Cosigner release consideration available after first 12
consecutive on time principal and interest payments
• Past due balances up to 1 year as long as student remains
enrolled or intends to enroll
SunTrust Bank
• Student enrolled in a degree program at least half-time
• Minimum: $1,001
• Variable Rate (With or Without Cosigner): 3.791% to 9.154%
• 7, 10 and 15 year repayment terms
Custom Choice Loan
• Satisfactory Academic Progress (SAP) is not required
• Maximum: $65,000
• Fixed Rate (With or Without Cosigner): 4.947% to 10.584%
• Principal and interest deferment option available during in-school period
suntrusteducation.com
• Aggregate: $150,000
• Origination Fee: 0%
• Interest only or immediate repayment options also available
866-296-3637
during in-school period
• 1% principal reduction per loan at graduation with proof of graduation within 90 days of graduation
• 0.25% Interest rate reduction for ACH
• Cosigner release consideration available after first 48 on-time payments
• 0.25% Interest rate reduction for payment withdrawn from a SunTrust account
• Past due balances up to June 30, 2017
Union Federal Savings
• Students enrolled in a degree program at least half-time
• Minimum: $1,001
• Variable Rate (With or Without Cosigner): 3.541% to 8.187%
• 7, 10 and 15 year repayment terms
Union Federal Private Student Loan
• Satisfactory Academic Progress (SAP) is not required
• Maximum: Cost of education less financial aid
• Fixed Rate (With or Without Cosigner): 4.947% to 9.933%
• Immediate, deferred, interest only and partial interest payment
unionfederalstudentloans.com
• Aggregate: $150,000
• Origination Fee: 0%
options available
866-513-8445
• Graduation Reward of 1% of principal balance reduction upon
graduating with a bachelor’s degree or higher upon request
• 0.25% Interest rate reduction for ACH
• Cosigner release consideration after 36 months
• Past due balances up to 90 days after the end of the academic period end date
Wells Fargo
• Full-time, half-time or less than half-time students
• Minimum: $1,000
• Variable Rate:(With or Without Cosigner) Prime + 0.25% to Prime +5.99% • 15 year repayment term
Wells Fargo Collegiate Loan
• Satisfactory Academic Progress (SAP) is not required
• Maximum: Cost of education less financial aid
• Fixed Rate: (With or Without Cosigner) 6.49% to 11.49%
• Principal and interest deferment option available
wellsfargo.com/collegeready
• Aggregate: $120,000
• Origination Fee: 0%
877-451-5039
Note: the information/terms are subject to change without notice. For additional information and applications, please call the numbers listed above or contact Curry College at 617-333-2354 or [email protected]. Curry College will work with and process Alternative Loans for any lender of your choice.
Parents
and students have the right to select the private loan lender of their choice without penalty by the College and are not required to use any private loan lender listed above. Please refer to the Curry College website, www.curry.edu for details on the method and criteria used in choosing the
Alternative
Loan Lenders listed above. * All private loans are subject to credit approval.
• Wells Fargo Student Loan Relationship Discounts: 0.25% - 0.50% interest rate reduction for banking relationship and/or prior borrowing relationship.
• 0.25% Interest rate reduction for ACH
• Cosigner release consideration available after first 24 consecutive on-time
payments
• No time limit for past due balance if student is currently enrolled.
If student is not enrolled must have applied within 30 days of end of
loan period