Alternative Loans for Students
Whether or not you qualify for need-based financial aid, you may want to consider other programs to help finance all or part of your cost to attend UMass Amherst. You should not apply for any of these programs until after you have applied for need-based financial aid and received a decision from Financial Aid Services.
UMass Amherst does not endorse any individual alternative loan - families should compare programs and choose those that best fit their needs. In addition, these lists are not exhaustive, and you may find other loans that are a better match. Please visit the lenders Web sites to learn more about the terms, conditions, and benefits of these programs.
Alternative Student Loans
Alternative loans require all first-year students and borrowers without employment or credit history to apply with a creditworthy co-signer; this ensures the best rates. Most also offer a co-applicant release option after twenty-four or forty-eight consecutive on-time payments.
Eligibility
To apply for an alternative loan students must be enrolled at least half time in a degree-granting program, making satisfactory academic progress, and must be a U.S. citizen, national, permanent resident, or eligible non-citizen.
Loan Details
- Repayment on these alternative loans begins six months after graduation or leaving school
- Repayment plans range from fifteen to twenty years
- Borrowing limits range from a minimum of $500 up to the cost of attendance minus any financial aid received.
Listed below are alternative loan programs through which UMass Amherst students borrowed in the past year. The programs are listed in descending order by borrowing volume. Note that you may borrow a student alternative loan through any program that you choose.
Visit each lender’s Web site to learn more about the terms, conditions and benefits that will help you choose the best alternative loan to meet your needs.
Signature Student Loan® (SallieMae)
Citibank CitiAssist® Loan
Campus Door Alternative Loan
Wachovia Alternative Loan
New Jersey Class Loan
RISLA College Bound Loan
Key Alternative Loan
Wells Fargo Loan
Signature Student Loan®
- Interest rate: LIBOR + 2.5% to LIBOR + 9.5% based on credit review and co-signers
- Students may apply with or without co-signer and may borrow up to their cost of attendance minus other financial aid
- Interest accrues while the student is enrolled and capitalizes at the end of the 6-month grace period
- Highest credit rating determines interest rate
- Repayment begins six months after graduation or when borrower drops to less than half-time enrollment
- Zero fees
- Contact Signature customer service at 800-695-3317 or visit the Signature Web site
Citibank CitiAssist® Loan
- Interest rate: Prime - 0.5% to Prime + 4.00% based on credit review and co-signer
- Interest rate adjusts quarterly
- Interest capitalizes once at repayment
- No origination or repayment fees
- Contact Citibank at 800-967-2400 or visit the Citibank Web site
Campus Door Alternative Loan
- Interest rate: Prime - 0.5% to Prime + 3%
- Origination fees of 0% to 5% based on borrower and co-signer credit score
- No debt-to-income
- No employment verification
- 12-month grace period after graduation
- 25-year repayment term
- Visit the Campus Door Web site
Wachovia Alternative Loan
- Interest rate: Prime - 0.5% to Prime + 5%
- No fees with creditworthy borrower or co-borrower
- Call Wachovia at 1- 800-338-2243 or visit the Wachovia Web site
New Jersey Class Loan
- Low fixed interest rate
- Lower rate with auto debit (.50% immediate reduction)
- 2% loan fee
- Students or parents can borrow
- Flexible repayment options - including deferment while in school
- No prepayment penalty
- Visit the Higher Education Student Assistance Authority Web site or call 1-800-792-8670
RISLA College Bound Loan
- Interest rate: variable based on Prime Rate
- Minimum loan amount: $1,500
- Maximum loan amount: Cost of Attendance minus other financial aid or $35,000 a year
- 15-year term
- Repayment begins six (6) months after the student leaves school
- Visit the College Bound Loan Web site or call 1-800-758-7562
Key Alternative Loan
- Interest rates: With a cosigner: 8.21%, Without a cosigner: 8.76%
- No application, loan or processing fees
- Minimum loan amount: $500
- Maximum loan amount: Cost of attendance minus other financial aid
- Make no payments for up to six months after graduation
- Easy annual renewal process
- Visit the www.key.com/educate or call 1-800-540-1855
Wells Fargo Loan
- Variable interest rates: Prime + 0% to Prime + 5.99% based on credit
- No origination, disbursement, or early payment fees
- Minimum loan amount: $1,000
- Maximum loan amount: Cost of attendance minus other financial aid
- No payments are due until six months after you leave school
- Maximum of 7 year deferment while in school
- Maximum repayment term 15 years
- Visit the Wells Fargo Web site or call 1-800-437-3029
