Alternative Loan Comparison

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Campus Door
Alternative Loan
campusdoor.com
800.786.0002 Interest Rate Prime -0.5% to
Prime +5%*. Loan Fees Origination fees from
0% - 9%*. Cosigner
Required? Sometimes required for
borrowers with low
or no credit. Cosigner
Release? Yes, cosigner may request
to be released after 48
consecutive on-time payments. Minimum Loan
Amount $500 Annual Maximum
Loan Amount Up to Cost of Education
less other aid. Repayment
Terms Up to 20 years,
depending on loan balance. SAP Required? Yes. Minimum Enrollment At least half-time. Grace Period 12 months
after graduation. Yes. Graduate Loans? Key Bank
Alternative Loan
key.com/alternative
800.539.5363 With cosigner:
3-month LIBOR + 3.30%.
Without cosigner:
3-month LIBOR + 3.85%. No fees. Sometimes required for
borrowers with low
or no credit. Yes, after 48 consecutive
on-time payments with
new credit check. $500 Up to Cost of Education
less other aid. Up to 20 years,
depending on loan balance. Yes. At least half-time. 6 months. Yes. Brochure Rev . 03/0 7
I
nformation is subject to change. Campus Door is an Equal Opportunity Lender . Alternative Loan Comparison ANNUAL PERCENTAGE RATE EXAMPLES: The examples below are for illustrative purposes only but should help you understand how much a student loan may cost. The actual rates and fees of your loan may vary from the examples below
depending upon your credit history and the educational institution you attend. The first example assumes a loan fee of 0% and an interest rate of Prime 0.5%. The second example assumes a loan fee of 5% and an
interest rate of Prime +1%. Both examples make the following assumptions: you borrow $10,000 which includes your loan fee; your loan is disbursed in a single disbursement on 1/1/2007; you graduate on 11/1/08 (22 months
later); your first payment is not due until 11/1/2009; you request a repayment period of 240 months (20 years); and the Prime Rate, which is 8.25% as of December 22, 2006, remains unchanged. With a loan fee of 0% and an interest rate of Prime 0.5%, your ANNUAL PERCENTAGE RATE will be 7.61% with an approximate monthly payment of $100.12. With a loan fee of 5% and an interest rate of Prime +1%, your ANNUAL PERCENTAGE RATE will be 9.56% with an approximate monthly payment of $115.59. Please note that the Annual Percentage Rate will vary and is in-
dexed to the Prime Rate as published in the Wall Street Journal. In addition, any increases in the interest rate will result in an increase in the amount of your monthly payments and/or an
increase in the number of scheduled payments. *Interest rate and loan fees vary and are based upon borrower and/or cosigner (where applicable) credit profile, school eligibility and other underwriting criteria. The information provided in this chart has been collected by CAMPUSDOOR with assistance from the other lenders featured. The information presented is believed to be correct as of the date of printing and is subject to change.
Cleveland Institute of Music provides this Alternative Loan list as a service to its student body. Cleveland Institute of Music does not endorse any particular lender. See the individual terms and contact the lender for more information.
Please borrow conservatively. Sallie Mae
Signature Student Loan
salliemae.com/signature
800.695.3317 Prime + 1.5% to Prime + 6.5%,
based on credit. No disbursement fees
Repayment fee: 0% - 3%,
based on credit. Sometimes required for
borrowers with low or no credit.
Cosigners required for
all foreign students. Yes, after 24 consecutive
on-time payments. $500 Up to Cost of Education
less other aid. Up to 25 years,
depending on loan balance. No. At least half-time. 6 months. Yes. TERI
TERI Alternative
teri.org
800.255.8374 3-month LIBOR + 2.80% to
3-month LIBOR + 5.45%,
based on credit and/or cosigner. Origination fee of 0% - 9.5%,
based on credit and/or cosigner.
No repayment fees. Sometimes required for
borrowers with low or no credit.
Cosigners required for
all foreign students. Yes, after 48 consecutive
on-time payments with
new credit check. $1,000 Up to Cost of Education
less other aid. Up to 25 years,
depending on loan balance. No. At least half-time. 6 months. Yes. No. Debt/Income
Ratio Required? Yes. Yes, for cosigner. Yes . Citibank
Citiassist Loan
studentloan.com
800.692.8200 Prime - 0.5% to Prime + 4%,
based on credit. No fees. Sometimes required for
borrowers with low or no credit.
Cosigners required for
all foreign students. Yes, after 48 consecutive
on-time payments with
new credit check. None. Up to Cost of Education
less other aid. Up to 20 years,
depending on loan balance. No. At least one class. 6 months. Yes. Yes . Access Group
Comprehensive Loan
accessgroup.org
800.282.1550 3-month LIBOR + 2.70% to
3-month LIBOR + 6.45%,
based on credit. No fees. Sometimes required for
borrowers with low or no credit.
Foreign students will need to
apply for sponsored access loan. Yes, after 24 consecutive
on-time payments. $1,000 Up to Cost of Education
less other aid. Up to 20 years,
depending on loan balance. Yes. Less than half-time or in
continuing education or
certification program. Up to 9 months. Yes. Yes . Alternative loans are private loans through a lending institution that are not part of the federal government programs. Alternative loans are more expensive than federal government loans and should only be used when all other options have been exhausted. Research all possibilities for scholarships, grants, work-study and federal loan programs before borrowing from an alternative loan program. If you determine you need an alternative loan, use the helpful comparison chart on the back of this page and research the lenders for additional information. Choose the loan that best suits your needs and remember to borrow only what you need! W h
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should I look f or in an alter na tiv e loan? Annual Percentage Rate (APR) The APR is the annual cost of your loan including the ef fect of any fees and charges in addition to interest. The APR is determined based on the terms of the loans. APRs will dif fer based on the terms and loan amount. Make sure you are comparing APRS to receive a true comparison. Note, if the rate is variable, the APR may be increased after you take out the loan. T
ake APRS and the other terms mentioned above into consideration when borrowing an alternative loan. R
epayment Incentiv es Does the alternative loan reward borrowers who make payments on time? For example, after 48 consecutive on-time payments will you receive an interest rate reduction? Loan Limits Does the loan have an annual or aggregate limit? Can you af ford to borrow within these limits? It
s a good idea to borrow from the same lender each year , so make sure the loan can cover your costs throughout your entire education. Pr e-a ppr o
val Do you need to know quickly if you qualify? Does the lender of fer loan pre-approval over the phone or internet? Cosigner R equir ement Does the alternative loan require you to have a cosigner? Sometimes cosigners reduce the costs of the loan, but if you cant find a cosigner , youll need to find an alternative loan you may borrow on your own. 1
1021 East Boulevard Cleveland, OH 44106-1776 Phone: (216) 791-5000 ext. 262 W ebsite: www .cim.edu Lenders use credit scores to make fast and objective decisions on which applicants are likely to repay their loans on-time. Credit scoring is calculated using many pieces of your past bill payment history (number and types of accounts, late payments, outstanding debt, and the age of your accounts). The way you have handled credit in the past is often a good indication of how you will manage credit in the future. Therefore your credit score is like a snapshot of your level of credit risk at a particular point in time: when your credit information changes, so does your credit score. Give yourself the credit you deserve. Pay your bills on time, pay down any outstanding debt and avoid taking on new debt or applying for too many new credit cards. Inter est Ca pitaliza tion If you choose not to pay the interest on your loan while you are in school, the interest may be capitalized (added to your principal balance). When is the interest capitalized? Annually? At repayment? If the interest is capitalized annually the loan is more expensive than if it is capitalized only once at repayment. R
epayment Does repayment begin immediately or after you graduate or leave school? Make payments whenever you can af ford to, but if you cant make regular payments while youre in school, youll need to find a loan that doesnt require immediate repayment. Loan Consolida tion Combining student loans into one new loan through one lender can simplify your repayment period. Allowing you to make one monthly payment for all of your student loan. Consolidation extends the length of the repayment period, which reduces monthly loan payments. The total amount repaid over the loan term, however will be greater as a result of the extended repayment term. Pr e-a ppr o
val How long is the repayment period in which you repay the loan? If your educational costs require you to borrow large amounts, you may need a longer time to repay the loans. Helpful Tips f or Choosing an Alter na tiv e Student Loan W h
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ar e alter na tiv e loans? Giv e Y our self Cr edit!

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