Alternative or Private Student Loans
Alternative loan programs are designed to bridge the funding gap when savings, grants, federal loans, and other resources
are not enough or simply not available. YSU encourages all students to file the Free Application for Federal Student Aid
(FAFSA) and exhaust all eligibility for federal funds before applying for alternative loans.
Below are three lenders that offer alternative loan products. The lenders listed have been chosen because they have for many years
offered loan products to YSU students at competitive interest rates.
However, though we provide a list, YSU will process and expedite the loan certification process for any lender selected by a student borrower.
Terms and Conditions below are provided by the lenders listed.
YSU is not responsible for information that a lender may have failed to update. As always a borrower should read the information
provided at application carefully and ask questions of the lender they select.
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Interest Rate: PNC Solution Loan Rates as low as LIBOR + 4% to 10.75% Variable rate, adjusted quarterly. |
Chase Select Loan Rates as low as LIBOR + 4.40% (rate includes a reduction for a qualified cosigner) 0.25% interest rate reduction for enrolling to make automatically debited payments Borrowers may qualify for a lower interest rate when approved with a qualified cosigner Variable rate, adjusted quarterly. For importation terms and information, please visit www.ChaseSelectLoans.com or call toll-free 1-866-306-0868. |
Sallie Mae Smart Option Loan With a creditworthy cosigner: 1-Month LIBOR + 4% to 1-Month LIBOR + 12% Without a creditworthy cosigner: 1-Month LIBOR + 4% to 1-Month LIBOR + 12.5% |
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Repayment:
6 month grace period (9 month for Health Professions) 20 year repayment term for loans up to $40,000. 25 year repayment for loans over $40,000. Repayment Options: Full Deferment Borrowers may defer both principal and interest for up to (five years, Undergraduate; four years, Graduate and 6 years Health Professions) from the date of first disbursement of the loan provided the student remains enrolled at least half-time, and repayment of principal and interest begins 180 days after graduation (or after ceasing to be enrolled at least half-time). Interest-Only Borrowers may defer principal and pay interest for up to (five years, Undergraduate, four years Graduate, and 6 years Health Professions) from the date of first disbursement of the loan provided the student remains enrolled at least half-time. Interest payments begin immediately. Immediate Repayment Borrowers begin to repay both principal and interest 30-60 days after the last disbursement. |
6-month grace period $25 minimum monthly payment 20-year term for loan amounts up to $30,000, and up to 25-year term for loan amounts of $30,000 or more No prepayment penalty Repayment Options: Immediate repayment Interest-only payments while in school Deferred interest and principal payments until 6 months after graduation or separation from school Forbearance Borrowers may be eligible for 12 months of forbearance time (given in 6-month increments) once they have made at least 12 consecutive on-time payments on the account. Forbearances can also be granted for natural disasters, terrorist activity, or through the Soldiers and Sailors Act. An Administrative forbearance may be available at the lender's discretion and documentation will likely be required. |
Monthly interest-only payments are required during the in-school and the 6-month separation periods. The eligibility criteria for the loan are designed to determine whether borrowers can afford to make the interest-only payments while enrolled. By only approving students and cosigners that have the ability to make payments, Sallie Mae and the school maximize the student’s ability to successfully pay off their loans and realize the lifelong benefits of a higher education. While borrowers are only required to pay interest during the in-school and 6-month separation periods, they may opt to make full principal and interest payments with no prepayment penalty. |
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Loan Fees:
Zero to 6% |
Zero fees |
Zero to 3% disbursement fee; no repayment fee |
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Loan Limits: Minimum $1,000 a year Annual maximum - YSU's COA minus other financial aid Lifetime maximum: $225,000 from all student loan programs |
Minimum $500 a year Annual maximum - YSU's COA minus other financial aid Lifetime maximum - $120,000 (undergraduates); $180,000 (graduate students) |
Minimum $1,000 a year Maximum YSU's yearly Cost of Attendance - minus other financial aid. Sallie Mae reserves the right to approve a lower loan amount than what the school has certified. |
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Eligible Borrowers: At least half-time enrollment in a degree or certificate granting program. Creditworthy borrower meets both financial and credit standards (2-2-2(1) Rule): 2 years of verifiable income including proof of current income (if self-employed applicant must have been in business for two years) 2 years of residency in the U.S. and must be a U.S. Citizen or permanent resident 21 months of satisfactory credit history Credit-ready borrower: Established satisfactory credit history or no credit history with no proof of income/employment necessary 2 years of residency in the U.S. and must be a U.S. Citizen or permanent resident International students are not eligible at this time. |
Undergraduate and graduate students must be enrolled in a degree or certificate program Students can be enrolled full time, half time, or less than half time Students or cosigner must be a U.S. citizen or permanent resident A cosigner is not required, but may improve the chances for approval for applicants who do not otherwise meet loan underwriting requirements No income requirements |
You must be enrolled, accepted for enrollment, or be previously enrolled at an eligible school within the last 180 days. You must meet current credit and other eligibility criteria. |
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Lender Specific Advantages: PNC Solution Loan can be used to pay past due balance. Receive a .25% interest rate reduction for using automatic debit from a banking account. Co-signer release option after 48 on-time payments. Ability to postpone payments during times of financial hardship. |
0.25% interest rate reduction for enrolling to make automatically debited payments Can be used to cover previous school balances Online pre-approval and application, including e-signature (if applicable) No income requirements Loans are originated and serviced internally by Chase Choice of repayment options Cosigner release option - the borrower must make 36 consecutive monthly ontime payments of principal and interest at any time after repayment begins All Chase-serviced loans, including private loans, are combined into a single bill Loans are not sold to a third-party servicer |
Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. The borrower may apply for cosigner release after successful completion of their education.* A 0.25 percentage point interest rate reduction is available when payments are made on your Sallie Mae Smart Option Student Loan by automatic debit.* * Visit SallieMae.com/SmartTerms for additional information. |
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How to Apply:
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