• Stafford
  Loan
• Federal Parent
  Loan (PLUS)
• Alternative
  Loans
• Perkins/Institutional
  Loans

Alternative Lender List

Alternative Loans are available to students or parents or students who are enrolled at least half-time. Loan eligibility is determined by the borrower's/co-borrowers creditworthiness and cost of attendance minus financial assistance. Interest rates vary by program. Borrowers may take between 15-25 years to repay, with no penalty for pre-payment. Principal payments can be deferred, in most cases, while the student is enrolled at least half-time. Financial need is not a prerequisite.

The following is our Lender List for Alternative Loans. If you wish to pursue an alternative loan to help you finance you or your child's education, you will first need to select a lender. To make this process easier, Buena Vista University has performed a review of repayment benefits, interest rates, and fees, along with what we know about costumer service, to create a list of those lenders that we feel excel. Below, you will find a comparative analysis on the result of that research. Keep in mind that you are not limited to the lenders on this list.

US Bank No Fee Loan

Lender:  US Bank
(800)242-1200

Benefits: 

• .50% Interest Rate reduction for auto-pay

Eligibility:

• Enrolled in an eligible school.
• Student may be enrolled less than half-time.
• Non-degree seekers accepted.
• Borrowers with limited or no credit history may require a cosigner.  All borrowers may qualify more easily and may receive better interest rates with a cosigner who has good credit.
• Co-signers required?  Not required if borrower has minimum 25 months of credit history on at least 1 non-student loan tradeline.
• Satisfactory Academic Progress not required.

Rates: 

• Prime Rate; varies no more than monthly
• Interest rate tiered depending on credit.
  
  • Prime + 0%
  • Prime + 1.95%
  • Prime = 3.95%
• No fees 

Loan Amounts:

• Annual Minimum loan amount:  $1000.
• Cost of attendance less financial aid received up to $40,000.

Repayment Period: 

• Standard repayment plan up to 15 years.
• US Bank No Fee loan is automatically deferred.
• Standard, Graduated and/or Income Sensitive plans are offered.
• Interest starts as soon as disbursed.
• Capitalization of interest once at repayment, and at end of each Forbearance or Deferment.
• Repayment begins six months after student graduates or drops to less than half-time.
• Co-signer release option after 36 and 48 consecutive monthly on-time payments.

Late Disbursement Policy:

• Borrow for previous debt owed to school;  apply and receive certification within 6 months

Apply now! 

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US Bank GAP Loan

Lender:  US Bank
(800)242-1200

Benefits: 

• .50% Interest Rate reduction for auto-pay

Eligibility:

• Enrolled in an eligible school.
• Student may be enrolled less than half-time.
• Non-degree seekers accepted.
• Borrowers with limited or no credit history may require a cosigner.  All borrowers may qualify more easily and may receive better interest rates with a cosigner who has good credit.
• Co-signers required?  Not required if borrower has minimum 25 months of credit history on at least 1 non-student loan tradeline.
• Satisfactory Academic Progress not required.

Rates: 

• 91-Day Treasury Bill; varies Quarterly
• Interest rate tiered depending on credit.
  • 91-Day Treasury Bill + 2.5% Interim
  • 91-Day Treasury Bill + 3.5% Repayment
• Fees:  4% or 8% depending on credit. 

Loan Amounts:

• Annual Minimum loan amount:  $1000.
• Cost of attendance less financial aid received up to $40,000.

Repayment Period: 

• Standard repayment plan up to 15 years.
• Deferment - 7 years continuing progress, 3 years return to school - interest accrues in both cases
• Standard, Graduated and/or Income Sensitive plans are offered.
• Interest starts as soon as disbursed.
• Capitalization of interest once at repayment, and at end of each Forbearance or Deferment.
• Repayment begins six months after student graduates or drops to less than half-time.
• Co-signer release option after 36 and 48 consecutive monthly on-time payments.

Late Disbursement Policy:

• Borrow for previous debt owed to school;  apply and receive certification within 6 months

Apply now!

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Wells Fargo Collegiate Loan

Lender: Wells Fargo Bank
(800)658-3567

Benefits:   

For loans 1^st disbursed on or after July 1, 2008:

• A new Wells Fargo Student Graduation Benefit^SM Program interest rate reduction of 0.50% at repayment upon verification of graduation.
• A 0.25% interest rate reduction when Wells Fargo automatically withdraws payments from a checking or savings account at repayment.

Eligibility:

• Enrolled in an eligible school.
• Student may be enrolled less than half-time.
• Student does not need to make satisfactory academic progress.
• Borrower can be seeking a degree or certificate.
• Satisfactory Academic Progress not required.
• Student borrower and/or cosigner, if needed, must have established positive credit history and income stability sufficient to meet debt obligations.

Rates:

• Interest rate changes with prime. Interest rate is tiered depending on credit history of  cosigner only.
  • Prime + 0%
  • Prime + 1.49%
  • Prime  + 2.99%
  • Prime +  3.99%
  • Prime + 4.99%
  • Prime + 5.99%
• Juniors, seniors or graduate students with strong credit histories may be eligible without a cosigner, regardless of their income.
• Fees - None - no origination, repayment, or prepayment fees.

Loan Amounts:

• Annual Minimum loan amount: $1,000
• Annual Maximum loan amount: $25,000
• Borrowers may not borrow more than the cost of education less estimated financial aid as determined by the school.

Repayment Period:

• Wells Fargo Collegiate loan is automatically deferred; however, interest starts on the loan as soon as it is disbursed.
• Students are not required to start making payments on the Collegiate loan until six months after they withdraw or graduate.
• Capitalization of interest occurs when the borrower enters repayment and again following any uninterrupted period of deferment or forbearance.
• Repayment period is 15 years and there is no penalty for early repayment.
• Cosigner may be released when borrower makes 24 consecutive monthly principal and interest payments on time (borrower must meet minimum credit guidelines).

Late Disbursement Policy:

Applications received up to 12 months after the loan period has ended will be approved for late disbursement.

Apply now!

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SELF Loan

Minnesota Office of Higher Education
(800)657-3866

Eligibility:

• Minnesota resident
• At least half-time in a certificate, associate, baccalaureate graduate degree program
• Have a credit worthy co-signer.
• Not be delinquent or in default on a SELF or other outstanding student loan(s).
• The maximum cannot exceed the price of attendance minus all other financial aid that the student is eligible to receive.
• Loan limits for student in grade level 1 - 5 is $7500
• Cumulative SELF borrowing maximums are:
  • Grade level 1, $7500
  • Grade level 2, $15,000
  • Grade level 3, $22,500
  • Grade level 4, $30,000
  • Grade level 5, $37,500
• Minimum loan amount is $500

Rates: 

• Phase IV - As of January 1, 2008 the interest rate is 7.00% (1/1/08 - 3/31/08)
• Interest rate is variable through the life of the loan.

Repayment Period:

• Borrowers are required to pay interest quarterly while in school.
• After graduating or leaving school borrowers are required to pay the monthly interest for up to three years; then they will begin repaying principal as well as interest monthly.
• Repayment is usually 7 to 9 years.

Borrowers with SELF IV loan balances of $18,750 and greater may have longer repayment periods.

Apply now!

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Chase Select Loan

Lender: Chase
(866)306-0868

Benefits: for academic year 2008-2009

• 0.25% interest rate reduction for auto debit.
• No origination or repayment fees.
• Lower interest rates available with a qualified cosigner
• Cosigner release options available after 36 consecutive on-time monthly payments of principal and interest.

Eligibility:

• May borrow if less than ½ time.
• Enrolled in a degree or certificate program
• Minimum loan amount is $500

Rates:

Interest rates are variable, based on the Prime Rate and are updated each calendar quarter.

• Without a cosigner
  • Level 1 - Prime minus 0.50%
  • Level 2 - Prime + 0%
  • Level 3 - Prime + 1.50%
  • Level 4 - Prime + 3.00%
  • Level 5 - Prime + 4.50%
  • Level 6 - Prime + 6.00%

• With a cosigner
  • Level 1 - Prime minus 1.00%
  • Level 2 - Prime minus 0.50%
  • Level 3 - Prime + 1.00%
  • Level 4 - Prime + 2.50%
  • Level 5 - Prime + 4.00%
  • Level 6 - Prime + 5.50%

Repayment Period:

• Repayment begins six months after student graduates or withdraws.
• May choose interest only payments while the student is in school
• May choose immediate principal and interest payments while the student is in school.
• Repayment of 20 years for loan amounts up to $30,000.
• Repayment of 25 years for loan amounts of $30,000 or more.
• Subject to a $25 minimum monthly payment.

Late Disbursement Policy:

Chase Select may be used for past balances.

Apply now!

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Signature Student Loan

Lender:  Sallie Mae
(888) 272-5543

Benefits:

• Zero fees
• 0.50 percentage point interest rate reduction with auto-debit
• Sallie Mae's Upromise Loan Link service can help students and families pay down student loans
• No income requirement 

Eligibility:

• May borrow if less than half time.
• Enrolled in a degree program.
• Satisfactory Academic Progress not required.  

Rates:

• Interest rates are variable, based on the LIBOR Rate and are updated each month.
• Credit rating will determine the spread and two credit worthy borrowers can obtain better rates.
  • One credit worthy borrower the range is:
    • (LIBOR + 2.5%) to (LIBOR + 9.50%)
  • Two credit worthy borrowers (borrower and co-borrower) the range is:
    • (LIBOR + 2.50%) to (LIBOR + 8.50%)

Loan Amounts:

• Minimum loan amount is $500.
• Maximum loan amount is published cost of attendance less financial aid as certified by the school. 

Repayment Options:

• Six month grace period. Repayment begins six months after graduation or six months after the student's withdrawal date.
• Standard repayment is 15 years with an option to increase repayment time up to thirty years, based on your loan balance.
• Extended repayment options including up to four years of interest-only payments followed by level payments of principal and interest for the remaining repayment term.
• Cosigner release available after the first 24 on-time payments of principal and interest.
• Combined billing for borrowers with multiple Sallie Mae loans.  

Late Disbursement Policy:

• Can be used for past due balances up to 12 months or 365 days.
• When loan application is received up to 120 days after the end of the loan period, the application will be processed with or without a creditworthy cosigner, depending on the borrower's credit.
• When the loan application is received between 121 and 365 days after the end of the loan period, the application will be processed with a creditworthy cosigner only.

Apply now!

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Campus Door Loan

Lender: CampusDoor
800.786.0002

Benefits as of May 1, 2008 

• 12-month Grace Period after graduation
• 0.50% interest rate reduction for Auto-debit
• 0.50% interest rate reduction after 48 consecutive on-time payments
• Apply online 24/7 and get a credit decision, including rate and fee (if any) in less than a minute!

Eligibility:

• Available for non-degree-seeking students
• Borrower must be enrolled on at least a half-time basis
• Must be making Satisfactory Academic Progress
• CampusDoor does not require a cosigner if the student is creditworthy and over 18.  However, CampusDoor encourages all borrowers to apply with a creditworthy cosigner to increase their chances of approval and increase their chances of obtaining a lower interest rate and/or fee.
  

Rates:

• The CampusDoor School-Certified Student Loan is offered to Buena Vista University students at competitive rates from Prime -0.5% to Prime +3.9% with origination fees from 0% to 5% for cosigned loans, and rates from Prime -0.5% to Prime +5.9% with origination fees from 3% to 9% for non-cosigned loans.
• CampusDoor's interest rate is based on the Prime Rate reported in the Money Rates column in the Credit Market Section of The Wall Street Journal (Eastern Edition) five (5) Business Days before the beginning of a calendar quarter, rounded up or down to the nearest one hundredth of one percent (0.01%).

Loan Amounts:

• The minimum loan amount for a CampusDoor School-Certified Loan is $500.
• The CampusDoor School-Certified Loan does not have a fixed maximum amount. It is limited to the total cost of education less all other aid received, as certified by Buena Vista University. The lifetime aggregate maximum loan amount is $250,000.

Repayment Options: 

• The repayment period for all CampusDoor loans is 25 years. However, this is subject to the minimum monthly payment of $50 per account which could yield a shorter repayment period on low-balance loans.
• Borrower may select either a level or graduated repayment schedule.
• Cosigner release option after 36 consecutive on-time payments
• Deferment and Forbearance options available

Late Disbursement Policy: 

CampusDoor can apply funds up to 8 months in arrears for Buena Vista University students who are currently enrolled at least half-time or have graduated.

Apply now!

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Presbyterian Student Loan Program 

PCUSA
Contact:  Laura Bryan
888-728-7228 ext 5735

Student Loan for Undergraduates 

Benefits: 

• No interest accruing while enrolled full-time in a degree program.
• 08-09 loan fees will be 2%

Eligibility: 

• Be a member of the Presbyterian Church (USA)
• U.S. Citizens or permanent residents of the United States
• Demonstrate financial need
• Give satisfactory evidence of financial reliability
• Enrolled full-time
• Be in good academic standing
• Be working toward a degree in a college or university that is fully accredited by its regional accrediting association

Rates:

• Interest rate for 08-09 is 5% if promissory note is signed after April 16, 2008. 

Loan Amounts:

• Undergraduate
  • First year $1,500.00
  • Second year $2,000.00
  • Third year $2,500.00
  • Fourth year $3,000.00 

• Maximum Amount
  • $9,000 undergraduate

Repayment Period:

• Deferred as loan as student is enrolled ½ time
• Repayment begins six months after student graduates or drops to less than half-time.
• .5% reduction in interest rate for Electronic Funds Transfer (EFT) payments.
• Deferment and Forbearance options offered. 

Deadline:

• July 31, 2008 

Apply now!

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Presbyterian Parent Loan Program

PCUSA
Contact:  Laura Bryan
888-728-7228 ext 5735

Parent Loan for (Dependent) Undergraduates

Benefits:

• No interest accruing while enrolled full-time in a degree program.
• 08-09 loan fees will be 2% 

Eligibility: 

• Be a member of the Presbyterian Church (USA)
• U.S. Citizens or permanent residents of the United States
• Student demonstrates financial need
• Give satisfactory evidence of financial reliability
• Student enrolled full-time
• Student is in good academic standing
• Student is working toward a degree in a college or university that is fully accredited by its regional accrediting association

Rates:

• Interest rate for 08-09 is 7% if promissory note is signed after April 16, 2008.

Loan Amounts: 

• Parents may borrow up to $5000 per year
• Maximum Aggregate Amount
  • $20,000

Repayment Period: 

• Repayment begins 60 days after 2^nd disbursement.
• .5% reduction in interest rate for Electronic Funds Transfer (EFT) payments.
• Deferment and Forbearance options offered.

Deadline:

• July 31, 2008

Apply Now!

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You must notify the Office of Financial Assistance if you borrow funds through a lender for which BVU is not required to certify the loan application.