Comparison Chart
Wells Fargo Collegiate® Loan and Sallie Mae Signature Student Loan
Click here to see the current Prime Rate.
The loans on this page are private low interest rate student loans, sometimes called “Alternative Loans” and are not connected to the Government in any way. Students should maximize their Federal Stafford or Perkins loans and Parents should strongly consider a Federal PLUS loan before turning to the private loan option.
Many lenders make these type of private student loans, and you are free to borrow through other lenders. However, to simplify the process we recommend students apply for both the Wells Fargo Collegiate and the Sallie Mae Signature loans, then pick the one that provides the best terms and customer service.
Corban College does not receive any inducements to recommend these lenders. We have determined them to be among the lowest rates available and we believe they proved good service.
We recommend borrowers use a co-signer whenever possible in order to get better terms. We also caution students to budget wisely and borrow as little as possible. If students determine at a later date that they borrowed more than they needed, they can pay off some of the loan early or if the school year in which the loan was borrowed is still under way, we can send some of the loan amount back to the lender.
Tier 1 |
| Direct webpage links are available on the right >>> |
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|
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| Cosigner |
Creditworthy student borrower and/or cosigner |
Both student and cosigner
are credit-approved |
Either the student or the cosigner is credit-approved |
| Loan Amount |
$10,000 |
$10,000 |
$10,000 |
| APR |
In school: 7.03%
In repayment: 7.75% |
7.13% |
7.80% |
| Repay Amount |
$12,906 |
$13,063 |
$13,369 |
| Payment Amount |
$137.94 |
$121.09 |
$129.70 |
| Repayment Months |
144 |
180 |
180 |
Total Cost of
$10,000 Loan |
$19,863.50 |
$21,796.54 |
$23,344.40 |
Tier 2 |
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|
|
|
| Cosigner |
Creditworthy student borrower and/or cosigner |
Both student and cosigner
are credit-approved |
Either the student or the cosigner is credit-approved |
| Loan Amount |
$10,000 |
$10,000 |
$10,000 |
| APR |
In school: 8.19%
In repayment: 9.25% |
8.24% |
8.91% |
| Repay Amount |
$13,468.75 |
$13,573 |
$13,879 |
| Payment Amount |
$155.18 |
$135.65 |
$144.93 |
| Repayment Months |
144 |
180 |
180 |
Total Cost of
$10,000 Loan |
$22,346.07 |
$24,418.60 |
$25,304.51 |
Tier 3 |
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|
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Sallie Mae
Interest Rate: Prime + 2.50%
3.00% Disbursement &
Repayment Fees |
| Cosigner |
Creditworthy student borrower and/or cosigner |
Both student and cosigner
are credit-approved |
Either the student or the cosigner is credit-approved |
| Loan Amount |
$10,000 |
$10,000 |
$10,000 |
| APR |
In school: 9.82%
In repayment: 11.25% |
8.91% |
10.17% |
| Repay Amount |
$14,218.75 |
$13,879 |
$15,049 |
| Payment Amount |
$180.35 |
$144.93 |
$164.03 |
| Repayment Months |
144 |
180 |
180 |
Total Cost of
$10,000 Loan |
$25,970.34 |
$25,304.51 |
$29,525.54 |
Wells Fargo offers a Tier 4 with an interest rate of Prime Rate + 4.50% for borrowers who have credit challenges.
Assumptions
- Wells Fargo Collegiate® Loan: Loan amount of $10,000, Prime Rate of 7.75%, a 45-month in-school period, 12-year repay period.
- Sallie Mae Signature Student Loan®: Loan amount of $10,000 loan with two disbursements per loan, a constant Prime Rate of 7.75%, a 45-month in-school period, six months grace, and a 15-year repayment term.
- Notes: The calculations on this chart are based on a Prime Rate of 7.75%. The interest rate is variable and will change monthly if the Prime Rate changes.
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| Additional Comparisons |
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Wells Fargo Collegiate® Loan |
Sallie Mae Signature Student Loan® |
| Repayment Incentives |
Borrowers are eligible to receive the following repayment benefits if their loans are disbursed on/after April 1, 2006 and they have signed up for electronic statements:
- 0.50% interest rate reduction when Wells Fargo automatically withdraws the monthly payment from a Wells Fargo checking or savings account (or a 0.25% interest rate reduction for automatic payments from a non-Wells Fargo account). Borrowers must continue to be enrolled in electronic statements to receive this benefit.
- 0.50% interest rate reduction after making the first 48 consecutive on-time monthly payments. Borrowers must be enrolled in electronic statements prior to their first payment due date and must continue to be enrolled in electronic statements throughout the entire 48 months to receive this benefit.
- Borrowers may release their cosigner after making the first 24 consecutive on-time monthly payments and they meet the Wells Fargo credit criteria.
- Cosigners for temporary resident aliens are not eligible for cosigner release.
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- Cosigner release option: After 24 on-time payments of principal and interest, student can apply for cosigner release from the loan. New credit check will apply. Cosigner can help student get loan at a lower interest rate, but not be obligated for 15 or more years
- Repayment term can be extended up to 25 years so students with higher loan balances have repayment options.
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| Other |
- Full-time, half-time, or less than half-time undergraduate or graduate degree-seeking student enrolled in an eligible program at an eligible school
- U.S. citizen, permanent resident alien, or international student who is a temporary resident alien. Permanent and temporary resident aliens must have U.S. citizen cosigner
- Student borrowers, and/or cosigner, if needed, must have an established, positive credit history and income stability sufficient to meet debt obligation
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- No income requirements for student or cosigners
- No debt-to-income requirements
- International students are eligible with a cosigner
- U.S. citizens and permanent residents are eligible without a cosigner as long as they meet credit requirements
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