2009-2010 UCLA's Private Loan Lender List
TThe list presented below is the result of an RFP (Request for Proposal) process conducted by University of California’s Office of the President. Lenders selected below went through a rigorous review comprising of comparison of their pricing, borrower benefits, customer service and efficiency of process. To see the lender list information compiled by Office of the President (when it becomes available) for these loans please click here. If you are interested in borrowing a private loan, you are not required to borrow from one of the lenders listed below. If you select a different lender, please contact them directly for instructions on how to apply.
Applying for a Private Loan
• Once you select a lender, please contact them at the phone number provided or click on ‘Apply Now’ link to start an online application. Please note that you may be required to apply with a co-signer and, even if the co-signer is not needed, you may be able to secure better terms for your loan by applying with one. Please click here for additional information about finding a co-signer.
• If pre-approved, the lender will direct you to submit the information/documentation required to complete the application process. Please provide all requested information directly to the lender.
• Once your private loan is approved, the lender will contact UCLA to obtain verification of your eligibility.
• Once the loan is certified by the Financial Aid Office, your disbursements will be sent to UCLA. Funds will be sent to UCLA via EFT for electronic disbursement and refund or via a paper check, which will have to be picked up at the Student Loan Office. The disbursement method is listed in the ‘Loan Process’ column.
If you select to borrow your private loan from a lender not listed below, please contact them directly to research loan terms and get instructions on how to apply. Please note that your disbursements will be funded via paper checks by lenders not on this list.
PLEASE REFER TO 2009-2010 PRIVATE LOAN GUIDE FOR ADDITIONAL INFORMATION.
Sun Trust
Academic Answer Loan
800-552-3006
Apply Now |
Undergraduates:
LIBOR + 3.50% to LIBOR + 10.75%
Graduates:
LIBOR + 3.00% to LIBOR + 10.25% |
Application: on-line
Certification: fax or mail
Disbursements: paper check
Loan checks will be mailed to UCLA Student Loan Services (A227 Murphy) and will have to be picked up in person every quarter. |
- Fees: No upfront fees. 0% - 6% Repayment Finance Charge may apply based on credit history.
- Annual Limit: Cost of Education less other aid received.
- Minimum: $1,000
- Enrollment: At least half time.
- Aggregate Limit: $100,000 for undergraduates; $150,000 for graduates.
- Repayment Period: 15-20 years for balances below $30,000. Can be extended to 25 years for higher balances.
- Grace/Deferment: Option to defer principal & interest payments while in school plus 6 month grace period.
- Other benefits: Sun Trust Graduation reward - $300 principal reduction at graduation. 0.25% interest rate reduction for auto-debit of payments. Co-signer can be released after 48 initial, consecutive on-time payments.
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Discover
Discover Certified Private Loan
877-728-3030
Apply Now |
Prime minus 0.50% to Prime + 4.75% |
Application: on-line
Certification: fax or mail
Disbursements: paper check
Loan checks will be mailed to UCLA Student Loan Services (A227 Murphy) and will have to be picked up in person every quarter. |
- Fees: No fees.
- Annual Limit: Cost of Education less other aid received.
- Minimum: $1,000
- Enrollment: At least half time. Must meet Satisfactory Academic Progress requirements (as defined by the school).
- Aggregate Limit: $200,000 for undergraduates; $50,000 per year not to exceed $200,000 total for graduates. Repayment Period: 15 years.
- Grace/Deferment: Option to defer principal & interest payments while in school plus 6 month grace period.
- Other benefits: 2% Graduation reward based on your outstanding balance. See Graduation Reward Policy.
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JPMorgan Chase Bank
CHASE Select
866-306-0868
Apply Now |
With co-signer:
3-month LIBOR + 3.20% to 3-month LIBOR + 7.50%
If qualified without co-signer:
3-month LIBOR + 6.30 |
Application: on line
Certification: electronic
Disbursements: EFT
Loan funds will be sent to UCLA electronically and disbursed to BAR.
Student Financial Services will deposit private loan refund to student’s bank account via Bruin Direct or mail a paper refund check if student does not have Bruin Direct. |
- Fees: No fees.
- Annual Limit: Cost of Education less other aid received.
- Minimum: $500
- Enrollment: Full-time, half-time or below half-time.
- Aggregate Limit: $120,000 for undergraduates. $180,000 for Graduates.
- Repayment Period: Up to 20 years for balances of $30,000 and up to 25 years for balances of $30,000 or higher.
- Grace/Deferment: Principal and interest may be deferred up to 6 months after graduation or ceasing enrollment.
- Other Benefits: 0.25% interest rate reduction for auto-debit of loan payments. Co-signer release option after 36 consecutive on-time payments.
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Sallie Mae
Smart Option Loan
800-695-3317
Apply Now |
1-month LIBOR + 4.00% to 1-month LIBOR + 10.50%
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Application: on line
Certification: electronic
Disbursements: EFT
Loan funds will be sent to UCLA electronically and disbursed to BAR.
Student Financial Services will deposit private loan refund to student’s bank account via Bruin Direct or mail a paper refund check if student does not have Bruin Direct. |
- Fees: 0% - 3%
- Annual Limit: Cost of Education less other aid received.
- Minimum: $1,000
- Enrollment: Full-time, half-time or below half-time.
- Aggregate Limit: No aggregate limits published.
- Repayment Period: 5 – 15 years depending on loan balance and student’s grade level.
- Grace/Deferment: Monthly interest-only payments are required while in school and during 6 month separation period. Principal and interest payments begin following the 6 month separation period.
- Other benefits: 0.25% interest rate reduction for auto-debit of payments. Additional 0.25% interest rate reduction is available if the borrower provides a valid e-mail address and elects to receive all servicing information via e-mail. Student borrower may apply for co-signer release after successful completion of their graduation.
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U. S. Bank
No Fee Educational Loan
800-242-1200
Apply Now |
Prime + 1.95% to Prime + 8.95% |
Application: on line
Certification: electronic
Disbursements: EFT
Loan funds will be sent to UCLA electronically and disbursed to BAR.
Student Financial Services will deposit private loan refund to student’s bank account via Bruin Direct or mail a paper refund check if student does not have Bruin Direct. |
- Fees: NO FEES!
- Annual Limit: Cost of Education less other aid received.
- Minimum: $1,000
- Enrollment: Full-time, half-time or less than half-time.
- Aggregate Limit: $50,000 in US Bank private education loans. $120,000 from all student loan programs (private and federal).
- Repayment Period: Up to 15 years.
- Grace/Deferment: Principal and interest may be deferred up to 6 months after graduation or ceasing enrollment.
- Other Benefits: Up to 0.50% interest rate reduction for auto-debit of payments. Co-signer may be released after 36 consecutive on-time payments for borrowers with an acceptable FICO score and debt-to-income ratio; or after 48 consecutive on-time monthly payments and an acceptable debt-to-income ratio.
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ADDITIONAL ELECTRONIC PRIVATE LENDER OPTIONS:
In addition to working with the lenders who were selected for your consideration through the Office of the President’s RFI, UCLA also works with these additional lenders to provide electronic private loan options to our borrowers.
Wells Fargo
Undergraduate Collegiate Loan
800-378-5526
Apply Now
Wells Fargo Graduate Loan
800-378-5526
Apply Now |
Collegiate Loan:
Prime + 1.00% to
Prime + 7.99%
WF Graduate Loan:
Prime + 1.50% to
Prime + 4.00% |
Application: on line
Certification: electronic
Disbursements: EFT
Loan funds will be sent to UCLA electronically and disbursed to BAR.
Student Financial Services will deposit private loan refund to student’s bank account via Bruin Direct or mail a paper refund check if student does not have Bruin Direct. |
- Fees: NO FEES!
- Annual Limit: Cost of Education less other aid received.
- Minimum: $1,000
- Enrollment: Full-time, half-time or below half-time. Graduate students must be making satisfactory academic progress.
- Aggregate Limit: $120,000 for undergraduates and graduates; $180,000 for law and business.
- Repayment Period: 15 years.
- Grace/Deferment: Principal and interest may be deferred up to 6 months after graduation or ceasing enrollment.
- Other Benefits: 0.50% interest rate reduction at repayment upon verification of graduation. 0.25% interest rate reduction for auto-debit of loan payments.
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Citibank
CitiAssist Loan
800-967-2400
Apply Now |
Until June 8:
Prime + 4.25% to
Prime + 10.75%
On/after June 8:
3-month LIBOR + 4.75% to 3-month LIBOR + 11.50% |
Application: on line
Certification: electronic
Disbursements: EFT
Loan funds will be sent to UCLA electronically and disbursed to BAR.
Student Financial Services will deposit private loan refund to student’s bank account via Bruin Direct or mail a paper refund check if student does not have Bruin Direct. |
- Fees: 0% - 6% based on credit review.
- Annual Limit: Cost of Education less other aid received.
- Minimum: $1,000 for first loan. No minimum for subsequent loans borrowed.
- Enrollment: Full-time, Half-time or below half-time.
- Aggregate Limit: $120,000 for undergraduates; $150,000.
- Repayment Period: 20 years.
- Grace/Deferment: Option to defer principal & interest payments while in school plus 6 month grace period. Grace period may be extended to 9 months for graduate students.
- Other benefits: 0.25% interest rate reduction for auto-debit of payments. Co-signer can be released after 24 initial, consecutive on-time payments.
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