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Alternative Student Loan Options

 

Before considering an alternative loan, we encourage you to apply first for Title IV grants and loans which have more favorable terms and conditions than a private educational loan.

The links listed below are for credit based private educational loans. On many of the loans, interest is variable at prime plus a percentage and a co-signer is usually required.  Repayment may begin immediately.  Students do not need not be eligible for financial aid.

MCLA has chosen to list these loans based on the review of disclosure information submitted by these lenders.  After review of their current interest rates and terms, we are posting their websites for your review.  Please remember, you may choose one of the lenders listed or one of your own.  These are only suggested lenders for your convenience.  You should make sure that you research each loan for current interest rate and terms before choosing a lender.

 

Fixed Interest Rate Loans -


MEFA (Massachusetts Educational Financing Authority) -

MEFA is Massachusetts state financial authority which offers both Parent and Student loan options.  Loans are available to both Massachusetts residents and out-of-state students attending a Massachusetts school.  Interest rates are fixed.

Click here for MEFA Loan Information


Variable Interest Rate Loans -

 

The following loans are listed based on borrower volume at MCLA and not in order of College preference. Click on the links to research current interest rates and terms to determine the loan best for you.

 

Sallie Mae Smart Option Student Loan Sallie Mae Bank

Loan Interest Rate & Fees

Click here for more Smart Option Information and application material.

Chase Select - JP Morgan Chase Bank, NA

Loan Interest Rate & Fees

Click here for Chase Select Information and application material.

TruFit Student Loan - Citizens Bank

Loan Interest Rate & Fees - Fixed Rate

Loan Interest Rate & Fees - Variable Rate

Click here for TruFit Loan Information

 

CitiAssist - Citibank

Click here for CitiAssist Information

Wells Fargo Collegiate Loan - Wells Fargo Education Financial Services

Loan Interest Rate & Fees

Click here for Wells Fargo Loan Information

PNC Private Student Loan- PNC Bank

Click here for PNC Private Student Loan Information 

Loan Interest Rate & Fees - Fixed

Loan Interest Rate & Fees - Variable

Discover Student Loans -

Click here for Discover Loan Information

SunTrust Education Loans -SunTrust Bank

Loan Interest Rate & Fees

Click here for SunTrust Loan Information

US Bank No Fee Education Loan - US Bank

Click here for US Bank Loan Information

EdAccess Private Student Loan - cuStudent Loans

Loan Interest Rate & Fees

Click here for cuStudent Loan Information

Custom Choice Loan - First Marblehead

Loan Interest Rate & Fees

Click here for Custom Choice Loan Information.

Smart Option Student Loan - StuFund

Click here for StuFund Loan Information.






 

 

 

 


 


 

 

 

Cost of Attendance

To assist you in completing your alternative loan application, we are providing you with  the following average cost of attendance figures for your disclosure statement.

In-State -

Commuter - $13,823

Dorm - $19,508

Out-of-State -

Commuter - $22,768

Dorm - $28,453

New York of NEBHE 

Commuter - $14,338

Dorm - $20,023 

For costs associated with all graduate programs, The Leadership Academy or Certificate of Advanced Studies, please contact MCLA's Student Accounts Office at 413-662-5230.