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
Click here for more Smart Option Information and application material.
Chase Select - JP Morgan Chase Bank, NA
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 InformationCitiAssist - Citibank
Click here for CitiAssist Information
Wells Fargo Collegiate Loan - Wells Fargo Education Financial Services
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
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
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.
