ALTERNATIVE LOAN OPTIONS
Many times families choose to borrow additional loan funds to meet college tuition costs. Carroll College’s Financial Aid Office works with the following alternative loan options. If you have questions or would like to request application forms, contact the lending institutions or our office at 1-800-992-3648 or 406-447-5425.
U.S. Bank GAP Loan
The GAP loan is a low interest rate education loan for Carroll College students. Cosigners may be required for freshman and students borrowers that do not meet the credit criteria issued by the bank. Repayment begins six months after graduation and you have up to 15 years to repay the loan. The reserve fee is either 4% or 8% depending on the applicant’s credit. There are no early repayment penalties or back end fees. In repayment the interest rate can be reduced by a half percent if you have a U.S. Bank checking account or sign up for direct debit. Apply online at: www.usbank.com/studentloans or call the financial aid office for an application.
U.S. Bank No Fee Education Loan
U. S. Bank offers a No Fee loan without any up-front fees. Cosigners may be required for freshman and student borrowers that do not meet the credit criteria issued by the bank. Repayment begins six months after graduation and you have up to 15 years to repay the loan. There are no prepayment penalties. Apply online at: www.usbank.com/studentloans or call the financial aid office for an application.
Wells Fargo Collegiate Loan
Wells Fargo offers the Collegiate loan without any up-front fees. The interest rate is variable based on the prime rate and creditworthiness. Cosigners may be required if the minimum credit criteria is not met. Repayment begins six months after graduation and you have up to 15 years for repayment. The Collegiate loan offers interest rate reductions for automatic payments and additional rewards for on time payments. There is a cosigner release option for responsible borrowers. Apply online at: www.wellsfargo.com or call the financial aid office for an application.
CitiAssist Loan
CitiBank offers a CitiAssist loan without any up-front fees. The interest rate is variable based on the prime rate and creditworthiness. A cosigner is required unless the minimum income criteria is met. There is a six-month grace period after a student leaves school. Repayment begins four years after the loan is taken out regardless of in-school status. Apply online at: www.studentloan.com or call the financial aid office for an application.