Alternative Loan Information
Jackson State Community College DOES NOT participate in the Federal Stafford Loan program or the Parents’ Loan for Undergraduate Students (PLUS) program. However, JSCC has teamed up with private lenders to offer alternative educational loans to eligible students. The information included herein is minimal, so please contact the lender for additional information and for an application or Promissory Note .
Educaid offers the TERI Alternative Loan - This loan offers three different repayment options, allowing the borrower to defer payment of principle or interest while in school. The guarantee fee will range from 5% to 6.5% and will be added to the principle amount of the loan. The interest rate is variable based on the prime rate.
You may inquire about this loan at: 1-800-255-8374 or go to www.teri.org
Wells Fargo offers the Collegiate Loan, which is specifically designed for the working student or other creditworthy sponsor borrowing on behalf of the student. This loan gives the borrower the option of deferring payments while in school. No origination fee is applied. The interest rate and repayment term is determined by the credit of the borrower and/or co-signer (the better your credit, the lower your interest rate).
You may inquire about this loan at: 1-800-658-3567 or go to www.wellsfargo.com/student
Bancorp South offers The Campus Door Loan. This loan gives the borrower the option of extended and graduated repayment terms. The interest rates and fees are competitive for the alternative loan market and will vary based on your credit history and the type of loan for which you are applying. Co-signer obligation is released after 48 on-time payments.
You may inquire about this loan at: 1-800-786-0002 or go to www.campusdoor.com
Citibank offers the CitiAssist Loan
Students can apply for and sign online. There are no payments required while you are still in school. There are no origination fees, no guarantee fees, and no repayment fees. The interest rates are competitive.
You may inquire about this loan at: 1-800-967-2400 or go to www.studentloan.com
The above information is subject to change. Obtain written documentation from the lender to verify interest rates and fees.
- Tell the lender the specific name of the loan for which you are applying.
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- Specific loan names for each lender are on the other side of this paper
- These are credit-based loans:
- The lender will submit your information and receive a credit report
- If your credit is good, the lender will send you a loan application
- If your credit is not good, the lender may deny the loan request
- The lender may ask for other documentation (pay stubs, employment history, etc)
- If approved, the loan funds will be sent to the JSCC Business Office for payment of any balance on your student account. If you do not owe a balance on your student account, the Business Office will release the loan check to you.
- Alternative loan checks are made out to the school and the borrower
- Your loan amount may be adjusted by the JSCC Financial Aid Services Office
- Loans will not be processed for more than one academic year at a time
- Alternative loans take approximately three weeks to process