Preferred Lender List for Private Student Loans

Private Education Loans

Before looking into private student loans, prospective students should investigate federal student aid.  Federal student aid may be more favorable than the provisions of private education loans such as providing a range of flexible repayment options including but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans are not required to provide.  Federal Direct Loans are available to students regardless of income.  If a student has exhausted all of his or her financial aid options (grants, scholarships, federal loans, etc.) and still needs money for school, he or she may want to apply for a private loan.  These loans are generally based on credit worthiness rather than financial need.  It is recommended that you discuss all funding options with the Financial Aid Office before you apply for a private loan.

Private education loans can offer variable interest rates that can increase or decrease over time depending on market conditions. These loans can have a range of interest rates and fees. The interest rate may depend on the borrower’s credit rating. Students should determine the interest rate and fees associated with the private loan before accepting the loan. Students should contact the lender of their private loan or the school’s Financial Aid Office if they have any questions about a private student loan.

Private education loans are subject to a credit check and individual lender terms. A student’s eligibility for a private education loan is determined by the lender based on the creditworthiness of the student borrower and/or co-borrower. These loans are not subsidized or guaranteed by the federal government. Private loans should only be considered after applying for federal financial aid. While we have summarized the features of private education loans offered by our private education loan lenders, for the specific terms and conditions on any private education loan, you should contact the lender.

As a result of current conditions in the credit market, many lenders have ceased making private education loans, or have tightened their credit criteria such that fewer borrowers are qualifying for such loans. The lenders listed above have expressed a willingness to make private education loans to Make-Up Designory students who meet their eligibility and credit criteria. These lenders provide competitive interest rates and loan terms. In addition, we expect these lenders to provide high quality customer service and representatives who can assist borrowers to make informed decisions.

Make-Up Designory does not endorse lenders and you are not required to take out a private loan with one of our preferred private education loan lenders. Make-Up Designory will work with any reputable lender that makes private education loans. You will not suffer any penalty for not choosing a lender above. If you want to choose a lender not listed here, please contact the Financial Aid Office at Make-Up Designory for assistance.

Private Loan Disbursements for NY Students

Private loans $5,000 or less may be disbursed to the school up front as a single disbursement. Private loans for amounts greater than $5,000 must be disbursed in two installments, one-half up front, and one-half at the halfway mark.

Maximum Federal Student Aid Available – 2017-2018

Below we have listed the maximum eligibility amounts of federal student grant and loan funds that are available to students under Title IV of the Higher Education Act to the extent they qualify. All grant and loan program eligibility amounts are awarded on an individual student basis. Amounts vary based on the information provided by each student on the Free Application for Federal Student Aid (FAFSA) and chosen program.

Pell Grant
$5,341 Master Make-up Artistry Program
$3,960 Multimedia Make-up Artistry Program

FSEOG
$152

Subsidized Stafford Loan
$3,158 Master Make-up Artistry Program
$2,341 Multimedia Make-up Artistry Program

Unsubsidized Stafford Loan – Independent Students (or Dependent Students whose parents were denied a PLUS Loan)
$5,413 Master Make-up Artistry Program
$4,013 Multimedia Make-up Artistry Program

Unsubsidized Stafford Loan – Dependent Students
$1,804 Master Make-up Artistry Program
$1,338 Multimedia Make-up Artistry Program

Parent PLUS Loan – Parent of Dependent Student
Cost of attendance less other financial aid assistance

 

New Jersey College Loan to Assist State Students

 

New Jersey College Loan to Assist State Students

Eligible Courses & Programs

Master & Multimedia Programs Only

Affiliations with other lenders on this list

None

Loan Program

Standard NJCLASS Loan

Phone

1.609.584.4480

Application Process & Web Address

Details:

www.njclass.org

Apply:

www.njclass.org

School Code

04092400 - LA

04092401 - NY

Interest Rates and Loan Fees

2017-2018

10-Year Fixed Interest Rate - 4.48%

  • Immediate Repayment of Principal & Interest

  • 3% Administrative Fee

  • 10-Year repayment term

  • Payments Start Within 60 Days After First Disbursement

  • APR - 5.52%

15-Year Fixed Interest Rate - 5.19%

  • Immediate Repayment of Principal & Interest or Interest Only

  • 3% Administrative Fee

  • 15-Year repayment term

  • Payments Start Within 60 Days After First Disbursement

  • APR:                 Principal & Interest - 6:10%                 Monthly Interest - 6:20%

20-Year Fixed Interest Rate - 7.15%

  • Full deferment while enrolled at least half time

  • 3% Administrative Fee

  • 20-Year repayment term

  • Repayment starts 30 days after leaving school

  • APR - 8.23%

  • No Prepayment Penalty

All loan options are limited and subject to availability.

Loan Limits

  • Minimum Loan Amount: $500

  • Borrow up to the cost of attendance as certified by your school and confirmed by NJ Class, less other financial aid received

Borrower Eligibility Requirements

  • New Jersey Resident

  • Parent or Student is borrower

  • Must meet credit check and other eligibility criteria

  • Must File a FAFSA

  • Apply Online

  • Instant Credit Decision

  • E-signature Option

  • Safe & Secure Process

  • No Pre-payment Penalty

Cosigner
  • May qualify by adding credit-worthy cosigner

Disbursement

  • Two disbursements are paid to the school by electronic funds transfer.

Benefits
  • Deferments are available

Repayment

  • No prepayment penalty
  • Repayment starts within 60 days after first disbursement for 10 and 15 Year Repayment Terms

  • Repayment starts 30 days after leaving school for 20 Year Repayment Term

 

Sallie Mae Career Training Smart Option Student Loan

 

Sallie Mae

Eligible Courses & Programs

All MUD Courses & Programs are Eligible

Affiliations with other lenders on this list

None

Loan Program

Sallie Mae Career Training Smart Option Student Loan

Phone

1.855.429.9759

Application Process & Web Address

The student or cosigner can initiate the application process at SallieMae.com/CTSmartLoan It only takes about 15 minutes to apply online and get a credit result. Students can apply up to 300 days prior to the loan period begin date.

 

Details:

www.salliemae.com/CTSmartLoan

Apply:

Salliemae.com/04092400 - LA

Salliemae.com/04092401 - NY

 

School Code

04092400 - LA

04092401 - NY

Interest Rates and Loan Fees

2017-2018

  • Variable Interest Rates from 5.12% to 12.25% APR1

  • No Origination Fee

  • No Prepayment Penalty

Loan Limits

  • Minimum Loan Amount: $1,000

  • Borrow up to 100% of the school-certified cost of attendance,5 less other financial aid received.

Borrower Eligibility Requirements

  • This loan is available to students enrolled full-time, half-time and less than half-time

  • Student borrower must be a U.S. Citizen or non-citizen permanent resident

  • International students are eligible with a credit-worthy cosigner (who must be a U.S. citizen or permanent resident)

  • Must meet credit and other eligibility criteria

Cosigner
  • Applying with a creditworthy cosigner may help a student qualify.
  • Borrowers may apply to release their cosigner from the loan after they graduate, make 12 on-time principal and interest payments, and meet certain credit requirements.6 Releasing the cosigner will not adversely impact the rate on the loan.

Disbursement

  • One or two disbursements are paid to the school by electronic funds transfer. Loan amount and enrollment length are used to determine number of disbursements.

Benefits
  • Auto debit savings - receive a 0.25% point interest rate reducation for auto debit enrollment.3
  • Free financial literacy tools and resources, including access to quarterly FICO Credit Scores for both borrowers and cosigners4
  • Death and disability forgiveness - if a student dies or becomes permanently and totally disabled, we will waive all remaining payments on the loan

Repayment

  • No Prepayment Penalty

  • The repayment term is 5 - 15 years of principal and interest payments.2 Repayment term will vary based on several factos, including loan amount and year in school.

  • Interest repayment option – make monthly interest payments while in school

  • Fixed repayment option – pay just $25 a month while in school

  • Smart Reward: earn 2% of your scheduled monthly payment as a reward in your Upromise account

  • Death and disability loan forgiveness. If a student borrower dies or becomes permanently and totally disabled, Sallie Mae will waive all remaining payments on the loan.

Career Training Smart Option Student Loan
This information is for borrowers attending non-degree- granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

  1. Interest rates for the Fixed Repayment Option are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower whose planned term for enrollment is approximately one academic year with no other Sallie Mae loans.
  2. This repayment example is based on a typical loan to a borrower (planning to be enrolled for approximately one academic year), who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 12.25% variable APR. It works out to 15 payments of $25.00, 119 payments of $160.43 and one payment of $95.13, for a Total Loan Cost of $19,561.30. Variable rates may increase over the life of the loan.
  3. Either the borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due is successfully deducted from the designated bank account each month and is suspended during forbearances and certain deferments.
  4. Borrowers and cosigners may receive their FICO ® Score quarterly after the first disbursement of their loan. FICO ® Scores are delivered only to borrowers and cosigners who have an available score, are based on data from TransUnion, and may be different from other credit scores. This benefit may change or end in the future. FICO ® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
  5. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.
  6. Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.

RATES AND OTHER INFORMATION ADVERTISED ARE VALID AS OF JANUARY 25, 2017. VARIABLE RATES MAY GO UP OR DOWN
DUE TO AN INCREASE OR DECREASE IN THE LOAN’S INDEX. WE ALSO RESERVE THE RIGHT TO MODIFY OR DISCONTINUE
PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO- DATE
PRODUCT INFORMATION.

Career Training Smart Option Student Loans are made by Sallie Mae Bank or a lender partner.

1,2,3,4,5,6 Visit SallieMae.com/Terms/CT for important information. Terms, conditions, and limitations apply. Please see below for a full list of legal
disclosures.

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