Federal aid, scholarships, and grants should be used before considering alternative (private) loans.
The lenders and loan options presented in ETSU's FASTChoice preferred lender list were selected for the excellent terms and benefits they provide to borrowers. Our institution has worked with these lenders in the past, and previous borrowers had positive experiences working with them. If you choose to apply through one of our preferred lenders, please click the ETSU's Preferred Private Loan Lender List button above.
To determine which lenders and loan options to present, we use strict criteria based on your interests and not those of our institution. We recognize only those lenders who provide you with exceptional customer service, excellent incentives (e.g., low interest rates, no origination fees, and loan principal reductions), timely processing, and electronic funds transfer capabilities when possible.
All of the information provided in the FASTChoice portal is reviewed annually to ensure that the benefits that the lenders offer continue to adhere to our criteria. Any loan options that no longer adhere to our criteria are removed, and new loan options are added. At least two lenders will be presented to you at all times.
You are free to choose any lender, including those not presented. Application processing will not be delayed unnecessarily if you choose a lender not presented. Make sure you do your research and apply through the lender's specific application method.
Our officials are prohibited from accepting any financial or other benefits in exchange for displaying lenders and loan options in FASTChoice. Prohibited activities include: receiving compensation to serve on any lender board of directors or advisory boards; accepting gifts including trips, meals, and entertainment; allowing lenders to staff our institution's financial aid office; allowing lenders to place our institution's name or logo on any of their products; and owning of lenders' stock (for college officials who make financial decisions for our institution).
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Steps to Apply Through ETSU's FASTChoice Preferred Lenders List
Step 1
Research lenders carefully and apply to the lender of your choice. Many lenders offer attractive terms and conditions which you can review in our chart below and by clicking the ETSU's Preferred Private Loan Lender List button above.
Step 2
What to review when selecting a preferred lender:
- Does the lender process Private Loans with East Tennessee State University?
- What will my interest rate be?
- Are there any fees that are deducted from the loan before I receive my loan funds?
- Am I required to start repaying the loan while I am in school?
- How many hours must I be enrolled to receive the loan?
Step 3
After you apply, the lender will send you three separate disclosures during the Private Loan process. You must sign and return these disclosures to the lender in a timely manner. You will be required to complete a Self-Certification Form. Your lender should provide you with a copy of this form.
Step 4
After you are pre-approved for the Private Loan and have returned any required paperwork to the lender, the lender will send a certification request either by paper form or electronically to the ETSU Financial Aid Office. The Financial Aid Office certifies maximum loan eligibility up to the Cost of Attendance minus other financial aid and resources.
Step 5
If you have submitted all required paperwork and the ETSU Financial Aid Office has completed the certification request, the lender should be ready to disburse your loan funds to ETSU depending on your loan period. Receipt of funds by ETSU takes a minimum of 14 days from the date ETSU processes the certification request. If you have a fall/spring loan period, then half of the loan will be disbursed equally between the fall and spring semesters. If the lender sends the loan funds by Electronic Fund Transfer, then the funds will automatically be credited to your student account. If the lender sends the loan funds by check, you will be required to come to the ETSU Bursar’s Office to endorse the check. The ETSU Bursar’s Office will call and/or email you when your check is ready to be endorsed.
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Steps to Apply for Other Lenders
Step 1
Research lenders carefully and apply to the lender of your choice. Many lenders offer attractive terms and conditions which you can research online.
Step 2
Questions to ask when researching private lenders:
- Does the lender process Private Loans with East Tennessee State University?
- What will my interest rate be?
- Are there any fees that are deducted from the loan before I receive my loan funds?
- Am I required to start repaying the loan while I am in school?
- How many hours must I be enrolled to receive the loan?
Step 3
Many Private loan lenders utilize their own online application process. After you carefully compare the different lenders' loan information, you may want to verify the information with the lender.
Step 4
After you apply, the lender will send you three separate disclosures during the Private Loan process. You must sign and return these disclosures to the lender in a timely manner. You will be required to complete a Self-Certification Form. Your lender should provide you with a copy of this form. If you do not receive one, you can download a standard Self-Certification Form. If you download the form, we recommend that you contact your lender for your application ID or other identifier that will help the lender match the form with your application.
Step 5
After you are pre-approved for the Private Loan and have returned any required paperwork to the lender, the lender will send a certification request either by paper form or electronically to the ETSU Financial Aid Office. The Financial Aid Office certifies maximum loan eligibility up to the Cost of Attendance minus other financial aid and resources.
Step 6
If you have submitted all required paperwork and the ETSU Financial Aid Office has completed the certification request, the lender should be ready to disburse your loan funds to ETSU depending on your loan period. Receipt of funds by ETSU takes a minimum of 14 days from the date ETSU processes the certification request. If you have a fall/spring loan period, then half of the loan will be disbursed equally between the fall and spring semesters. If the lender sends the loan funds by Electronic Fund Transfer, then the funds will automatically be credited to your student account. If the lender sends the loan funds by check, you will be required to come to the ETSU Bursar’s Office to endorse the check. The ETSU Bursar’s Office will call and/or email you when your check is ready to be endorsed.
ETSU's Preferred Lender Comparison Chart
| Lender | Fixed Annual Percentage (APR) Range | Variable Annual Percentage (APR) Range | Rate Type | Grace Period | Borrower Benefits | Fees Required | Contact Phone Number | Offered Loan Types | Enrollment Type | Resident Type (See below for details) | Available for Past-Due Balances | Additional Criteria | Affliated with other Lenders? (See below for details) | Other |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnest | 2.29-16.49% | 4.74-16.85% | Fixed & Variable | 9 months | Yes | No | 888-601-2801 | Undergraduate & Graduate | Full-Time Half-Time | 1 | Yes (within 365 days) | N/A | Yes‡ | Parent Loans offered |
| Sallie Mae | 2.49-17.49% | 3.75-16.95% | Fixed & Variable | 6 months | Yes | No | 800-472-5543 | Undergraduate & Graduate | Full- Time Half-Time Less than Half-Time | 1 | Yes (within 365 days) | N/A | No | N/A |
| SOFI | 2.98-15.99% | 4.93-15.99% | Fixed & Variable | 6 months | Yes | No | 855-456-7634 | Undergraduate & Graduate | Full-Time Half-Time | 2 | Yes (within 365 days) | N/A | No | Parent Loans offered |
| Citizens | 3.24-14.73% | 4.91-14.28% | Fixed & Variable | 6 months | Yes | No | 866-999-0254 | Undergraduate & Graduate | Full-Time Half-Time | 1 | Yes (within 365 days) | N/A | No | Parent Loans offered |
| College Ave | 2.39-17.99% | 3.89-17.99% | Fixed & Variable | 6 months | Yes | No | 844-422-7502 | Undergraduate & Graduate | Full- Time Half-Time Less than Half-Time | 1 | Yes (within 365 days) | Good SAP | No | N/A |
| LendKey | 2.64-15.54% | 3.48-16.13% | Fixed & Variable | 6 months | Yes | No | 888-549-9050 | Undergraduate & Graduate | Full-Time Half-Time | 3 | Yes (within 90 days of the end of term) | Good SAP | No | N/A |
| Ascent | 2.69-16.86% | 3.65-16.06% | Fixed & Variable | 9 months | Yes | No | 877-216-0876 | Undergraduate & Graduate | Full-Time Half-Time | 1 | Yes (within 180 days) | Good SAP on non-cosigned Undergraduate loans | No | Parent Loans offered |
Resident Type:
1 U.S. Citizens, Permanent Residents, or International Students (with a Qualified Co-signer who is a U.S. Citizen or Permanent Resident)
2 U.S. Citizens, Permanent Residents, or International Students (with or without a Qualified Co-signer who is a U.S. Citizen or Permanent Resident)
3 U.S. Citizens or Permanent Residents
Lender Affiliation
‡ Earnest Private Student Loans are made by FinWise Bank, Member FDIC. Earnest loans are serviced by Earnest Operations LLC (NMLS #1204917) with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770).
Frequently Asked Questions
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What is an Alternative/Private Student Loan?
Alternative (private) loans are credit-based student loans applied for through banks and other financial institutions and are subject to their terms and conditions. Students are often required to have a co-signer to qualify. These loans can help "bridge the gap" between a student's awarded financial aid and the Cost of Attendance budget.
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Who should consider Alternative/Private Student Loans?
Private student loans may be an important source of funding for students who are in one of these situations:
- Ineligible for federal student loans
- In need of loan funding beyond that which federal programs permit during the year.
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How much of an Alternative/Private Student Loan can I request?
Students can request an alternative/private student loan in an amount not to exceed the Cost of Attendance minus all other accepted financial aid and resources. -
Do I have to use the lenders on the preferred lender list?
No. You are free to choose any lender, including those not presented in ETSU's FASTChoice preferred lender list. Application processing will not be delayed unnecessarily if you choose a lender not presented. Make sure you do your research and apply through the lender's specific application method.