After exploring federal funding, some students and families may be interested in private loan options, either instead of, or as a supplement to, federal loans. Listed below is just a sample of programs with attractive features, including competitive interest rates, varied repayment and deferment provisions, and proven records of service. We encourage parents and students who seek private long-term financing to do some "comparison shopping" in order find the best terms for their particular financial circumstances.   

Wells Fargo Collegiate Loan
Wells Fargo makes loans available to students who have no adverse credit history with a credit-worthy co-signer. At least one applicant must be a U.S. citizen or permanent resident. The annual loan limit is the cost of education minus financial aid. There are no application or repayment fees. The variable interest rate is based on the highest prime rate published on the last day of the month in the Wall Street Journal. Rates may be set at prime plus 0 percent up to prime plus 4.5 percent, depending on the credit record of the borrower and co-signer. The prime rate as of January 1, 2008 is 7.25 percent. The maximum repayment period is 15 years, and payments may be deferred during the student's enrollment. For more information or an application, call a Wells Fargo loan representative at 800-658-3567 or visit www.wellsfargo.com/student/loans/undergrad/collegiate.

Sallie Mae Signature Loan
Students must be the age of majority (18 years of age in most states). A co-signer is required for foreign students and students who have not yet established credit or have a low credit score. At least one applicant must be a U.S. citizen or permanent resident. Other students may apply without a co-signer, but interest rates and fees will be higher. You may borrow a minimum of $500, up to the cost of education minus financial aid. Supplemental fees between 0-3 percent will be added to the loan principal at disbursement, and between 0-3 percent at repayment. The variable interest rate is based on the highest prime rate published on the last day of the month in the Wall Street Journal. Rates may be set at prime minus 1 percent up to prime plus 6 percent, depending on the credit record of the borrower or co-signer. The prime rate as of January 1, 2008 is 7.25 percent. The standard repayment period is 15 years, and payments may be deferred during the student's enrollment.  For more information or an application, call a Signature Loan representative at 800-695-3317 or visit www.salliemae.com/signature.

U.S. Bank No Fee Loan
U.S. Bank requires a co-signer for foreign students and students who have not yet established credit or have a low credit score. At least one applicant must be a U.S. citizen or permanent resident. The minimum loan amount is $1,000, and you may borrow up to the cost of education minus financial aid. There are no origination, guarantee or repayment fees. The variable interest rate is based on the highest prime rate published on the last day of the month in the Wall Street Journal. Rates may be set at prime  plus 0 to 3.95 percent, depending on the credit record of the borrower or co-signer. The maximum repayment period is 15 years, and payment may be deferred during the student's enrollment. For more information or an application, call the U.S. Bank Loan program at 800-242-1200 or visit www.usbank.com/nofeeapp.

Other Financing Options
Other financing options include a home equity line of credit, which may have tax benefits for some families, or another type of collateralized loan. You may want to discuss these with your financial adviser.