Parker encourages all students to investigate a lender before making a choice to borrow from them
Parker University 2013-2014 Private Loan Lender Recommendations
Parker encourages all students to investigate a lender before making a choice to borrow from them. A student is never required to use only the lenders on our lender lists. Parker will guarantee/certify a loan with any lender of your choice. Parker University does not accept any financial benefits from our lenders.
Selecting a Lender: Choosing a lender is an important decision. You are beginning a relationship that will be a part of your life for many years to come. Always use Federal loan options if you can before choosing private or alternative loan lenders. Parker University has selected each of the alternative or private loan lenders as a participating lender based on their outstanding products, borrower benefits including competitive interest rates, and exemplary customer service to our students and staff. Each of the Parker participating lenders has developed repayment options and benefits that provide students a variety of choices. The lenders listed were selected through a competitive Request for Information (RFI) process. They went through a detailed review including a comparison of their pricing, borrower benefits, customer service and efficiency of their processes.
Lender Selection Criteria: When selecting the private loan programs for our list, we considered the following criteria. (1) Loan terms (interest rates, fees charged, borrower benefits); (2) quality service (timeliness of processing, ease of applying); (3) borrower benefits (potential savings, default prevention measures). Please review the school’s Financial Aid Code of Conduct for more information about the schools ethical financial aid practices.
Application Process: After careful review of the list’s information, use the “Apply Now” link associated with the lender you have chosen. Complete the loan application on the lender’s website. After you have completed all necessary paperwork and your credit has been approved, the lender will send an electronic request to Parker to certify your loan. At the time Parker certifies your loan, you will see the awarded loan appear on your financial aid package in your My Parker as accepted. You may borrow up to the total Cost of Attendance for the academic year less any financial aid received. Applications for private or alternative loans must be renewed each academic year.
Parker strongly encourages that you apply with a credit worthy cosigner for faster approval.
Parker University seeks to build a culture of research aimed at generating new information and knowledge, enhancing student learning experiences, and improving institutional effectiveness. The institution supports campus and external research initiatives, promotes collaborative efforts, and communicates the results of discovery to those we serve.
Leadership Through Service
For knowledge beyond the degree, Parker University offers opportunities for continual education and peer networking, affording industry professionals’ exposure to renowned leaders in their fields and the latest developments and advancements in our professions. These opportunities provide our graduates with the knowledge, skills, and attitudes to serve their communities and flourish in their respective careers.
Phone Number: 1-866-232-3889
- Undergraduate and graduate. Must be enrolled in at least half-time in title iv eligible program at an eligible institution
- US citizens or permanent residents who are the legal age of majority in their state of residence
- Applications may be accepted up to one month following the end of an academic period.
- Initial credit review online
- Proof of income required for student applying without a cosigner or from a cosigner on a cosigned application
Terms and Benefits:
- 1% principal reduction per loan at graduation
- 0.25% rate reduction for auto payments
- Cosigner release options available
- Deferred payment options
- No origination fees
- Fixed rate range from 3.75 to 12.25%
- Variable rate from 2.25 to 9.86%
- Minimum loan amount is $ 1001.00
Lender: Commerce Bank
Phone Number: 1-800-666-3910
- Enrolled as an undergraduate or graduate student
- Seeking a degree or certification
- Enrolled in full-time, half-time, or less than half time. Making academic progress
- Applying with a credit worthy cosigner is encouraged and must meet certain credit criteria
Terms and Benefits:
- Applying with a credit worthy cosigner may help you qualify and/or receive a lower interest rate cosigner release after 12 consecutive on-time payments
- Competitive rates from 2.25% to 9.37%
- Lower rates for immediate repayment
- Apply with a credit worthy cosigner may receive lower rates
- Cosigner release after 12 consecutive on time payments
- No origination fees and prepayment penalty
- Lower interest rate for schedule auto debits.
- Pay now or later; can defer payments while in-school or choose an in-school repayment option that fits
- Smart Reward-Cash back program
- Quick credit results apply online
- Can borrow (minimum of $1000)
Lender: Sallie Mae
Phone Number: 1-888-272-4665
- Enrolled as an undergraduate or graduate or professional student seeking a degree, or certificate
- Enrolled in full-time, half-time, or less than half –time and making academic progress
- Applying with a credit-worthy cosigner encouraged and must meet certain credit criteria
Terms and Benefits:
- Competitive interest rates—2.25% APR to 9.37% APR1
- No origination fees and no prepayment penalty
- Defer payments until after graduation.
- Borrow up to 100% of your school certified education costs (minimum $1,000) 2% Smart Reward® in your Upromise® account when you make scheduled monthly payments on time while in school
- New Free Tuition Insurance—covers up to $5,000 of tuition lost due to a covered medical withdrawal
- Earn a 0.25 percentage point interest rate reduction while enrolled to make scheduled monthly payments by automatic debit.
Lender: Wells Fargo
Phone Number: 1-800-658-3567
- Be enrolled as an undergraduate or graduate student at an eligible school, and seeking a degree, certificate, or license.
- Have a cosigner, unless you meet credit history, income and employment requirements. Will I need a cosigner?
- Be a U.S. citizen, U.S. national, permanent resident alien without conditions, or international student who is a temporary resident alien with a current U.S. address and proper evidence of eligibility. For permanent and temporary resident aliens, a U.S. citizen must cosign the loan.
Terms and Benefits:
- No payments while in school, due 6 months after leaving.
- No prepayment penalties
- Zero Origination Fees
- Rates as low as 3.4%
- Cosigner release after 24 consecutive on time payments
- If you ever have difficulty making payments, we offer ways to lower or postpone your payments.
- Some options to lower your interest rate
- Automatic payment discount — Lower your interest rate by 0.25%
- Wells Fargo Student Graduation BenefitSM — Lower your interest rate by 0.25% after we verify that you’ve graduated.
- Relationship discount — Lower your interest rate by up to 0.50%