Financial Assistance
Alternative Financing Options
Prior to using alternative financing for educational needs, students must exhaust federal student aid options. A private loan should only be considered if there is a financial need after federal student loans are exhausted.
Simpson College encourages families of dependent children to consider a PLUS loan prior to private alternative loans.
PLUS loans – (Parent Loan for Undergraduate Students) - enable parents to borrow from a bank, savings and loan association, credit union or participating lender. Maximum loan amounts are determined by the cost of education minus financial aid award.
Tuition Pay Plan -The Tuition Pay Plan is managed by Sallie Mae and provides a way to pay educational expenses through manageable monthly installments instead of paying one lump sum. The only cost is an annual $55 non-refundable participation fee.
National United Methodist Loan - available to students who are members of the United Methodist Church. United Methodist Loans are granted on a first come, first served basis until allocated funds for the year are no longer available.
SELF (Student Educational Loan Fund Program) - is an educational loan provided by the Minnesota Higher Education Services Office (MHESO). The program is unique to Minnesota and MHESO is the only lender in the program. Minnesota residents are eligible to apply.
Wells Fargo Collegiate Loan - interest rate is variable for the life of the loan and is based on the credit rating of the applicant(s). Requires co-signor. Apply on line at https://www.wellsfargo.com/student/
Sallie Mae Smart Option Loan - interest rate is variable for the life of the loan and is based on the credit rating of the applicant(s). Apply on line at https://www.salliemae.com/smartoption
Please Note: You do not have to borrow from one of the lenders listed below. You have the right to research and choose any lender.
IMPORTANT! Please read our Preferred Lender List Disclosure:
Simpson College chose these lenders by reviewing the volume of private loans used by Simpson College students as of February, 2009.
It is the belief of Simpson College that each lender's record of service to borrowers is of utmost importance because a long term relationship exists between a loan borrower and the lender that could last up to 25 years.
Simpson College respects a borrower's right to lender choice and will not in any way deny or otherwise impede a loan application certification for a borrower who chooses a lender not listed on the Simpson College Preferred Lender List. Each lender on our Preferred Lender List has agreed to provide an expedited loan application and disbursement process for our students and their parents. Please keep in mind that a different lender may require a more manual loan application or disbursement process that requires more time for you to receive your loan approval or your loan funds.
Simpson College will not certify a private loan on your behalf until you have exhausted your federal and state student aid options, which are listed in our financial assistance policies, (enclosed), or at: http://www.simpson.edu/financial/policies.html
Benefits
Wells Fargo
Collegiate Loan
Sallie Mae *
Smart Option Loan
United Methodist
Loan**
On line application (coming soon) (Must be an active United Methodist member for at least one year prior to applying.) Minimum Loan $1,000 $1,000 $100 Interest Rates Variable for the life of the loan and is based on the credit rating of the applicant(s). 4.75% + 1.00% to 4.75% + 7.99% Variable - based on credit One month Libor + 4.5% to 10.5% Monthly interest only payments are required while in school. 5% fixed Loan funds available on a first-come, first-served basis until funds are exhausted. Cosigner Required if you do not have an established positive credit history, and acceptable debt-to-income ratio, and a minimum income of $12,000. Cosigner Release & Auto Pay Cosigner release after 24 consecutive on time monthly payments. .5% rate reduction at repayment upon verification of graduation. .25% rate reduction with auto pay. Borrowers may apply for cosigner release after student has successfully completed their education. .25% rate reduction with auto pay. .25% rate reduction with valid e-mail. No co-signer release option. No interest percentage reduction for auto pay.
**The United Methodist Loan will not be available until May 1, 2009, for the academic year
2009-2010.
Contact Us
800-362-2454 (toll-free)
or
515-961-1630 (locally)
Admissions:
800-362-2454 (toll-free)
or
515-961-1624 (locally)
Admissions office hours are 8 a.m. to 4:30 p.m. Mon through Fri
