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Federal Stafford Loan Comparison Chart

When choosing a Stafford Loan lender, please consider the following:

The federal government sets the loan interest rate, so that it will not vary from lender to lender.
Some lenders charge guaranty and/or origination fees. These fees will be deducted from your loan amount when the funds are disbursed.
Most lenders offer repayment incentives, which will vary from lender to lender.
Some lenders participate in electronic processes that can expedite the disbursement of financial aid.
The lenders on our commonly used list have demonstrated exceptional customer service, provide full electronic processing and have competitive repayment incentives and benefits. We monitor the performance of these lenders and work directly with them to ensure the quality of your service. We only have the capability for this type of partnership with a limited number of lenders. If you select another lender we recommend you consider these points.
There are other lenders with similar services and repayment benefits. Valuable information about the Federal Student Loan Programs can be found at www.studentaid.ed.gov, select Stafford Loans then How to Choose & Evaluate Lenders.
Student loan lenders have the right to change their repayment benefits structure whenever they choose. Please contact you lender directly to verify your repayment incentives.

To help you determine the amount of loan funds you will need, please download the Estimated Cost Worksheet.

Select a Lender

You are free to select any lender you wish; however, IIT-DTC Office of Finanical Aid has selected a number of lenders who offer the best benefits and services for our borrowers. Review our Lender List Information to learn more about the process we used to arrive at our selections.

The lender list is in alphabetical order.

	Access Group 808851	Chase 803000	Citibank 826878	Discover 831312	Illinois Institute of Technology 831678
Student Eligibility	U.S citizen, or eligible non-citizens. Student must be enrolled at least half-time.
Origination Fee (2008-2009)	1%	1%	1%	0%	0%
Guarantor Fee	1%*	1%*	1%*	0%	0%
Interest Rate	Fixed at 6.8%	Fixed at 6.8%	Fixed at 6.8%	Fixed at 6.8%	Fixed at 6.8%
Annual Loan Limit	$20,500 for Graduate/Professional Students
Aggregate Loan Limit	$138,500 for Graduate/Professional Students
Grace Period	6 Months after graduation
Standard Repayment Term	Automatic standard repayment for up to 10 years. Other flexible repayment options are available	Automatic standard repayment for up to 10 years. Other flexible repayment options are available	Automatic standard repayment for up to 10 years. Other flexible repayment options are available	Automatic standard repayment for up to 10 years. Other flexible repayment options are available	Automatic standard repayment for up to 10 years. Other flexible repayment options are available
Repayment Incentives or Borrower Benefits**	0.25% interest reduction for auto-debit	0.25% interest reduction for auto-debit	0.5% reduction after 48 months on time payments, Zero payments last 6 months, .25% interest reduction for auto-debit	0.25% rate reduction for auto- debit	0.25% rate reduction for auto- debit
Online Loan Appication/MPN	Click Here School Code 001691-01	Click Here School Code 001691-01	Click Here School Code 001691-01	Click Here School Code 001691-01	Click Here School Code 001691-01
Telephone	1-800-227-2151	1-800-487-4404	1-800-967-2400	1-877-728-3030	1-800-961-4327

Due to the United States credit crisis, Edamerica has had funding problems. For this reason, Edamerica has been removed from the IIT Downtown Campus lender list.

*Some guarantors agencies will pay this 1% default fee on behalf of the student.
**Student loan lenders have the right to change their repayment benefits structure whenever they choose. Please contact you lender directly to verify your repayment incentives.

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