Private Loan Comparison Chart
(please confirm all rates and terms with lenders)
Private loans are not automatically renewed. Also, you must notify
the Office of Financial Aid via email and accept the offered
Private (Alternative) loan in your myIIT account if
you wish to receive the funds.
Before you apply for the private loan, we suggest that you contact
your lender to confirm loan rates and terms. Please keep in mind
that every time you apply for a loan the lender requests a copy
of your credit report. Multiple requests can have a negative effect
on your credit report, so we encourage you to choose your lender
carefully before applying. Do not apply with a variety of different
lenders.
It is important to remember that you CANNOT consolidate private
loans through the federal loan consolidation program. Several
lenders offer private loan consolidation, but they do not offer
fixed interest rates. In general, we do not recommend private
loan consolidation. Therefore, we encourage you to borrow as little
as possible. If you have any questions, please call the Office
of Financial Aid at (312) 906-5180 or send an email to finaid@kentlaw.edu
(for Chicago-Kent and MPA students) or finaid@stuart.iit.edu.
(for Stuart students).
To help you determine the amount of private loan funds you will
need, please download the Estimated
Cost Worksheet.
When choosing a private loan lender, please consider the following:
- Interest rates and loan terms will vary from lender to lender.
- Some lenders charge loan and/or origination fees. These fees will be deducted from your loan amount when the funds are disbursed.
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.
| |
Citibank
Lender Code: 826878
|
Discover
Lender Code: 831312
|
US Bank
Lender Code: 821654
|
| Cosigner Needed |
May be required
|
Yes
|
May be required
|
| Fees |
0% for Law and Bar Loans, 0% to 5% for Graduate Loan
|
0%
|
4% to 8%
|
| Interest Rate* |
Prime -0.5% to +4.75%
|
Prime -0.5% to +4.75%
|
GAP Loan(91 day T-Bill + 2.5% Interim and 91 day T-Bill + 3.95% Repayment) Grad Loan (Prime + 0%)
|
| Non-Citizen |
Yes (must have cosigner)
|
Yes- with SSN number and co-signer
|
Yes (must have cosigner)
|
| Repayment Incentives or Borrower Benefits** |
0.25% reduction for ACH debit 0.50% reduction after first 48 consecutive on time payments
|
2% of outstanding principle balance cash back upon graduation, 0.25% reduction for ACH Debit
|
0.5% interest rate reduction for auto-debit
|
| Grace Period |
9 Months after graduation
|
6 Months after graduation
|
6 Months after graduation
|
| Repayment Term |
up to 20 Years
|
15 Years
|
15 Years
|
| Online Loan Appication/MPN |
Click Here
School Code 001691-01 |
Click Here
School Code 001691-01 |
Click Here
School Code 001691-01 |
| Telephone |
1-800-967-2400
|
1-877-728-3030
|
1-800-242-1200
|
*To see current interest rate indexes (Prime, Libor abd T-Bill) click here.
**Student loan lenders have the right to change their repayment benefits structure whenever they choose. Please contact you lender
|
