UNE's Preferred Lender For Your Federal Stafford Loan
If this will be the first time that you will be borrowing a Federal Stafford Loan at the University of New England, we will process your Federal Stafford Loan eligibility through our preferred lender, Total Higher Education (T.H.E.), unless you notify us otherwise. T.H.E. borrowers pay zero guarantee and origination fees (lenders may charge up to 4% in processing fees). Borrowers also immediately qualify for the T.H.E. Bonus at the start of repayment. The T.H.E. Bonus can return as much as 8% or more of the borrower's outstanding loan balance to the borrower during the repayment period. The T.H.E Bonus is currently being paid out as a monthly credit equal to an annualized interest rate discount of 1.3% and is paid to all borrowers in repayment and less than 60 days delinquent. The T.H.E. Bonus is awarded as a reduction in interest cost. This amount is based on current market conditions and portfolio performance and is therefore subject to change. Visit T.H.E. for additional information.
Alternative Loans
Students often turn to alternative loans as a means of providing additional financial resources for living expenses while attending the University. In general, these loans do not have interest rate "caps", nor can they be consolidated with federal student loans like Stafford Loans.
Another important difference between alternative loans and other types of student loans is the need for the borrower to have satisfactory credit. In some cases, applicants who do not meet the lender's credit criteria may have the option of applying with a credit-worthy co-borrower. It is highly recommended that all potential borrowers examine their credit report prior to applying for an alternative loan. The following credit reporting agencies can provide you with a copy of your credit report. (Residents of some states will be assessed a fee from the credit reporting agency.)
Equifax
P.O. Box 105496
Atlanta, GA 30348-5496
(800) 997-2493
Website
Experian
P.O. Box 2104
Allen, TX 75013-2104
(888) 397-3742
Website
Trans Union
P.O. Box 2000
Chester, PA 19022
(800) 888-4213
Website
If you wish to borrow an alternative loan, click on Alternative Loan Lenders for a comparison of each program's terms and conditions. Students wishing to apply for an Alternative Loan are strongly encouraged to apply for a pre-approval (no earlier than 90 days prior to the start of classes) through one of our recommended Alternative Loan programs. Students may apply on-line or over the telephone. Paper applications are also available by contacting the lender directly. Once you have applied, allow 4-6 weeks for processing time.
