Comparison of supplemental loans from private vendors

Benefits offered by suggested lenders

The following points are the borrower benefits all lenders are required to provide in order to be suggested as a lender by WFU. You are not required to borrow from one of these lenders.

  • Fee and/or interest rate reduction options
  • Electronic funds transfer (EFT) through lender flow for maximum efficiency
  • Superior customer service provided to all students, parents and financial aid staff

We encourage you to compare lender discounts and other borrower benefits with these loan comparison tools:


Code of Conduct
Wake Forest University adheres to a code of conduct in suggesting lenders, as approved by the National Association of Student Financial Aid Administrators.


Individual borrower prices for private loans vary; they are based on the credit worthiness of the borrower and/or cosigner. Please contact the lender if you have additional questions. These lenders are listed according to lowest Annual Percentage Rate (APR) offered to applicants and cosigners with the most favorable credit worthiness.

The Prime Rate is currently 4.00%. The one-month LIBOR rate is currently 1.23%. The three-month LIBOR rate is currently 1.31%.

College Ave Student Loans

  • Variable rates from 2.81% APR to 9.89% APR
  • Fixed rates from 4.45% to 11.76% APR
  • Multiple repayment options (deferral of principal and interest until graduation, interest only while in school, $25 flay pay while in school, immediate repayment)
  • Multiple term options (8, 10, 12, or 15 years)
  • No originations or application fees and no penalty for early repayment
  • 0.25% interest rate reduction for automatic payments
  • In the event of the student’s death or permanent and total disability, the loan will be forgiven
  • Can be used for past due balances

Sallie Mae: Smart Option Student Loan

  • Variable rates from 3.13% APR to 11.00% APR
  • Fixed rates from 5.75% to 12.88% APR
  • No disbursement or repayment fees
  • Applying with a creditworthy cosigner may help to qualify and/or receive a lower interest rate. The borrower may apply for cosigner release after successful completion of their education
  • A 0.25% interest rate reduction is available for automatic debit
  • Easy online application and 24/7 online account management
  • Combined billing is available for Sallie Mae-serviced student loans
  • Can be used for past due balances on a prior loan period when:
    • Less than 180 days have passed from the loan period end date to the first disbursement
    • At the time of the request, the student borrower is enrolled or intends to enroll, or the student borrower has graduated
    • The student was previously enrolled either half or full time during the prior enrollment period, and did not withdraw

PNC: Solution Loan

  • Variable rates from 3.86% to 10.81% APR
  • Fixed rates from 6.49% to 12.99% APR
  • Interest rates are based on 1-month LIBOR
  • No origination fees
  • No payments due until 6 months after graduation or enrollment in-school less than half-time
  • 15 year repayment period
  • 0.5% interest rate reduction for Automatic Clearing House auto- debit during repayment and on time payments
  • Cosigner release option after 48 on-time payments
  • Multiple reayment options (deferral of principal and interest until graduation, interest only, immediate repayment)

Discover Student Loans

  • Variable rates from 3.87% to 10.12% APR
  • Fixed rates from 6.24% to 12.49% APR
  • Minimum loan $1,000
  • Half-time minimum enrollment required
  • No origination, disbursement or repayment fees
  • 0.25% interest rate reduction for automatic debit of payments
  • 1% cash reward for 3.0 grade point average
  • No payments while in school at least half-time
  • Choice of in-school or deferred repayment
  • 15 year repayment period
  • Cosigner optional

Union Federal Private Student Loan

  • Variable rates from 4.12% to 9.52% APR
  • Fixed rates from 4.60% to 10.50% APR
  • Interest rates are based on 1-month LIBOR
  • Co-signer release after 36 on-time payments
  • Past-due balance option
  • 0.25% interest rate reduction after 36 on-time payments
  • 0.25% interest rate reduction for Automatic Clearing House payments
  • Additional 0.25% interest rate reduction for automatic withdrawal of payments from a SunTrust deposit account
  • 1% principal reduction per loan at graduation
  • International students may apply with eligible U.S. cosigner
  • Student loan protection in case of death

Suntrust: Custom Choice Loan

  • Variable rates from 4.12% to 10.17% APR
  • Fixed rates from 4.60% to 11.15% APR
  • Interest rates are based on 1-month LIBOR
  • No origination, disbursement or repayment fees
  • Must be enrolled at least half-time
  • 1% interest rate reduction at graduation
  • 0.25% interest rate reduction for automatic debit of payments from any eligible bank account
  • Cosigner release available after 48 consecutive on-time payments
  • No Satisfactory Academic Progress requirements

Wells Fargo:  Collegiate Loan

  • Variable rates from 4.49% to 10.49% APR
  • Fixed rates from 6.74% to 12.39% APR
  • No origination, disbursement or repayment fees
  • Make no payments until 6 months after leaving school
  • Reduce interest rate up to 1.00% with new or existing Wells Fargo Checking Package® account
  • Reduce interest rate an additional 0.50% with auto payment and graduation

Citizens One Student Loan

  • Variable rates from 4.78% to 10.53% APR (10-year loan)
  • Fixed rates from 6.25% to 11.75% APR (10-year loan)
  • Interest rates are based on 1-month LIBOR
  • No origination, disbursement or repayment fees
  • 0.50% interest rate reduction for automatic debit of payments from any eligible Charter One account
  • 0.25% interest rate reduction for automatic debit of payments from any eligible bank account
  • Cosigner release available after 36 consecutive on-time payments
  • In the event of the death or total and permanent disability of the student borrower, the TruFit Student Loan will be forgiven.  If the loan is cosigned, the co-borrower will be released from all future obligations relating to the debt.
  • Can be used for past due balances

We invite all lenders who would like to be considered for inclusion on this list to submit a proposal to the Wake Forest Office of Student Financial Aid. All proposals must include: origination fees, range of interest rates, range of Annual Percentage Rates, monthly payments, number of payments, total cost of loan, due date of first payment, and borrower benefits.  Disclosure statements must be submitted annually, in order to remain on the list of suggested lenders.