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College Guide

Alternative Student Loans to Pay for School
 

After exhausting sources of free money (such as scholarships and grants) and applying for federal student loans, you may still need extra funds to cover your education costs. That’s when you should consider the Fifth Third Signature Student Loan® — a popular after-Stafford loan and an excellent source of gap financing.

The Fifth Third Signature Student Loan may include several advantages:

  • Borrow as much as you need to pay for your education, up to the cost of attendance as certified by your school and confirmed by Sallie Mae, less other financial aid received1
  • Competitive interest rates that reward creditworthiness
  • Zero fees — saves you money up front and over the long haul2
  • 0.50 percentage point interest rate reduction for automatic debit3
  • No minimum income requirement
  • No payments required while in school4
  • Six-month grace period4
  • Cosigner release option available after the first 24 consecutive on-time payments of principal and interest5
  • Flexible repayment options


Choosing us as your private student loan lender is a smart move. We offer the following helpful features:

  • Through our servicer, Sallie Mae®, you will have 24/7 online account management
  • Sallie Mae's Upromise Loan LinkSM service can help you pay down your eligible Sallie Mae-serviced student loans6
  • Combined billing when you have multiple Sallie Mae-serviced student loans
  • Comprehensive credit education resources

Loan Limits

The aggregate limit applies to private loans only. In most cases, students would also have Title IV monies available to them to fund their education.

To the extent possible, students are encouraged to use additional funding sources available to them (i.e., savings, federal loans, etc.) and finance the remaining need with private loans. This is keeping in line with Fifth Third's "ABCs of Borrowing Wisely" approach to education financing. Therefore, the aggregate limits are a reasonable multiple of the typical cost of attendance and vary from school to school.

Interest Rate

  • Interest rates are variable and based on the one-month LIBOR.
  • Manage your credit well to become eligible for a lower interest rate.

Eligibility

  • You must attend a community college or a four- or five-year college at least half time and be working toward your degree.
  • You must meet credit criteria.

Repayment

  • Several repayment options are available, including standard, graduated and extended.
  • Prepay your loan anytime without penalty.
  • Consider making interest payments while in school to lower the amount you must pay back.

 

1 Sallie Mae reserves the right to approve a lower loan amount than what the school has certified.
2 Signature Student Loan benefits apply to loans made in connection with attendance at four-year, Title IV eligible, not-for-profit public and private colleges and universities.
3 Signature Student Loan benefits apply to loans made in connection with attendance at four-year, Title IV eligible, not-for-profit public and private colleges and universities. The automatic debit benefit is available during active repayment for as long as the borrower's monthly payment is successfully deducted from the borrower's bank account.
4 Deferring payment while in school and in the grace period will increase the overall loan costs. Unpaid interest that accrues while you are in school or in the grace period will be capitalized (added to your loan amount) at repayment.
5 Creditworthy borrowers may request a cosigner release after making the first 24 consecutive, on-time payments of principal and interest. Borrower's account must remain current until the request for release is processed. Borrower credit qualification applies. Borrower must be a U.S. citizen or permanent resident at the time the cosigner release request is processed.
6 To view whether or not a student loan is eligible to participate in the Upromise Loan Link program, please visit, please visit www.upromise.com/loanlink. Access to Upromise is not limited to Sallie Mae loan customers.
FIFTH THIRD RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE FIFTH THIRD WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS.
Subject to the above, borrower benefits are effective for Fifth Third Signature Student Loans first disbursed on or after June 1, 2008 and serviced by Sallie Mae.
Signature Student Loans are funded by Fifth Third Bank.
Upromise Loan Link is a service mark of Upromise, Inc. Sallie Mae and Signature Student Loan are registered service marks of Sallie Mae, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America.
Copyright 2008 Sallie Mae, Inc. All rights reserved. 07/08.