Nic Clements, '06
Toll Free: 800/858-6770
In-State Territory: Grand Traverse Area including: Leelanau, Benzie, Manistee, and Wexford Counties; Mid-Michigan including: Osceola, Clare, Midland, Bay, Saginaw; and Thumb Area including: Tuscola, Huron, Sanilac, Lapeer, St. Clair, and Macomb Counties
Out of State Territory: Southwest Chicago suburbs, Alaska, Hawaii, Oregon, Washington, Idaho, Nevada, Montana, Colorado, Wyoming, Arizona, New Mexico, Nebraska, and Kansas
Education: B.A., History, Albion College, 2006
Hometown: Eastpointe, MI
Hobbies: I enjoy watching any types of sports, especially the Detroit Tigers. I try to spend as much time as I can with family and friends, and I’m just living life :)
Favorite Season: Fall, for it's beauty, school is back in session, campus is very lively, and it's a great time for sports!
Favorite TV Shows: Scrubs, 24, Sportscenter, PTI…and Detroit Tigers baseball games!
Favorite Musician: John Mayer
Best Vacation Spot: Comerica Park :)
What Makes Albion College Special to Nic: Albion College is special to me for so many reasons. A liberal arts education is like a key that will open countless doors for further education or work opportunities. You'll have the chance to learn countless amounts of skills both in and out of the classroom that can be applied to so many different walks of life.
Best College Search Tip: You should visit every school you are interested in. A brochure for a college can only tell you so much. You need to get on the campus and meet current students, professors, and admission staff and experience the campus culture. It’s the best way to figure out if the college is a right fit for you.
Alternative/Private Loan Options
There are a number of lenders who provide alternative loans. The College can provide you with a list of those lenders that students have used in the past; we, however, don’t rank or recommend any lenders.
Be an Informed Borrower
Loan provisions and requirements vary greatly and change frequently. You should contact the lender for specific information regarding the most current interest rate, fees and eligibility requirements before taking a loan. You should carefully research the loan company you are considering doing business with. The Federal Trade Commission has a helpful web site that provides tips on items to look for when selecting a lender.
Important Information About Applying
Once you have decided to apply for an alternative loan allow 3-5 business days to have your application forwarded to our office. When you have completed your application online you should notify our office either via email
or calling 517/629-0440.
Items to Consider When Comparing Loans
To ensure that you are fully informed, you should read the lender's application and promissory note fully for specific information regarding the terms and conditions of your loan. Important questions to ask before taking a loan include:
- What is the minimum and maximum loan amounts offered per year and cumulatively?
- Is the amount you are eligible to borrow tied to school costs and other financial aid received?
- What is the approximate time it takes to obtain a decision for loan approval?
- Are there any minimum enrollment requirements? If so, what are they?
- What are the credit criteria for loan approval? Do they include a debt-to-income ratio or other income requirements?
- What is considered "poor credit," and is no credit considered poor credit?
- What steps will the lender take to help qualify borrowers with poor credit?
- Are co-signers an option or a requirement? Under what conditions are they required?
- Is there an option to release the co-signer at a later date? If so, what are the conditions?
Interest Rates and Fees:
- What is the interest rate? What is it based on (i.e. Prime, T-Bill, etc.)?
- Is the interest rate fixed or variable? If variable, how frequently can the rate change?
- Is there a maximum amount the interest rate can increase with each change?
- Is the loan adjusted based on a rate changes? For example, will interest be capitalized (added to the principal) or will the repayment term or amount be adjusted?
- What fees are charged? When and how are fees paid?
- What is the total cost of the loan over the life of the loan?
Repayment Terms and Conditions:
- What are the minimum and maximum repayment terms and payment amounts?
- Are there any restrictions or special conditions you need to consider?
- When does repayment begin? Is there a grace period before payments are expected? If so, how long is it?
- Can payments be deferred? If so, under what circumstances?
- Are payments required while you are in school?
- Are there any prepayment penalties?
After originating a loan, the lender can keep the loan until it is paid in full, sell it to a secondary market or keep it and contract with a servicer to manage the day-to-day details of tracking and collecting loan payments.
- When are the loan funds disbursed?
- Will you have online access to the application process and for account inquiry?
- Who do you contact for questions about your loans?
- Can the lender combine your private and federal loan payments into one bill?
Obtaining a Loan:
There are a number of lenders that provide alternative loans; review a list of popular lenders.