Private Student Loans - College Loan Credit Guidelines and Recommendations

• You must be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi.) Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian.
• You must be enrolled at an eligible institution to be approved for and receive a loan. Enrollment is verified after you submit an application, as part of the loan approval process.
• You must carry at least a half-time credit load for a private undergraduate or graduate loan.

Features

• The funds are disbursed directly to the borrower, not the school.
• There are no federal forms to complete and no application deadlines.
• There is a 12-month grace period after graduation before loan repayment begins. [1]

Limits

• Loan minimum of $2,500 per academic year.
• Loan maximum of 100% of the total calculated Cost of Education per academic year with an aggregate lifetime maximum of $250,000.

Interest Rates

• Interest rates as low as Prime minus 0.5% to Prime plus 7.9%.
• Apply with a creditworthy co-signer to increase the chances of approval and of obtaining a lower interest rate and/or loan fee.

Fees

• Loan fees range from 0% - 9% depending on the applicants' credit profile and other underwriting criteria.
• Loan fees are included in the total loan amount, so you have no out-of-pocket expenses.
• Apply with a creditworthy co-signer to increase the chances of approval and of obtaining a lower interest rate and/or loan fee.

Repayment

• Loan repayment begins 12 months after graduation or six months after you cease to be enrolled on at least a half-time basis. [1]
• Up to a 25-year repayment term. [2]
• Level and graduated repayment options with forbearance up to one year.
• There is no prepayment penalty.

Benefits

• Interest rate discount up to 1% for on-time payments and direct e-payment. [3]
• Interest may be tax deductible for qualified taxpayers.