Private School Loans : Act^® Private School Loan Program for K-12

Getting ahead in life sometimes requires a head start, and most financial aid programs are geared towards college. What if your child needs assistance for high school, preparatory school, or other specialized education? The Act^® Private School Loan Program can provide funds for any educational expenses you have: tuition, tutors, uniforms, computers or learning software, previous school bills, special preparation classes or tutors for standardized tests such as the ACT or SAT, etc.

We are pleased to offer you a unique loan program specially created for parents or other involved adults (guardians, relatives, family friends) of elementary, secondary, and preparatory school students with financial need. With a fast and easy application process and a competitive interest rate, our goal is to help make quality education possible.

One extra benefit is that we send these funds directly to you, not to a school office or administrator.

Apply now for an Act^® K-12 Private School Loan!

Act^® K-12 Private School Loan Program Details

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Advantages of the Private School Loan Program

• Competitive interest rate (see below)
• Easy application process
• No application fees or other out-of-pocket fees
• Funding in as few as 5 business days from receipt of completed application
• Preliminary approval in as little as 15 minutes if applying by Web or phone
• Borrower benefits

Got past due balances? The Act^® Private School Loan can be used to finance any portion of the current academic year's educational expenses as well as to pay for balances from previous academic periods.

Your student does not have to be currently enrolled to cover past due balances. After applying, a copy of the past due invoice from the appropriate academic period must be provided. Apply for past due balances separately from a current or upcoming-year loan.

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Repayment Terms

• Immediate repayment after Private School loan disbursement
• No pre-payment penalties
• Minimum monthly payment as low as $25 (repayment example below)

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Loan Limits

• Borrow annually up to $30,000
• $130,000 aggregate maximum borrowing limit
• $1,500 minimum loan amount

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Eligibility

• Borrowing for an elementary or secondary school student
• Student is attending a TERI*-approved school (call 1-800-255-TERI to confirm eligibility of school)
• Student is making satisfactory academic progress as determined by his/her school
• You must meet the credit requirements below: (a co-signer may be required)
  • You must have an employment history of at least two years (if self-employed, have been in
    business for at least two years),
  • You must have proof of current income (and you must maintain employment with same
    employer or in the same field while you are attending school)
  • You must have a satisfactory credit history of at least 21 months,
  • You must have resided at your current and immediately preceding addresses for a total of at
    least 12 months, and
  • You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous
    two years.

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Rates and Repayment Information

K-12 Loan Repayment Example¹

1 This repayment example assumes a variable interest rate for the Student Loan Network K-12 Loan equal to the LIBOR Index plus a margin of 4.95%. The interest rate used in this example and in effect as of 05/01/2008 is 7.65%. The LIBOR Index equals the one-month LIBOR published in the ÒMoney RatesÓ section of the Wall Street Journal on the first business day of the preceding calendar month. LIBOR means the London Interbank Offered Rate. The interest rate and APR will increase during the life of the loan if the LIBOR Index increases. PNC Bank, N.A., Member FDIC and Equal Opportunity Lender is the lender for the Student Loan Network K-12 Loan. The loan terms described are for the 2007-2008 academic year and are subject to change.

2 This repayment example assumes an origination fee of 6.0% of the total loan amount (the requested loan amount plus the origination fee) will be added to and financed with the requested loan amount at disbursement.

3 Principal at repayment is the principal amount of the loan at disbursement (the requested loan amount plus the origination fee).

4 Repayment of principal and interest begins within 30-60 days of disbursement. Monthly payments of principal and interest will be fixed for the first year and then recalculated once each year based on the interest rate applicable at the time of the calculation and reset on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Minimum monthly payments will be at least $25.

5 Annual Percentage Rate (APR) is a measure of what a loan will cost. It takes into account the rate, fees, length of the loan, and the timing of all payments. The APR will increase if the LIBOR Index increases.

6 Finance charge is the dollar amount the credit will cost and includes interest paid over the life of the loan, plus the origination fee, if any.

Apply now for the Private School Loan Program!

* The Education Resources Institute, Inc. ("TERI"), a non-profit education loan guaranty agency, is the guarantor of the Student Loan Network Act Private School Student Loan Program.

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Act^® Education Loans : Eligible Schools

Is your school eligible for Private Student Loans?

To determine whether a Private Student Loan is available at your school, please select a state below: