Private Educational Loans
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We urge you to research the answers to the following questions before applying for this type of loan or signing any loan paperwork.
• What are the minimum and maximum loan amounts available?
• How will my credit rating affect my loan?
• Is a co-borrower required?
• Is there an option to release the co-borrower at a later date?
Interest Rate and Fees
• Is there an interest rate cap?
• What is the current interest rate?
• What additional fees, interest reductions, or other incentives are offered during the life of the loan?
• How is my loan capitalized—annually or only at repayment?
Repayment Terms and Conditions
• What are the minimum and maximum terms and payment ?
• When do payments begin?
• Can interest only payments be made while still in school?
• Is there a penalty for paying off the loan early?
• Are grace periods, deferments, or forbearance offered? If so, what are the conditions and how is interest capitalized during these periods?
• What is the turnaround time for credit decision and disbursement of funds?
• How are problems resolved? Does problem resolution occur by phone, online, or another method?
• What is the lender’s policy on selling loans to other lenders after the loan has been disbursed?