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School Certified - Private Student Loan
A School Certified Loan can cover up to 100% of your cost of education up to an aggregate lifetime maximum of $250,000. You can use it to help cover educational expenses such as tuition, books, room and board, school fees, supplies and loan fees (as certified by your school).
You can apply for a private student loan online 24 hours a day, 7 days a week and get an online decision in less than a minute. Applying with a creditworthy co-signer may improve your chances of approval and of obtaining a lower interest rate and/or loan fee.
- 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.
Apply now for a School Certified Loan
Features
- The funds are certified by your school's financial aid office and sent directly to the school on your behalf.
- There is a 12-month grace period after graduation before loan repayment begins.
Limits
- Loan minimum of $500.
- 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 6.9% [a] for loans with a creditworthy co-signer and Prime minus 0.5% to Prime plus 7.9% [a] for loans without a creditworthy co-signer.
- 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% [a] 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.
- Up to a 25-year repayment term. [b]
- Level and graduated repayment options with forbearance available up to one year upon request.
- There is no prepayment penalty.
Benefits
- Interest rate discount up to 1% for on-time payments and direct e-payment. [c]
- Interest may be tax deductible for qualified taxpayers.
Apply now for a School Certified Loan
[a] In all cases, interest rates and loan fees vary and are based upon borrower and/or co-signer (where applicable) credit profile, and other underwriting criteria. See our Rates and Fees page for Annual Percentage Rate (APR) examples and other important information about our private student loans.
[b] The repayment period may be less than the 25-year maximum allowed depending on the borrower's indebtedness at the beginning of his or her repayment period and the requirement that the borrower either satisfies a $50 minimum monthly payment amount (level schedule) or the terms of a graduated repayment schedule.
[c] At all times the discount rates and co-signer release terms are subject to change. The on-time benefit must be earned. Co-signer release is contingent upon the borrower's credit profile which will be reviewed by the Lender prior to release. Loan delinquency, default, or the use of forbearance may result in the revocation of all Borrower Benefits.
[b] The repayment period may be less than the 25-year maximum allowed depending on the borrower's indebtedness at the beginning of his or her repayment period and the requirement that the borrower either satisfies a $50 minimum monthly payment amount (level schedule) or the terms of a graduated repayment schedule.
[c] At all times the discount rates and co-signer release terms are subject to change. The on-time benefit must be earned. Co-signer release is contingent upon the borrower's credit profile which will be reviewed by the Lender prior to release. Loan delinquency, default, or the use of forbearance may result in the revocation of all Borrower Benefits.
