Frequently asked questions.
How much can I borrow?
The minimum and maximum you can borrow is determined by the school the student is attending; however, it cannot exceed $30,000 per loan. The total maximum borrowing limit is $150,000 (for all educational debt).
Can I use the loan for expenses other than tuition?
Yes. You can use your loan to cover education-related expenses included in the cost of attendance as defined by the student's school.
Where do you send the funds?
The payment is directly disbursed to the school. We send an electronic payment or check made out to the student's school which applies the funds to school expenses.
Are there out-of-pocket fees for obtaining this loan?
An origination fee may be charged and is added to the principal balance of your loan and not deducted from loan proceeds. The origination fee is paid as part of the loan balance over the loan term.
What factors are used in the initial credit review?
The initial credit review considers all of the information you and your cosigner (if applicable) provide during the application process, and the information obtained from your credit report. While applying with a cosigner may be necessary for approval in your situation, consider whether you truly need a cosigner before applying. If you decide to apply with two parties, chances for approval rise if the primary applicant is the applicant with superior credit. If you (and your cosigner, if applicable) pass the credit review, we will need to receive your income verification documentation, and school certification, before final loan approval.
Why is a credit check necessary?
The credit check serves two main purposes. First, it is used to verify the identity of all people signing the application. Second, it's used for qualification purposes and helps us offer you the best pricing we can based on your credit history.
In order to apply for a loan, do I need to know what school the student is attending?
Yes, the student needs to be enrolled at an eligible school. A list of eligible schools can be found within the application.
Personal and Financial Information
Why is my Social Security number needed?
We use your Social Security number to verify your identity and to check your credit history.
What is the difference between a U.S. Citizen and a Permanent Resident?
U.S. Citizen - A person who was born in the United States, including the lower 48 states, Alaska, Hawaii, Puerto Rico, Guam, and the U.S. Virgin Islands; or who became a citizen through naturalization; or who was born outside the United States to U.S. Citizen parents under qualifying circumstances (derivative citizenship) and who has not renounced U.S. citizenship.
Permanent Resident - Any person not a citizen of the United States who is residing in the U.S. under legally recognized and lawfully recorded permanent residence as an immigrant. Also known as "Permanent Resident Alien," "Lawful Permanent Resident," "Resident Alien Permit Holder," and "Green Card Holder."
What is the difference between permanent address and mailing address?
Your permanent address is the location that you consider to be your primary place of residence. Your mailing address is wherever you want to receive all of your loan documents.
Why do you need a personal reference from me?
We need a personal reference as an additional means of contacting you during the servicing of your loan. If we are not able to reach the borrower or cosigner on the loan we will contact your personal reference.
Who can I use as a reference?
Your reference can be anyone over the age of 18, as long as he or she is not living at the same address as you. If you are applying with a cosigner, you cannot use him or her as your reference, nor can your reference live at the same address as your cosigner. Lastly, you and your cosigner cannot use the same reference.
What qualifies as income?
Income must have been received consistently for the past two years. Primary sources of income typically reflect employment earnings, but may also come from other sources such as retirement or rental income. Your spouse's income is not an eligible source of income.
Is there a penalty for pre-payment or paying the loan off early?
No, you can pay your loan off early regardless of your repayment terms without any penalty. You will only be charged the amount of interest that has accrued on the loan until the day the loan is paid off.