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Graduate College Loans
Rising tuition, together with limited government financial aid, has created a widening gap between the cost of graduate school and your ability to afford it. With an easy graduate college loan application process, flexible repayment options, and competitive interest rates, we hope to help you achieve your college education goals with our graduate college loans.
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Apply with a qualified cosigner
If you are concerned about being approved for an graduate college loan, or you do not have 27 months of credit history, you might want to consider strengthening your chances by adding a cosigner.
Graduate College Loan Benefits
- Six-month grace period while you find a job
- Generous repayment terms
- Exclusive Act College Loan Graduation Reward - $300 principal reduction on every College Loan upon graduation1
- No Upfront Fees!2
- Lower your interest rate by 0.25% when you choose to have your payments automatically deducted from your personal bank account3
- Rates as low as one-month London Interbank Offered Rate (LIBOR) + 2.5%, currently 4.5326% APR4
- Borrow up to the cost of education minus financial aid received; Annual maximum is $45,000.
- Defer payments until after graduation5
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Undergraduate College Loan Eligibility
- Must be enrolled at least half-time at an eligible school.
- Must be a U.S. citizen or permanent resident or have a cosigner who is.
- You must be the legal age of majority or at least 18 years of age with a cosigner who is legal age of majority.*
- Your permanent residence is NOT in Texas, Wisconsin, Washington, or Iowa. (There is no state restriction for cosigners.) Residents of these states should review this alternative student loan option.
- Many borrowers will need a cosigner. Borrowers without a cosigner must have at least 27 months of established credit history.
Frequently Asked Questions About College Loans in General
What is a private college loan?
Unlike Federal Student Loans, private college loans are specialized college loans based on your credit history and income and should only be considered after all federal loans, grants and scholarships have been exhausted. Lenders typically give better terms for better credit history. Many lenders also allow cosigners which may help you qualify for better rates.
What can private college loans be used for?
F Private college loans can be used for education-related expenses including such things as tuition, books, transportation and room and board.
Who can apply for a private college loan?
The student must apply for the loan. Since many students do not have extensive credit history, they may need a creditworthy cosigner to increase the chances of getting the loan.
Are there application deadlines?
No. You may apply for a private college loan at any time.
What is the application process?
After submitting your application, you will receive an immediate credit decision. Even if you are conditionally approved, you may still add a creditworthy cosigner to your loan application. You will then need to submit required documentation along with a signed promissory note. Once all paperwork is received, your loan may be disbursed in as little as 10 days.
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Are there any fees?
Based on your credit history, there may be fees associated with origination, disbursement or repayment. For the Act College loan, there are no origination fees. However, there may be a repayment finance charge. The charge can range from 4.5 to 5.5% of the original loan amount and would be assessed at the time of repayment.
What are the interest rates?
Interest rates will be based on you or a cosigner's credit history and are generally stated as an index, such as Prime or LIBOR, plus a margin.
Is the interest tax deductible?
Interest on student loans may be tax deductible. Please consult your tax advisor or visit irs.gov for more information.
How soon will I receive my funds?
Private college loan funds are usually disbursed within 10 days of receiving all necessary paperwork.
Who offers private college loans?
Banks, private lenders and other financial institutions offer private college loans.
How long are repayment terms for private college loans in general?
Repayment terms typically range from 15-25 years.
Are there any deferment options?
You can typically choose to begin repaying your loan immediately, make interest only payments while you are in school, or defer all of your payments while you are in school. Any interest you defer will be capitalized (added to your balance) when you begin making your loan payments.
What should I look for in a private college loan?
Interest rates and fees can vary significantly between lenders. Many lenders also offer borrower benefits that can reduce the principal or interest on a private college loan. Be sure to look carefully at the terms and conditions when applying for a loan.
Apply Now for the Graduate College Loan
1 Proof of graduation is required.
2 A repayment finance charge may apply based on your or your cosigner's credit history.
3 The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006.
4 LIBOR stands for London Interbank Offered Rate. The one-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes. Your variable interest rate is calculated by adding the current one-month LIBOR index (captured on the 25th business day of each month and rounded up to the nearest 1/8th of one percent) to your margin. The current one-month LIBOR index was 2.500% on 6/1/08. This APR example assumes a $10,000 graduate, cosigned, loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a 25 year repayment term with no repayment finance charge, and a 2.50% margin. Margins can range from 2% to 8% (depending whether you are an undergraduate or graduate, if the loan is co-signed and upon your or your cosigner's credit history) and repayment finance charges can range from 0% to 5.5% (depending upon your or your cosigner's credit history).
5 Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
