Undergraduate College Loans
Whether this is your first year in college or a university or your last, you are bound to have "surprise" expenses that you did not factor into your educational costs. Student computers, software, books, and last-minute tuition hikes — the Undergraduate College Loan Solutions program is a flexible supplement to your student aid package to help cover expenses not met by your existing student aid package.
With an easy college loan application process, flexible repayment options, and competitive interest rates, we hope to help you achieve your college education goals with our undergraduate college loans.
Undergraduate College Loan Benefits
- Defer payments while in school and for a six-month grace period after graduation
- Lower your interest rate by 0.25% when you choose to have your payments automatically deducted from your personal bank account
- Annual Maximum is 100% of your Cost of Attendance minus other aid, based on school certification
Undergraduate College Loan Eligibility
- Must be enrolled at least half-time at an eligible school
- Must be a U.S. citizen or permanent resident
- A cosigner may be required
Frequently Asked Questions About College Loans in General
What is a private college loan?
Unlike Federal Student Loans, private student loans are specialized education loans based on your credit history and income and should be considered after all federal loans, grants and scholarships have been exhausted. Lenders typically give better terms for better credit history.
What can private college loans be used for?
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 an undergraduate private college loan?
The student must apply for the loan. Since many students do not have extensive credit history, they will need a creditworthy cosigner to apply for this student loan.
Are there application deadlines?
No. You may apply for a college loan at any time.
What is the application process?
You will need to submit your application online. Once you determine the amount you want to borrow, you will need your Social Security Number, driver's license, cosigner information, and two additional references ready. You and your cosigner's credit will be checked. You can then check your status online at any time.
What are the interest rates?
Interest rates will be based on you and your cosigner's credit history and are stated as the Prime index plus or minus 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 14 days of receiving all necessary paperwork. The loan is sent directly to the school on your behalf.
Who offers private student loans?
Banks, private lenders and other financial institutions offer private student loans.
How long are repayment terms for private student loans in general?
Repayment term is typically 15-20 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 loan for college?
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 student loan. Be sure to look carefully at the terms and conditions when applying for a loan.