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Tuition Answer Loan Details
Type of Loan |
Privately funded educational loan available to undergraduate and graduate students enrolled at least half-time at an eligible higher education institution, graduate, trade or technical school. |
Borrower Eligibility |
School certification is not required but the borrower must provide verification that the student is enrolled for the loan period indicated on the application.
A parent , student or creditworthy individual can apply as the primary borrower as long as they have good credit and a source of income. A cosigner may be required for applicants that do not meet the credit requirements. Requires a credit check.
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Loan Limits |
Borrow from $1,500 up to the calculated cost of attendance or maximum $40,000, whichever is less*. The lifetime maximum is $130,000. |
Interest Rates |
Rate and APR Examples »
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Fees |
A fee of 0% to 6.5% may be incurred at disbursement based on the credit score of the borrower and/or cosigner and the repayment option chosen+. |
Disbursement Timing |
Funds are disbursed in a single check directly to the primary borrower following loan approval. |
Repayment Start Date |
Payments begin within 45 days following disbursement for immediate repayment and interest-only payment options. For deferral, payments begin within 45 days after grace end or up to 4½ years while the student is in school. |
Repayment Term |
The repayment term can run for up to 30 years based on the loan balance due at repayment and the repayment option chosen. Loans may be prepaid without penalty. |
Repayment Options |
Multiple, flexible repayment options are available including standard repayment and graduated repayment. |
Borrower Benefits |
A 0.50 percentage point interest rate reduction after first 24 on-time payments are made.** |
*If you choose to borrow only through Tuition Answer to pay for your education expenses. If you will be using Tuition Answer in addition to other student loan programs, the total of all your loan proceeds may not exceed the calculated cost of attendance at your school Maximum loan amount and loan availability varies by school. Tuition Answer Loan proceeds are solely to pay for a student's qualified higher education expenses, as described in Section 221 (d)(2) of the Internal Revenue Code of 1986, 26 U.S.C. Section 221 (d)(2), at an eligible educational institution. The expenses considered "qualified higher education expenses" may vary from school to school and may affect a student's ability to qualify for a school's financial aid program. Students seeking federal financial assistance should seek that assistance first, and then use the Tuition Answer Loan, and any other private loan proceeds, for any remaining financial need gap and, if necessary, to finance their expected family contribution (EFC).
**Terms and conditions apply. To qualify for the 0.50 percentage point interest rate reduction, the borrower must sign up on Manage Your Loans within 60 days of the first payment due date, to receive account information by email and make the first 24 payments by the due dates as initially scheduled. The 0.50 percentage point interest rate reduction continues during active repayment for as long as the borrower continues to pay as scheduled. Borrowers may take advantage of one of the following opportunities: (1) A borrower who has earned the benefit and makes a late payment can re-earn this interest rate reduction once by making 24 consecutive payments by the due dates as initially scheduled. (2) A borrower who fails to earn the interest rate reduction because of a late payment can re-qualify to earn the benefit once by making 24 consecutive payments and then earn the benefit by satisfying the original, remaining on-time payment requirements. Additional terms and conditions apply. Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed July 1, 2007-June 30, 2008.
Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice.
+ Borrowers with excellent credit, who choose to make immediate payments of principal and interest, receive the lowest rates and fees, while borrowers with good, fair or poor credit receive incrementally higher rates and fees. Visit Tuition Answer page for more rate information and APR examples.
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