About Private Student Loans

Private Student Loans

Private Student Loans can make up the difference between total cost of school and any financial aid that the student may receive.

You can borrow up to $45,000 for tuition, books, housing, computer and other education expenses.

Summary Information:

private student loan amounts:
eligible to borrow from $3,000 to $45,000 annually: ¹
uses:
designed to pay for education-related expenses, including your personal PC and past tuition bills
$300 graduation gift:
Upon graduation, you will receive a $300 principal reduction on your loan as a gift (proof of graduation will be required). ³
no origination fees:
with a SayStudent loan, you will pay zero origination fees. So your total loan is the amount that you borrow - nothing more. A potential savings of $300-$700. ⁴
fast loan processing:
conditional approval instantly when you apply online; funding can be made in as little as 5 business days from receipt of your completed application.
repayment:
begins 6 months after graduation or separation from school. Take up to 25 years to repay: ²
eligibility:
must be of legal age attending at least half-time in a degree, graduate or certificate program
rate reduction incentives:
reduce your rate by up to 0.25% during your repayment period: ⁵
no federal restrictions:
loan amounts are not tied to any federal or college limits — you can borrow as much as you need up to the approved loan limit.
approval requirements:
satisfactory credit history and sufficient income required for approval — many first-time students may need a qualified co-signer such as a parent or another in order to qualify for the loan.
co-signer release benefit:
students can apply to release co-signers from the loan after student meets certain criteria: ⁶
rates:
competitive interest rate loans: ^†

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Student Information:


Best Way to Apply
1	start their application online — fill in all the information related to your funding needs and save your application
2	get your parent or another co-signer to retrieve the saved application. Parent or co-signer completes their section and submits
3	upon approval, funds will be sent to the student - student and co-signer establish a budget plan to make sure aid borrowed meets education costs.

SayStudent Loans
Financing a Better Future

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Legal Notes

1 Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $45,000.

2 Undergraduates and graduates may defer repayment until six months after graduation or ceasing to be enrolled at least half-time. Immediate and interest only repayment options are also available.

3 $300 principal reduction is applied to unpaid principal balance when proof of graduation is received. If outstanding balance is less than $300, balance will be reduced to $0.

4 A repayment finance charge may apply based on credit history.

5 The 0.25% rate reduction is available to borrowers who arrange to automatically deduct monthly payments from their bank account. The interest rate repayment will begin when automatic principal and interest loan payment start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to the contract rate if automatic payments are cancelled, rejected, or returned for any reason. This benefit applies to all loans disbused on or after 10/13/2006.

6 Borrowers must meet credit guidelines at the time the cosigner release is requested.