Graduate Private Student 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 private 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.

Private Student Loan Benefits

• Up to 100% of your cost of attendance minus other aid
• 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

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Private Student 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
• Many borrowers will need a cosigner. Borrowers without a cosigner must have at least 27 months of established credit history

Frequently Asked Questions About Private Loans in General

What is a private student loan?

Unlike Federal Student Loans, private student loans are specialized education 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.

What can private student loans be used for?

Private student 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 student 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 loan.

Are there application deadlines?

No. You may apply for a private student 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.

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What are the interest rates?

Interest rates will be based on you and your 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.

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 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 student 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 student loan. Be sure to look carefully at the terms and conditions when applying for a loan.

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