n order to qualify for a private student loan, applicants must be enrolled at least half-time at an eligible school and typically meet the following requirements:
* Must be a U.S. citizen or permanent resident
* You and your cosigner must pass a credit check
Apply Online for an Alternative Student Loan
What is Considered Good Credit?
It is recommended that you review your credit report before you apply for an alternative student loan. Creditors look at Personal data such as employment history, a summary of credit history, details of any accounts turned over to a credit agency, and your current FICO score.
A FICO score is a standard credit scoring method that determines the likelihood that consumers will pay their bills. Typically, a FICO score ranging from 680-700 is considered fair, and anything over 700 is considered good. While your FICO score is not the only deciding factor when applying for an alternative student loan, it does play a major part in the approval process.
Read more about the Eligibility on Alternative Student Loans here
Tuesday, December 30, 2008
Sunday, December 28, 2008
Frequently Asked Questions About Alternative Loans
Are there any fees?
There are no origination fees, no guarantor fees, and no prepayment fees associated with this loan.
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.
How soon will I receive my funds?
Alternative student loan funds are usually disbursed within 14 days of receiving all necessary paperwork.
Who offers alternative student loans?
Banks, private lenders and other financial institutions offer alternative student loans.
How long are repayment terms for alternative student loans in general?
Repayment terms typically range from 15-25 years.
Read more on Frequently Asked Questions in this link
There are no origination fees, no guarantor fees, and no prepayment fees associated with this loan.
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.
How soon will I receive my funds?
Alternative student loan funds are usually disbursed within 14 days of receiving all necessary paperwork.
Who offers alternative student loans?
Banks, private lenders and other financial institutions offer alternative student loans.
How long are repayment terms for alternative student loans in general?
Repayment terms typically range from 15-25 years.
Read more on Frequently Asked Questions in this link
Saturday, December 27, 2008
Frequently Asked Questions About Alternative Loans
What is an alternative student loan?
Unlike Federal Student Loans, alternative student loans or 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 alternative student loans be used for?
Alternative student loans can be used for education-related expenses including such things as tuition, books, transportation and room and board.
Who can apply for an alternative 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 an alternative 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.
More Frequently Asked Questions on this link
Unlike Federal Student Loans, alternative student loans or 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 alternative student loans be used for?
Alternative student loans can be used for education-related expenses including such things as tuition, books, transportation and room and board.
Who can apply for an alternative 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 an alternative 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.
More Frequently Asked Questions on this link
Saturday, December 20, 2008
What should I look for in an alternative 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 an alternative student loan. Be sure to look carefully at the terms and conditions when applying for a loan.
* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old).
You will be eligible to receive a Graduation Reward when:
* The student graduates from the degree program that the loan was used to fund, and;
* The graduation date is less than six years after the date of the loan's first disbursement, and;
* The loan is not in default on the graduation date
Read more on Alternative Student Loans on this site
* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old).
You will be eligible to receive a Graduation Reward when:
* The student graduates from the degree program that the loan was used to fund, and;
* The graduation date is less than six years after the date of the loan's first disbursement, and;
* The loan is not in default on the graduation date
Read more on Alternative Student Loans on this site
Thursday, December 18, 2008
Alternative Student Loans
The rising cost of college tuition, together with limited government financial aid, has created a widening gap between the cost of college and your ability to afford it.
Alternative student loans fill the 'gap' allowing you to borrow the difference between Federal financial aid and the true cost of an education.
You can borrower up to 100% of your education costs, and pay for tuition, books, supplies, housing and more.
Alternative Student Loan Benefits
No upfront, origination, guarantor, or prepayment fees
Defer payments while in school and for a six-month grace period after graduation
Exclusive 2% graduation reward based on your outstanding principal balance 1
Lower your interest rate by 0.25% for auto-debit repayment
Rates as low as Prime minus 0.50%, based on credit evaluation
Read more about Alternative Student Loans on this site.
Alternative student loans fill the 'gap' allowing you to borrow the difference between Federal financial aid and the true cost of an education.
You can borrower up to 100% of your education costs, and pay for tuition, books, supplies, housing and more.
Alternative Student Loan Benefits
No upfront, origination, guarantor, or prepayment fees
Defer payments while in school and for a six-month grace period after graduation
Exclusive 2% graduation reward based on your outstanding principal balance 1
Lower your interest rate by 0.25% for auto-debit repayment
Rates as low as Prime minus 0.50%, based on credit evaluation
Read more about Alternative Student Loans on this site.
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