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Private
Student Loans
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If you are unable to get a federal loan or the federal
loan granted to you does not cover the full cost of
education- don't be disappointed -- Private loans are
the answer to all these.
Private loans provide supplemental funding when
federal loans or the other financial aids don't cover
the full cost of your education, or you want to skip
the federal loan process. Banks or other financial institutions and schools offer these loans to parents and students.
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for Federal Student Loan now ! Click
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Every private company has
its own private loan programs, but some, that are
common to most of them, are :
1. LAWLOANS :
- Like private alternative loans, LAWLOANSare alternative loans specifically for law students.
- With LAWLOANS you can finance the entire cost of your law school education by combining a
LAWLOANS stafford loan with the LAWLOANS Private
Loan and LAWLOANS bar study loans.
- LAWLOANS
Stafford Loan : Federal loans generally
carry the lowest interest rates available and
offer a wide array of repayment
options. Eligible
students can apply for up to $18,500 in Stafford
loans through LAWLOANS.
- LAWLOANS
Private Loan : (for loans disbursed
between June 1, 2004 and May 31, 2005) If you've
reached your federal loan limit but still need
additional money for law school, or if you aren't
eligible for federal funding, apply for the LAWLOANS
Private Loan.
- LAWLOANS
Bar Study Loan(BSL) : The LAWLOANS bar
study loan (BSL) helps finance bar exam costs,
such as bar review course fees, bar exam deposits
and/or fees, as well as living expenses.
- When you combine a LAWLOANS stafford, private
and bar study loan, you receive customer service from a single servicing agency for the life of the loan.
- You also benefit from combined billing on all of your loans,
this means you'll receive one bill and have only one check to write each month regardless of the type of student loans you have with us.
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2. MBALOANS :
- With MBALOANS you can finance the entire cost of your graduate business education by combining a
MBALOANS stafford loan with the MBALOANS private
loan.
- When you combine a MBALOANS stafford and private loan, you receive customer service from a single servicing agency for the life of the loan.
- You also benefit from combined billing on all of your loans,
this means you'll receive one bill and have only one check to write each month regardless of the type of student loans you have with us.
- MBALOANS offers two types of low-cost loans for
graduate business students: Federal Stafford Loans
and private MBALOANS. Students can easily apply
for both loans together with MBALOANS.
- MBALOANS
Stafford Loan
: Stafford loans carry the lowest interest rates available and offer a wide array of
repayment options. Apply for a MBALOANS stafford
loan through the MBALOANS program and you'll be eligible for up to $18,500 annually through this federal loan program.
- MBALOANS
Private
Loan : The MBALOANS Private Loan
is awarded on the basis of the student's credit
rating, and 90% of all applicants are approved
without a co borrower. Part-time students can
utilize this loan, as can international students
who have a U.S. citizen or permanent resident as a
co borrower.
- The MBALOANS program is the only loan program
endorsed by the Graduate Management Admission Council.
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3. MEDLOANS :
- MEDLOANS is a comprehensive loan program designed to meet the needs of medical students.
- The student loan program was developed by the Association of American Medical Colleges
(AAMC).
- One of the benefit of it is, the same
servicer from start to finish, which helps avoid extra paperwork and confusion.
- To be eligible for this loan, You have to be the
citizen or permanent resident of the U.S and
enrolled at least half-time at a school of osteopathic medicine or an approved AAMC member school.
- MEDLOANS will provide access to Federal Stafford Loans, Federal Unsubsidized Stafford Loans, and the Alternative Loan Program (ALP).MEDLOANS borrowers get more than just a student loan.
- Federal Stafford Loan :
You may borrow up to $8,500 annually.
- The Federal Stafford loan is disbursed in two installments.
- The origination fee is 3%.
- In school, grace and
deferment: Bond-equivalent rate for 91-day T-bills plus 1.7%, not to exceed 8.25%
- In repayment: Bond-equivalent rate for 91-day T-bills plus 2.3% not to exceed 8.25%.
- Students enrolled at least half-time qualify for Federal Stafford loans.
- Repayment begins six months after a student's enrollment status drops below half-time.
- The guarantee fee is 0%.
- Borrowers have a maximum of 10 years to repay
- Federal Unsubsidized
Stafford Loan : Unsubsidized Stafford Loan is
disbursed in two installments.
- You may borrow up to $30,000 annually, not to exceed $189,125 including subsidized Stafford. Students may defer principal and interest until they enter repayment.
- Interest is deferred and capitalized immediately before the commencement of repayment.
- In school, grace and deferment: Bond-equivalent rate for 91-day T-bills plus 1.7%, not to exceed 8.25%
- In repayment: Bond-equivalent rate for 91-day T-bills plus 2.3% not to exceed 8.25%.
- Guarantee fee is 0%.
- Origination fee is 3%.
- Borrowers have a maximum of 10 years to repay.
-Deferment and
forbearance options are available for residency.
-Aggregate limits for Federal Stafford Loans (subsidized and unsubsidized) is $189,125 including undergraduate debt.
- Alternative Loan Program
(ALP) : Medical and Applied Physiology
Students can apply for this. Medical students must apply for a Stafford loan before applying for the ALP loan. (Applying for a Stafford loan through MEDLOANS fulfills this requirement, and offers many benefits.) With the MEDLOANS Alternative Loan Program (ALP), borrowers can get additional financing at competitive rates (Prime + 0% before repayment)—with no origination fees.
-Interest: Accrues
from date of disbursement
(unsubsidized), Interest
rate varies quarterly, Prime plus 0% while in
school or grace, Prime plus .25% during repayment.
-Fees: At repayment between 0% and 6%
must be paid based on borrower credit analysis at
repayment and voluntary payments made during
residency. The repayment fee will lower if minimum
$50 payments are made in residency.
-Repayment Options: May extend repayment
time up to 20 years, Level or graduated payments
available.
-Deferment Options: Loan has extended
grace period for borrowers in residency. Grace may
extend up to 36 or 48 months after graduation.
- MEDLOANS also offers the MEDEX loan which helps students in their final year of medical school cover the costs related to residency interviews and relocation.
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4. Signature Student Loans
:
- The Signature Student Loan is a privately insured, credit-based loan.
In this student is the borrower. It is available to students who need funding beyond the federal loan program.
- You are eligible for the loan if you're
attending a 4-year or 5-year college or university
as a full-time (or at least half-time) student,
pursuing a degree and are in good academic
standing. Even if you're a foreign student, you
can be eligible for a Signature Student Loan.
- Co-borrower
required if borrower is a foreign student, has no credit or has a low
credit
score.
- You have a choice of national and regional
lenders.
One lender can finance the entire cost of your education, by combining a Federal Stafford Loan with a private Signature Student Loan.
- You may apply to have the co-borrower released after you make your first 24 Signature Student Loan payments on time.
- Federal Stafford Loans
: It is the most common source of education loan funds, and are available to both graduate and undergraduate students. There are two types,
Federal Subsidized
Loan and Federal
Unsubsidized Loan.
- Interest is tiered based on credit history and is variable changing monthly.
- Fees is as low as 0% , based on credit rating.
- -Loan Limits: Cost of education less other
aid, WITH a co-borrower - no aggregate loan limit,
WITHOUT a co-borrower, aggregate limits are: Undergraduates: $100,000*;
Graduate Students: $150,000*;
Selected health profession students: $200,000*,
All aggregate loan limits now include all student loan debt including federal loans.
- -Repayment Terms: Repayment is 15-25 years, based upon balance
repayment, $50.00 minimum payment per month, Payment begins 6 months after graduation or when attending less than half time.
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