Private Loans

Private Student Loans, sometimes referred to "Alternative Student Loans," are non-federal loans that can be used to help pay for education costs.

Private Student Loans are credit-based, not need-based so you'll need to pass a credit-check. Also, they differ in many ways from traditional or government education loan programs:

• Funds are sent straight to you - no hassles or waiting!
• Loans can take as little as five business days to fund.
• Private student loans are based on your credit, and do not require you to go through the FAFSA financial aid qualification process. You benefit from less paperwork!
• We offer top-quality customer service with account access 24/7.
• Our Act ® Education Loans are accepted at all TERI*-approved schools (more than 6,000!).

A credit-worthy applicant demonstrates a current ability to repay a loan. To determine if you are eligible to be approved as a credit-worthy applicant ask yourself if you meet all of the criteria listed below:

• You must have an employment history of at least two years (if self-employed, have been in business for at least two years),
• You must have proof of current income (and you must maintain employment with same employer or in the same field while you are attending school)
• You must have a satisfactory credit history of at least 21 months,
• You must have resided at your current and immediately preceding addresses for a total of at least 12 months, and
• You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years.

If you are not able to check off all the above boxes, you should apply with a qualified co-signer who meets the established requirements. International students can apply, but must have a qualified credit-worthy U.S. citizen or permanent resident co-signer .

Benefits Of Applying With A Qualified Co-Signer

Even if you meet the above established credit guidelines, it may be in your best interest to apply with a qualified co-signer.

Benefits of applying with a credit-worthy co-signer may include:

• Increased chance of approval
• Lower origination fees
• Lower interest rates
• Smaller monthly payments
• Less interest paid over the term of the loan

* The Education Resources Institute, Inc. ("TERI"), a non-profit education loan guaranty agency, is the guarantor of the Act ® Education Loan Program

Student Loans