Private Graduate Student Loans
Graduate programs are often expensive no matter how well you plan ahead. Graduate school financial aid often falls short, especially federal student aid. Regardless of the reason why you may need extra money for graduate studies, we are pleased to offer you the Act Graduate Student Loan Program specially created for graduate students and families with financial need. With a fast and easy application process, generous and flexible repayment terms, and competitive interest rates, our goal is to make education possible without administrative hassles.
Extra Benefits of the Act Private Student Loan Program for Graduate Students:
- We send these funds directly to you - you get your loan proceeds faster!
- Private student loans are based solely on your credit, and do not require you to go through the FAFSA financial aid qualification process.
- Private student loan programs are accepted at all TERI certified schools, without the hassle of determining which federal financial aid program your school belongs to.
Apply now for the Graduate Student Loan Program!
Act Graduate Loan Program Details
Advantages
- Competitive interest rates
- Fast, easy, no hassle application process
- No application fees or other out-of-pocket fees
- Funding in as few as 5 business days from receipt of application
- Preliminary approval in minutes if applying by Web or phone
- Borrower benefits
Got past due balances? The Act Graduate Loan can be used to finance any portion of the current academic year鈥檚 educational expenses as well as to pay for balances from previous academic periods.
You don鈥檛 have to be currently enrolled to cover past due balances. After applying, a copy of the past due invoice from the appropriate academic period must be provided. In addition, the TERI-approved school must verify the details of the loan for the period in question. Apply for past due balances separately from a current or upcoming-year loan.
Repayment Terms
- No pre-payment penalties
- Minimum monthly payment as low as $25 (repayment example below)
Loan Limits
- Borrow annually up to the lesser of $40,000 or the estimated annual cost of attendance
- $130,000 aggregate maximum borrowing limit
- $1,500 minimum loan amount
- Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where TERI has determined that the annual cost of attendance exceeds $30,000). 聽Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000.
Eligibility
- A graduate or professional student in a degree or certificate program
- Enrolled at least half-time as defined by your school
- Attending a TERI-approved school* (call 1-800-255-TERI to confirm eligibility of school)
- Proof of enrollment must be provided
- You must meet the credit guidelines requirements below: (a co-signer may be required)
- Have a satisfactory credit, residence and employment history of at least two years,
- Have proof of current income (If self-employed, have been in business for at least two years), and
- Are a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years, or, you are an international student with a qualified credit-worthy U.S. citizen or permanent resident co-signer.
Deferment Options
Your principal and interest are automatically deferred for up to 4 1/2 years as long as you are continuously enrolled in school (includes six-month grace period).
Medical school students may request an additional deferment after graduation for up to four years while completing an internship or residency. Deferment cannot exceed program maximum of 8 1/2 years (includes six-month grace period). Full principal and interest payments will then begin after completion of the second deferment period. The interest on deferred loans is capitalized quarterly and at the beginning of repayment.
Rate and Repayment Information
Repayment Example 1 : Act Graduate Loan
| Repayment Structure | Deferred Repayment |
1 This repayment example assumes a variable interest rate for the Student Loan Network Graduate Loan equal to the LIBOR Index plus a margin of 3.50%. The interest rate used in this example and in effect as of 12/01/2006 is 8.82%. The interest rate margin ranges, depending on the credit-worthiness of the borrower and co-signer, if any, from 3.50% to 7.75% (APRs range from 9.32% to 14.45%). The LIBOR Index equals the one-month LIBOR published in the "Money Rates" section of the Wall Street Journal on the first business day of the preceding calendar month. LIBOR means the London Interbank Offered Rate. The interest rate and APR will increase during the life of the loan if the LIBOR Index increases. PNC Bank is the lender for the Student Loan Network Graduate Loan. The loan terms described are for the 2006-2007 academic year and are subject to change.
2 This repayment example assumes an origination fee of 4.5% of the total loan amount (the requested loan amount plus the origination fee). The origination fee ranges from 4.5% to 10.5%, depending on the credit-worthiness of the borrower and co-signer, if any. The origination fee, if any, will be added to and financed with the requested loan amount at disbursement.
3 Principal at repayment is the principal amount of the loan at disbursement (the requested loan amount plus the origination fee) plus interest that accrues and is capitalized (added to principal) during the deferment term (assumed to be 24 months in these examples). Deferred interest is capitalized quarterly and at the time your loan enters repayment.
4 Repayment of principal and interest begins six months after (i) graduation or (ii) you cease to be enrolled at least half time. The monthly payment amount shown here will increase if the LIBOR Index increases, and will be computed based on the interest rate applicable at the time repayment begins. Monthly payments of principal and interest will be fixed for the first year and then recalculated once each year based on the interest rate applicable at the time of the calculation and reset on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Minimum monthly payments will be at least $25.
5 Annual Percentage Rate (APR) is a measure of what a loan will cost. It takes into account the rate, fees, length of the loan, and the timing of all payments. The APR will increase if the LIBOR Index increases.
6 Finance charge is the dollar amount the credit will cost and includes interest paid over the life of the loan, plus the origination fee, if any.
Apply now for the Graduate Private Student Loan!
* The Education Resources Institute, Inc. ("TERI"), a non-profit education loan guaranty agency, is the guarantor of the Edvisors Alternative Student Loan Program.
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