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NextStudent Private Loans*
NextStudent private loans help students fill the critical gap between financial aid and the total cost of attendance-a gap they may otherwise be unable to overcome.
Types of loans |
NextStudent offers private loans for:
Undergraduates
Graduate students
Medical and health profession students
Continuing education students
Past-Due balances |
Terms
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Tiered rate structure to give borrowers with good-to-excellent credit our lowest available rates
0% origination fee and low interest rates* for the most qualified undergraduate, graduate and health professions loan borrowers
No out-of-pockets costs (one-time origination fee financed directly into loan)
Interest rate discount of 0.25% for auto-debit
Extended repayment terms up to 20 years (25 years for loans of $40,000 or more - excluding continuing education loans) |
Benefits
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No prepayment penalties
Up to 4 uneven disbursements
Co-signer release after students make initial 48 payments on time and meet a creditworthiness test
In-school deferment with extended deferment options available in some programs |
Application Process
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Customized link to application platform on your school website
Preliminary approval in as few as 15 minutes from receipt of completed application
All-digital processing, including electronic signature |
Services |
24-hour access to balance and payment information online or through our automated telephone VRU service
Fast loan processing with funds in as few as 5 business days from receipt of completed application
School certification, change capability and loan status via www.teri.org, ELM, or ScholarNet |
The Education Resources Institute, Inc. (TERI) is the guarantor of all NextStudent Private Loans. Citizens Bank, N.A. is the disbursing agent. Member FDIC. Equal Opportunity Lender.
* Please be aware that due to current conditions in the student loan market in particular and in the financial sector in general, NextStudent is not currently able to accept any new PLUS, Grad PLUS, Stafford, or Federal Consolidation Loan applications.
On October 1, 2007, legislation went into effect that cut $21 billion in subsidies to FFELP lenders like NextStudent. We have been searching, and continue to search, for avenues that would allow us to keep offering FFELP loans. But at this point, until market and regulatory conditions change, we find ourselves forced to suspend our federal education loan programs.
We value your business, and we want to make sure you’re able to get the money you need to pay for school. We encourage you to take advantage of college scholarships and your available federal financing options. But if you’re still in need of a parent or student loan, please give us a call, and we’ll do what we can to help.
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