Getting loan for your further education is no more constraint for any student. As Government and various financial service providers are ready to provide different types of school loans under distinct condition and with several benefits.
This loan is available in various level of education in order to make your career path smoother and easier:
1. Under Graduates
3. Continuing Education
You can repay the loan amount along with the interest at many levels on your own ease:
A) Repayment for Undergraduate
1. They can delay their repayment six moth after their graduation
2. They can even repay on the completion of half the time after the entire enrollment
3. Immediate repayment facility is also available.
B) Repayment for Graduates
Graduate can also defer their repayment
C) Repayment for Continuing Education
There has certain time frame under which these borrowers have to be prepared to repay the principal and interest amount:
1. They can repay the total amount after 180 days when the student earn graduation certificate
2. They have the facility to repay 180 days after the entire enrollment
3. They can also repay two years after the date of loan disbursement
D) K-12 Repayment Loans
These loans are entitled for immediate repayment.
Loan amount are also different in different phase:
1. Loan for Undergraduates Borrower can get the facility of amount up to the lesser of cost of attendance or $30,000 annually. It may go up to $40,000 annually for certain schools, where cost of attendance ranges to exceed $30,000.
2. Loan for Graduates It is almost the same as for the Undergraduate students.
3. Loan for Continuing education They have the facility to borrow up to $ 30, 000 annually.
4. K-12 Loans The loan amount is almost the same as continuing education.
Interest rate also varies in different circumstances.
1. If the automatic electronic transfer takes place from savings or checking accounts in order to monthly repayment of principal and interest amount, then the borrowers have the facility of 0.25% reducing interest rate. This reduction in interest continues as long as the automatic transfer continues. If for any reason the automatic transfer stops, then the reducing interest rate becomes contract rate.
2. On request borrower can further be facilitated with 0.25% interest rate, if :
a) the borrower repays the amount for 36 months without any interruption and on scheduled time.
b) the borrowers elect the facility of automatic electronic transfer from saving or checking accounts on their 36th payment.
c) even discontinued with the automatic electronic transfer after 36th repayment, the reducing rate does not become contract rate.
But all the above terms and benefits are entitled to be changed or discontinued without any prior notice to borrower or at any time by the lenders, excepting the co-signer release benefit.