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| Continuing Education Loans | The Continuing Education loan is for postsecondary students not working toward degree and for part-time, degree-seeking students. It is a private, credit-based loan.
Eligibility
• You must be a U.S. citizen or permanent resident.
• You have to attend the institution which must be accredited by the department of education in the states in which they do business.
• You must meet credit requirements.
Characteristics
• You can make repayment during 15 years.
• You can choose any repayment options. If you are in school you can postpone payments or make interest-only payments. A minimum payment applies.
• You can spend the borrowed amount not only for tuition but also for other education-related expenses.
• If you don’t meet credit requirements, you can still be eligible for the Continuing Education Loan. You need the help of a creditworthy cosigner.
• After making the first 24 consecutive on-time payments of principal and interest as initially scheduled it is possible for creditworthy borrowers request a cosigner release.
• The Continuing Education Loan offers interest rates and fees that reward good credit.
• There is no penalty for prepayment.
• It is possible to get life-of-loan servicing.
Loan limits
There is no aggregate loan limit.
Interest rates
The Continuing Education Loan offers interest rates that reward good credit. Borrowers with excellent credit have interest rates as low as Prime + 0%. Interest rates are changeable and reset monthly.
Fees
Loan fees are 0%–6.5%.
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