The graduate student loans offered through Student Loan Scout are intended to provide students interested in post-graduate programs such as medicine, MBA, and law programs with borrowing alternatives and a streamlined application process. The loan is intended for a graduate student taking part in a degree or certificate program. To qualify for most graduate student loans, you must be enrolled at least half time as determined by the school and be able to meet the age requirements for the state of residence.
To qualify for a private student loan, either the student or the co-borrower must generally meet the following credit guidelines:
• Qualifying credit, residence, and employment history
• Income sufficient to make required payments
• If self-employed, in business for at least two years
• Be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years (an international student requires a U.S. citizen or permanent resident as a co-borrower)
The amounts of undergraduate student loans differ from lender to lender and range from $2,000 to $70,000, many with a variable interest rate based on the Prime Rate or LIBOR. The loan can be paid off over the term of 10 to 30 years, depending on the total amount borrowed.
There are usually a number of options regarding the repayment of private education loans. You may:
1. Begin repaying your student loan immediately, resulting in a lower interest rate and lower total cost.
2. Make fully amortized payments at the end of your grace period (six months after leaving school or reducing your attendance to below half-time).
3. Choose to make interest-only payments while you are in school, increasing the overall cost of your loan, but helping manage your budget while in school.
When your loan is in repayment, you may be able to apply for a forbearance on your payments if you encounter a financial hardship and are unable to repay the loan for a period of time. This will increase the cost of your student loan, but can assist you until you are able to resume making payments.