Frequently Asked Questions
Everything you need to know about our loan products, eligibility requirements, and repayment terms.
General & Application
Are there any application or origination fees?
No. We pride ourselves on transparency. There are absolutely no application fees, origination fees, or prepayment penalties associated with any of our loan products.
How much can I borrow?
For most undergraduate, graduate, and health profession loans, you can borrow up to 100% of your school-certified cost of attendance, less any other financial aid you have already received. This covers tuition, housing, meal plans, books, and required equipment.
Residency & Relocation loans have specific dollar limits, usually ranging from $1,000 to $30,000 depending on creditworthiness, as they are not certified by a school.
How are the funds disbursed?
For school-certified loans (Undergraduate, Graduate, Study Abroad), the funds are sent directly to your college or university’s financial aid office according to their disbursement schedule. If there are excess funds for living expenses, the school will refund those to you directly.
For Residency & Relocation loans, the funds are deposited directly into your personal bank account.
Federal vs. Private Loans
What is the difference between Federal and Private Student Loans?
Federal Student Loans are issued by the US government and require you to fill out the FAFSA. We always recommend exhausting your free financial aid and Federal Direct Subsidized and Unsubsidized loans first, as they offer unique federal protections and income-driven repayment options.
Private student loans, like ours, are issued by private lenders to fill the “gap” when federal limits, savings, and scholarships don’t cover your total cost of attendance. Private loans are credit-based, meaning having excellent credit or a strong cosigner can result in a highly competitive interest rate.
Should I choose a Federal Grad PLUS loan or a Private Graduate Loan?
This is an important distinction for graduate students. The Federal Grad PLUS loan comes with a mandatory, high origination fee (often over 4%), which is money deducted from your loan balance before you even receive it.
Our Private Graduate Loans have ZERO origination fees. Additionally, if you or your cosigner have a strong credit profile, you may qualify for a private loan interest rate that is significantly lower than the standard Grad PLUS rate, saving you thousands over the life of the loan.
Repayment & Deferment
What are my repayment options while in school?
We typically offer four repayment options while you are enrolled at least half-time:
- Deferred: Make no payments while in school. Interest will accrue and capitalize at the end of your grace period.
- Fixed: Make a low, fixed monthly payment (e.g., $25/month) to build good habits and reduce capitalized interest.
- Interest-Only: Pay the accrued interest every month so your principal balance does not grow while you study.
- Immediate Full Repayment: Begin paying principal and interest right away to minimize the total cost of the loan.
When does full repayment begin?
For standard undergraduate and most graduate loans, full principal and interest payments begin after a 6-month grace period following your graduation or if you drop below half-time enrollment.
Medical, dental, and select health profession students may receive longer grace periods (e.g., 9-12 months) or extended deferment options through their residency programs.
Cosigners
Do I have to have a cosigner?
A cosigner is not strictly required if you are a US citizen or permanent resident who meets our credit, income, and employment requirements independently. However, because many college students have limited credit history, applying with a creditworthy cosigner increases the chances of approval and often results in a lower interest rate.
Note: International students generally DO require an eligible US citizen or permanent resident cosigner.
Can I remove my cosigner later?
Yes! We offer a Cosigner Release option. After you graduate, make a required number of consecutive, on-time principal and interest payments, and meet our underwriting criteria on your own, you can apply to have your cosigner released from the loan obligation.
International & Study Abroad
What is the difference between an International Student Loan and a Study Abroad Loan?
- International Student Loans are for non-US citizens (including DACA recipients and visa holders) who are coming to study at an eligible college or university located within the United States. A US cosigner is typically required.
- Study Abroad Loans are for US citizens or permanent residents who are enrolled at a US institution but are taking a semester or year to study in a foreign country.
Are DACA recipients eligible?
Yes. DACA recipients are eligible to apply for our International Student Loan products, provided they have a valid Social Security Number and apply with an eligible US citizen or permanent resident cosigner.
Medical & Specialty
Can I defer my medical school loans during residency?
Yes. We understand the financial strain of medical training. Our Medical School Loans allow you to defer full principal and interest payments for up to 48 months while you complete your residency or fellowship programs.
What can Residency & Relocation loans be used for?
Residency & Relocation loans bridge the financial gap between graduating medical/dental school and receiving your first paycheck. Because the funds are sent directly to your bank account, you can use them for USMLE/board exam fees, interview travel, cross-country moving expenses, security deposits, and general living costs.
Scholarships & State Funding
Can I get scholarships if I am studying at a foreign school?
Yes! Many foreign universities offer institutional scholarships, grants, and bursaries specifically designed to attract international students, including those from the US. Additionally, there are numerous private fellowships (like the Fulbright or Boren Awards) and independent study abroad scholarships.
Always exhaust your scholarship options first. You can then use our Study Abroad or International Student Loans to cover the remaining “gap” up to your certified cost of attendance.
Are there state-sponsored programs I should look into?
Absolutely. Almost every US state has a Higher Education Agency that offers resident-specific funding, which can include state-based grants, merit scholarships, and sometimes lower-interest, state-sponsored loans.
These programs usually require you to be a resident of that state, and sometimes require you to attend a college within the state. We strongly advise checking with your state’s education department to see what local funding you might qualify for before turning to a private lender.
Still have questions?
If you couldn't find the answer you were looking for, our support team is ready to help you navigate your funding options.