LOANS
Guidelines for Evaluating a Private Alternative Loan Program| Related Links |
Federal Loans
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- Has the borrower explored and exhausted all other means of educational funding?
- What is the interest rate?
- Is the interest rate variable?
- How often does the interest rate change?
- What are the annual program maximums?
- Is there an application fee?
- Are there processing fees?
- How long does it take to process the loan?
- Is a cosigner required?
- Is credit-worthiness a requirement?
- Is interest deferred while in school?
- When does repayment begin?
- What are the minimum monthly payments?
- How long is the repayment period?
- If payment must be made while enrolled, can the borrower handle these payments?
- Are there pre-payment penalties?
- Are there deferment or forbearance options available?
- Can this loan be consolidated with other educational loans?
- What is the source of the funds?
- Is the lender reliable?
- Where is the lender located?
- Whom can the borrower contact with questions or problems?