What Can Be Financed?

• Monthly Tuition
• Enrollment Fees
• Student Escort Services
• Estimated Ancillary and Supplemental Fees
• Educational consultant fees
• Past Due Balance

What Are the Terms and Conditions of the Loan?

• Amortized over 15 to 20 year period
• No prepayment penalty
• No cancellation fee
• Loan origination fee of 2% to 5%

How Long Does It Take?

• Once the completed application is returned to us (with proof of income) most applicants will have an answer within one business day.
• The paperwork is minimal for the applicant and everything can be handled by email or fax, with the exception of the final signatures needed for the promissory note.

What Is The Interest Rate?

• The interest rate is variable tied to Libor + 3.50 to 3.85 with an annual cap.
• Interest rate changes quarterly (January 1, April 1, July 1, and October 1)
• Current interest rate is 8.85 to 9.23
• Origination fee of 2 to 5 percent

Income Verification Required

Employed by a Company

• Current pay stub (dated within 30 days) – Needs to include employer name and address and YTD Totals
• W2 (for bonus salary information)

Self-Employed

• 2 years most recent, complete 1040 Federal Tax returns
• Sign the bottom of the 2nd page of the Federal Tax return

Other sources of income that can be counted.

• Social Security benefits letter or most recent earned statement
• Child support agreement from divorce decree
• Alimony agreement from divorce decree
• Retirement award letter or earning statement
• Rental income/other business - need most recent complete 1040 Federal Tax return

Sample Boarding School

Tuition $4500 x 12 months   $48,000.00
2% Funding Fee              $   980.00
Financial Consultant Fee    $   500.00
                             ---------
                            $49,490.00