Our Private Loan Features
Calculate Your Student Loan Payments
A private loan from Education Finance Partners is different from other loan alternatives. Here's why:
| Loan amount |
|
|---|---|
| Interest rate | As low as %.The interest rate is variable and based on the 3-Month LIBOR* index, as reported in The Wall Street Journal. The actual interest rate spread for each loan is determined by the borrower's credit history. |
| Interest rate discounts | Borrowers receive a 0.25% interest rate discount when loan payments are automatically deducted from a savings or checking account. |
| Fees | Fees can be as low as 0.00%. |
| Borrower options | Student as borrower - Designed for creditworthy students who have at least 18 months of satisfactory credit payment history. Students with established credit should still consider applying with a cosigner to obtain the best possible loan terms. Student with cosigner - The best option for most undergraduate students. Designed for students who don't yet have an established credit history, this option allows students to apply with a creditworthy cosigner. Both the student and the cosigner assume responsibility for loan payments. Sponsor(s) as borrower(s) - Allows a parent or other creditworthy person to apply on behalf of the student and take full responsibility for the loan. The student is not a borrower on this loan. |
| In-school payment options | Fully deferred - Borrower makes no payments while the student is in school. Principal and interest - Borrower makes principal and interest payments after the final disbursement. |
| Low monthly payments | 20-year repayment term means low monthly payments. No prepayment penalties. |
| Cosigner release | After only 24 months of consecutive on-time payments. (The borrower must meet Education Finance Partners' minimum credit criteria.) |
*LIBOR is the standard financial index used in the U.S. capital markets. The majority of private loan providers use LIBOR or the Prime Rate to set interest rates. LIBOR variability has been smaller than the Prime Rate, which has tended to experience larger, sporadic changes. To ensure that fluctuations in the interest rate are kept to a minimum, Education Finance Partners uses LIBOR.
Use our student loan repayment calculator to estimate your monthly payments for the education loans you expect to take out.
To learn more about private student loans, including how they compare to other options you may be considering, visit our Paying for School section.
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