NextStudent Continuing Education Loan

The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a savings or checking account. The interest rate reduction will begin when automatic payments start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to contract rate if automatic payments are cancelled, rejected or returned for any reason. The lender and servicer reserve the right to modify, continue or discontinue borrower benefit programs at any time without notice.

Repayment Terms

• Take up to 20 years to repay ^{click here for more information}
• No pre-payment penalties
• Minimum monthly payment as low as $25 ^{click here for more information}

See Repayment Examples for important information.

Loan Limits

• Borrow annually up to $15,000
• $30,000 aggregate maximum borrowing
• $1,000 minimum loan amount

Eligibility

• The Continuing Education Loan is available to:
  1. Borrowers who are enrolled in a certificate or technical programs
  2. Borrowers who are enrolled in degree programs on less than a half-time basis
• Proof of enrollment must be provided
• Attend a TERI-approved school (call 1-800-255-TERI to confirm eligibility of school)

• You must meet the credit requirements: (click here)
  
  

  1. You must have an employment history of at least two years
     (if self-employed, have been in business for at least two
     years),
  2. You must have proof of current income,
  3. You must have a satisfactory credit history of at least 21
     months,
  4. You must have resided at your current and immediately
     preceding addresses for a total of at least 12 months, and
  5. You must be a U.S. citizen or permanent resident and have
     resided in the U.S. for the previous two years.
     
     

  (A co-signer may be required)
  
  
• International students can apply with a qualified, credit-worthy U.S. citizen or permanent resident co-signer.

The Education Resources Institute, Inc. (“TERI”) is the guarantor of the NextStudent Private Graduate Loan

Deferment

Deferment for the NextStudent Private Continuing Education Loan
may vary depending on the type of program in which you are
enrolled.

Deferment for certificate/degree granting programs (click here for more information)

For certificate/degree granting programs, repayment is deferred
until the earlier of:

• Two years after first disbursement,
• Six months after graduation, or
• Six months after enrollment has ended.

Deferment for non-degree/non-certificate granting programs (click here for more information)

For non-degree/non-certificate programs, repayment may be deferred until the earlier of:

• Six months after end of the academic period for which the loan is taken, or
• Six months after enrollment has ended

Past Due Balances

The NextStudent Private Continuing Education Loan can be used to
finance any portion of the current academic year’s educational
expenses as well as to pay for past due balances from previous
academic periods.

Click here for additional information.

You don’t have to be currently enrolled to cover past due
balances. After applying, a copy of the past due invoice from the
appropriate academic period must be provided. In addition, the
TERI-approved school must verify the details of the loan for the
period in question. Apply for past due balances separately from a
current or upcoming-year loan.

Steps for Fast Funding

Step 1 - Apply (click here)

• Apply conveniently by Web, Phone, Fax, or Mail.
• Preliminary approval e-mail sent in as little as 15 minutes of
  receipt of your application.
• Faxed applications may take up to five days for preliminary
  approval.

Step 2 - Sign (click here)

• Apply conveniently by Web, Phone, Fax, or Mail.
• Preliminary approval e-mail sent within minutes of receipt of your application.
• Faxed applications may take up to five days for preliminary approval.

Step 3 – Document Review and Disbursement of Funds (click here)

• Final document review conducted and funds disbursement is scheduled.
• Loan proceeds are disbursed directly to you.

How to Apply

Click here to apply or call (866) 232-7676

Check Loan Status

Check the status of a loan application by logging on to http://www.nextstudentloans.com/privateloanstatus

Repayment Examples

Click here to view Repayment Examples

The lender for the NextStudent Education Loan program is Charter One Bank, N.A , Member FDIC and Equal Opportunity Lender
All content © 2006 NextStudent, Inc. All rights reserved. This work incorporates copyrighted materials owned by The Education Resources Institute, Inc