NextStudent Health Professions Loan

Co-signers will be eligible for co-signer release upon request if (1) the first 48 payments of principal and interest are paid on time, and (2) the borrower meets creditworthiness criteria at the time of the release of the co-signer. The co-signer release benefit is only available for creditworthy undergraduate, graduate, and health professions loans.

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 (expect cosigner release) at any time without notice.

Repayment Terms

• Take up to 20 years to repay (up to 25 years for loans of $40,000
  or more) ^{Click here for important information}
• No pre-payment penalties
• Repayment is automatically deferred until 6 months after
  graduation or you are no longer enrolled at least half time
• Medical students can request additional deferment after
  graduation for up to 4 years while completing internship or
  residency as long as the total deferment does not exceed program
  maximum of 8 1⁄2 year
• Residency loan begins repayment 9 months after ceasing to be
  enrolled in a residency or internship, as long as the total
  deferment does not exceed the maximum of 4 3⁄4 years
• Minimum monthly payment as low as $25
  ^{Click here for important information}

See Repayment Examples for important information.

Loan Limits

• Borrow annually up to the lesser of $45,000 or the cost of
  attendance minus other aid (as certified by your school) as a
  credit-worthy borrower
• Borrow annually up to the lesser of $25,000 or the cost of
  attendance minus other aid (as certified by your school) as a
  credit-ready applicant (undergraduates in accelerated programs
  and graduate students only)
• No aggregate borrowing limit for credit-worthy borrowers. Credit-ready borrowers have aggregate borrowing limits of $225,000 for
  dental and medical, $142,500 for all other areas of study
• Residency Loan – Borrow up to $12,500
• $1,000 minimum loan amount

Eligibility

• Graduate or undergraduate student enrolled in an eligible discipline
• Are enrolled at least half-time as defined by your school
• Your school must certify the loan
• Attend a TERI-approved school (call 1-800-255-TERI to confirm eligibility of school)

• You must meet the credit requirements:
  Click here for important information

  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.

• If applying under your own signature (credit-ready), you must meet the following requirements: Click here for important information

  • Have good or no credit history
  • Be a U.S. citizen or permanent resident

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

Deferment

Your principal and interest payments are automatically deferred for
up to 6 3/4 years as long as you are continuously enrolled in school
(includes nine-month grace period).

Click here for additional information.

Medical school students may request an additional deferment
after graduation for up to four years while completing an
internship or residency. Deferment cannot exceed program
maximum of 8 1/2 years (includes six-month grace period). Full
principal and interest payments will then begin after completion
of the second deferment period. Deferred interest will be
capitalized at repayment.

Residency loans begin repayment 270 days after ceasing to be
enrolled.

Past Due Balances

The NextStudent Private Health Professions 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 for important information

• 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 for important information

• 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 3 – Document Review and Disbursement of Funds
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• Final document review conducted and funds disbursement is scheduled.
• Loan proceeds are disbursed directly to the school.

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