NextStudent K-12 Loan

Repayment Terms

• Take up to 20 years to repay^{click here for important information}
• No pre-payment penalties
• Immediate repayment after loan disbursement
• Minimum monthly payment as low as $25
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See Repayment Examples for important information.

Loan Limits

• Borrow annually up to $20,000 or the cost of attendance minus
  other aid (as certified by the school)
• $80,000 aggregate maximum borrowing
• $1,000 minimum loan amount

Eligibility

• Parents of students enrolled full time as defined by the school
• The 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 borrowers 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 K-12 Loan

Past Due Balances

The NextStudent Private K-12 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.

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The student does not 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
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• 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
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• 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
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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