NextStudent Undergraduate 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 (except co-signer release) at any time without notice.

Repayment Terms

• Choose from 3 different repayment options, including payment deferral until six months after graduation or you cease to be enrolled at least half-time
• 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
• Minimum monthly payment as low as $25
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See Repayment Examples for important information.

Loan Limits

• Borrow annually up to the cost of attendance minus other aid (as
  certified by your school)
• $1,000 minimum loan amount

Eligibility

• An undergraduate student enrolled in a degree or certificate
  program
• Enrolled at least half-time as defined by your school
• Attend a TERI-approved school (call 1-800-255-TERI to confirm
  eligibility of school)
• International students can apply with a qualified, credit-worthy
  U.S. citizen or permanent resident co-signer.

• 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)

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

Deferment Options

Option 1

Immediate Repayment
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Allows maximum savings over the life of the loan.
Pay principal and interest beginning approximately 45 days after funds are
disbursed.

Option 2

Interest-Only Repayment
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Allows low payments during school to help reduce overall debt.
Defer principal and pay only interest while you are enrolled in
school for up to four consecutive years (up to five years if enrolled
in a five-year program). Interest payments begin approximately 45
days after disbursement. Repayment of principal and interest
begins approximately 45 days after graduation or dropping to
below half time enrollment.

Option 3

Deferred Principal & Interest Repayment
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Allows you the convenience of delaying repayment.
Make no payment while in school for up to four consecutive years
(up to five years if enrolled in a five-year program). Repayment of
principal and interest begins approximately 180 days after graduation or dropping to below half time enrollment. Interest is
capitalized once at repayment.

Past Due Balances

The NextStudent Private Undergraduate 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 important 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
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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

Click here to view Repayment Examples