About Private Student Loans

At Student Lending Corporation, we know that paying for college can be challenging; that's why the private student loan is so valuable. Getting the money you need to bridge the gap between federal financial aid and the actual cost of attendance has never been easier. To supplement your financial aid package and cover the unexpected expenses, apply online or give us a call at (800) 982-3588. There are no fees or charges for the information we provide, so contact us and put our experience to work for you.

Student Lending Corporation recommends you consider all aid alternatives including grants, scholarships, and federal student loans such as the Stafford, PLUS and Graduate PLUS before supplementing the difference with a private student loan.

Private Student Loan Benefits

- No private student loan application fees
- Quick pre-approval process, decision in minutes
- Apply and receive a check in days
- No payments until after graduation
- No prepayment penalties
- Interest rate reductions available

Private Student Loan Eligibility

The following is a list of basic criteria that you must meet in order to be eligible for a private student loan:

- A satisfactory credit history
- Verifiable employment history
- Verifiable residence history

Want the lowest payment possible? Consider a cosigner.

- Applying with a creditworthy cosigner will greatly increase your chances of approval
- Using a cosigner may qualify you for a lower interest rate
- Cosigners can also be released from the loan for on-time payments

  

Private Student Loan FAQs

Does it cost anything for me to be pre-approved?

No, we do not charge any fees for the pre-approval process.

Does Student Lending Corporation offer any discounts?

Each private student loan is eligible for additional interest rate discounts. Call us at (800) 982-3588 for details.

Is there a grace period?

Yes. Payments do not have to start until six months after graduation or dropping below half-time status.

What expenses can the private student loan cover?

A private student loan can be used to cover education-related expenses including tuition, fees, books, living expenses, a new computer, etc.

Are there fees associated with the private student loan?
There are no upfront or origination fees for a private student loan. However, there may be a repayment finance charge depending on your, or your cosigners, credit history. Applying with a qualified cosigner may reduce your fees.

Is there a deferment option?

Payments can be deferred while enrolled in school. Interest that accrues during this time will be added to the loan balance at repayment.

Is the interest tax-deductible?

Interest on student loans may be tax deductible. Please consult your tax advisor or visit www.irs.gov for more information.

What is the private student loan application process?

After submitting your online application, you will receive an immediate credit decision. Even if you are conditionally approved, you may still add a creditworthy cosigner to your loan application. You will then receive paperwork in the mail as well as notification of any additional documentation that may be required for your loan. Once all paperwork is received, your loan may be disbursed in as little as 2-5 days.

How soon will I receive my private student loan funds?

Private student loan funds are usually disbursed within 2-5 days of receiving all necessary paperwork.

Are there application deadlines?

No. You may apply for a private student loan at any time.

When is the best time to apply for a private student loan?

You should apply for a private student loan as soon as you have received your award letter from the school which you plan to attend.

Should I apply with a cosigner?

SLC strongly encourages prospective customers to apply with a creditworthy cosigner. This will greatly increase the chances of approval and increase the chances of obtaining a lower interest rate and/or loan fee.

Do you offer a cosigner release option?

Yes. If a set number of principal and interest payments are made on time, the borrower can apply to have the cosigner released from the loan. The borrower must meet credit guidelines at that time. Call us at (800) 982-3588 for details.

What repayment options are available?

There are three repayment options available:

- Full Deferral: Defer all principle and interest charges while in school; note that interest will accrue during the deferment period and will be capitalized (added to the loan balance) at the time of repayment

- Interest-Only: Pay only the accrued monthly interest while in school

- Immediate Repayment: begin making monthly principal and interest payments immediately


Is there a minimum monthly payment?

Yes. Once the payments begin, the minimum monthly payment is $50.

Do I have to be enrolled at least half-time to receive a private student loan?

Yes. Borrowers must be enrolled at least half-time at an eligible and participating school in order to receive a private student loan.

Who can apply for a private student loan?

Requirements include the following:

- The student must be the legal age of majority or at least 17 years of age with a Cosigner who is legal age of majority. The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old).

- The borrower must be a U.S. citizen or permanent resident in an eligible state- The borrower must be attending an eligible and participating school

- International students are eligible with a cosigner who is a U.S. citizen or permanent resident- The borrower's permanent residence is NOT in Texas, Wisconsin, Washington, or Iowa. (There is no state restriction for cosigners.)


How long are repayment terms?

Repayment terms are up to 25 years.

If I obtained a loan last year, do I have to reapply again this year?

Yes. You must reapply each academic year.

If I continue to get loans each year, are the loan amounts added to the first loan? Or do I have a separate loan for each year?

You will have a separate loan for each year, but for your convenience you will receive one monthly bill if all of your private student loans are taken through us.

Is it possible to borrow private student loan funds for an entire year rather than one semester at a time?

Yes, private student loan funds can be borrowed for up to 12 months of attendance.

As an applicant, do I need to have a Social Security number to apply for a private student loan?

Yes, the borrower and any cosigner are required to supply a Social Security number to receive a private student loan.

Can I apply for a private student loan if I am a resident alien?

Yes, certain non-citizens are eligible to apply, generally those who hold a valid Proof of Residency (I-151 or I-551) card.

Do I need to be accepted to a school before I can get a private student loan?

Yes, you must be enrolled at an eligible institution to be approved for and receive a private student loan. Enrollment is verified after you submit an application, as part of the loan approval process.

How many credits do I need per semester to be considered at least a half-time student?

You must be enrolled on at least a half-time status at an eligible institution. Please check with your school for these requirements. We will verify half-time enrollment through the enrollment verification process.

What information about the applicant and the cosigner is checked for conditional approval?

When you submit the application form, we request credit information about the borrower (and any cosigner) from one of the three major credit bureaus.

Is there any other paperwork that I need to complete after my private student loan is approved?

After your loan approval, you will need to sign, date and return the Promissory Note, provide verification of enrollment, and remit any other information that may be requested including but not limited to documentation to verify your identify and/or documentation to verify your income.

If I am conditionally approved, will I automatically be approved for a private student loan?

Not necessarily, however, most applicants who are conditionally approved will be approved for a loan provided the student's enrollment is verified for at least a half-time basis and all necessary documents are returned.

Can I reapply for a private student loan with additional information if I am refused a loan?

Yes. You can reapply at any time, if you are not approved for our private student loan.