Act Education Loan for Graduate Students
I want to know eligibility to get the Act Student Loan for Graduate Students?
After doing the under-graduation course, we choose to do our graduation from a reputed college/university and it takes a larger amount that it had cost earlier in doing the under-graduate course. To solve this we generally go to the sources like federal loans, scholarships. These are helping hands but these alone cant bear all the cost of the graduation and you must need to find another option to cover entire cost of the graduation. A loan program for students is now capable to do what is required for you is named as Act Education Loan for Graduate Students.
The Act Education Loan for Graduate students is made to fulfill the expenses and financial need so that the students achieve their professional and educational goals successfully. It is a private student loan that is provided by the GradLoans which is a service of student Loan Network, an Edvisors Online Education Company. The main benefits of this loan program are:
- Defer Payments while in school and for six month grace period after graduation
- The Annual maximum is the total cost of attendance minus other previously taken aid approved by school certification
- Lower interest by 0.25% if you choose to have your repayments automatically deducted from your personal bank account
This Loan is actually a cosigner optional loan program that provides graduate school borrowers the option to apply for Act Education Loan for graduate students without cosigner. But in case you have a cosigner then it will ensure that your loan approval will be faster with low interest rates. So if you have someone that can be the cosigner then it is good for you. This loan can provide you finance up to the cost of attendance.
The eligibility to get the Act Student Loan for Graduate Students is:
- The borrower must have the U.S. Citizenship or
- A permanent Resident
- Age must be 18 years or more
- Must be enrolled in at least half time in a 4-5 years degree program
- May be require to have a cosigner for loan application
- You as well as your cosigner need to pass through credit checks
Students are taking these loans and doing their graduation in law, dentals, medical, MBA and others. The Act Student Loans for Graduate Students are also be used to pay the cost of online degrees that are offered by top institutions. But it depends on whether or not the lender accepts the loan from school.
Generally using this loan program one can get a $40000 per year and $130000 Cumulative. You also have to pay from 4.5% to 10.5% Fee. The Act Student Loans for Graduate students interest rates are based up on a published index such as Prime rate or LIBOR (London Inter Bank Offering Rate) plus a margin based on credit score and credit history. It also carries a long 20 years for the repayment of the loan.
Act Student Loans for Graduate students Loan Repayment
There are three options for the loan repayment. First is deferment, second is repayment of interest only and third is the immediate repayment.
- Full Deferral In this no any principal or interest payments due while enrolled in school up to the four consecutive years. The payment of principal and interest start 6 months after completing the graduation or if no longer enrolled in at least half time. The interest will continue to accrue during deferment period and will be capitalized at the time of repayment.
- Interest Only In this the student pays for the accrue interest while enrolled in school (up to four consecutive years). Payment of principal and interest starts 45 days after graduation or withdrawal from the school.
- Immediate Repayment The payment of principal and interest starts 45 days after loan disbursement.
Note: The legal age for getting this loan is 18 years in all the states except Alabama and Nebraska (19 years) and Mississippi and Puerto Rico (21 years).