Act Education Loan for Undergraduate Students
What are benefits of Act Education Loan for Undergraduates?
After completing basic schooling with good marks, student move towards the undergraduate courses. To do so they generally search the best colleges who are providing the courses that these student are interested in. It is the time when a student chooses their career that can lead them to be a professional in future.
Now there is a lending company named Student Loan Network that is providing the Act Education Loan for Undergraduate Students. This loan program is also known as Alternative Student Loans. It is a specialized education loan that is provided on the basis of your credit records and should be taken after getting the federal student loans, grants and scholarships have been fatigued.
You can use the Act Education Loan for Undergraduates for all your educational expenses like tuition fees, books, transportation and room. You can apply for an alternative loan at any time.
Act Education Loan for Undergraduates benefits:
- No any principal or interest payments till six months after completing the graduation
- 0.25% rate deduction for automatic debit from bank account
- You can borrow up to the cost of attendance on the basis of your school certificates
- No need of FAFSA
- If you went for full deferment, payment don’t have start on Act Education Loan for Undergraduates till six months after graduation or dropping below half time status
- Up to $2,500 in interest may tax deductable
- You will receive 0.25% interest rate deduction for setting up automatic payments from bank account while repaying the loan
You also don’t need to show the proof of enrollment and your school verifies your enrollment when lender contacts them regarding your loan application. You also have different repayment options for the Act Education Loan for undergraduates. These are:
- Full Deferral – In this you don’t have to pay the interest while enrolled in school (up to four consecutive years). 6 months after graduation the repayment starts or in case you are not enrolled at least half time. Interest will continue to accrue during the deferment period and will be capitalized at the time of repayment.
- Interest Only – Pay only accrued interest while enrolled in school and the payment of principal and interest will begin either 45 days after graduation or withdrawal from school.
- Immediate Repayment – In this the repayment starts after the payment of principal and interest will begin 45 days after the loan is fully disbursed
Act Education Loan for Undergraduates Eligibility
- U.S Citizenship or Permanent US Citizenship
- Enrolled at least half time in 4 or 5 Year degree program
- Good Credit History
This loan program provides you the annual maximum of 100% of the cost of Attendance minus other aid. The cost is determined by your college. There is also a grace period in case of full deferment of the loan. The standard repayment is generally done from 15 to 20 years. Students who have seen their dreams and want to achieve the success should apply for Act Education Loan for Undergraduates now.