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The product you requested is currently not available. However, the Student Loan Network has another private student loan that will allow you to borrow up to the cost of education, less other aid received.

  • Borrow up to the cost of education
  • No payments until 12 months after graduation [a]
  • 1% interest rate reduction with borrower benefits [b]
  • Co-signer release upon qualification [b]

A co-signer is required if the borrower has minimal or no credit history.

We encourage all borrowers to apply with a creditworthy co-signer to increase their chances of approval and of obtaining a lower interest rate and/or fee. A co-signer release request is available to borrowers who make 36 on-time monthly payments [b].

To be eligible for a private student loan, you must:

  • Be enrolled at least half-time at an eligible institution;
  • Be making satisfactory academic progress;
  • Be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico and Mississippi. Mississippi residents between the ages of 18 and 20 may borrow with written consent from a parent or guardian);
  • Be a U.S. citizen or an eligible non-citizen holding a valid unexpired Alien Registration Receipt Card (INS form I-151 or I-551); and
  • Meet lender underwriting criteria. A co-signer is required if the borrower has minimal or no credit history. The co-signer may be a parent, or any other eligible person who meets lender underwriting requirements.

Private Student Loan Payment Examples

The examples in the table below are for illustrative purposes only but should help you understand how much a student loan might cost. The actual rates and fees of your loan may vary from the examples below depending upon your credit history and other underwriting criteria. For all of the examples below, the loan fees are included in the loan amount. The Prime Rate as of April 1, 2008 is 5.25%.

Interest Rate Loan Fee Repayment Fee APR Monthly Payment
Prime - 0.5% 0% 0% 4.72% $64.68
Prime + 3.9% 5% 0% 9.44% $106.97
Prime + 4.9% 5% 0% 10.40% $118.37
Prime + 4.9% 7% 0% 10.61% $118.37
Prime + 5.9% 9% 0% 11.79% $130.40
Prime + 7.9% 9% 0% 13.70% $156.36

Please note that the examples above are based on the following assumptions:

  • You borrow $10,000 which includes your loan fee;
  • Your loan is disbursed in two disbursements, one on September 1 and one on January 2;
  • You are in school for 22 months after disbursement;
  • Interest capitalizes once at repayment;
  • Your grace period is 12 months;
  • You request a repayment period of 300 months (25 years); and
  • The Prime Rate remains constant at 5.25% (as of 4/1/2008).

Please also note that a change in the interest rate may result in a change in your monthly payments. This means that if the Prime Rate increases, the Annual Percentage Rate for your loan will increase and would result in higher monthly payments and/or an increase in the number of scheduled payments.

This information is strictly for illustrative purposes. Your Student Loan Promissory Note and Truth-in-Lending Disclosure Statement will contain the actual terms and conditions of your CampusDoor loan. Upon receipt of your Disclosure Statement, it is up to you to decide whether or not to accept the loan. If you do not accept the proceeds of the loan, you will owe nothing. If you do accept the proceeds of the loan, you are responsible to repay the full amount of all disbursements and applicable interest in accordance with the terms of the Student Loan Promissory Note.

[a] The deferment grace period is defined as 12 months from graduation or 6 months after a student drops below half-time enrollment. For the Student Loan Network Direct to Student Loan, repayment will begin no later than 60 months (5 years) after the loan is disbursed.

[b] At all times the discount rates and co-signer release terms are subject to change. The on-time benefit must be earned. Co-signer release is contingent upon the borrower's credit profile which will be reviewed by the Lender prior to release. Loan delinquency, default, or the use of forbearance may result in the revocation of all borrower benefits.

Student Loan Network offers this Private Education Loan through an arrangement with Campus Door, Inc. All loans are subject to credit approval. Lender is Lehman Brothers Bank, FSB. Equal Opportunity Lender. All Rights Reserved. Edvisors is compensated for the referral of private loan customers to the Lender.