Commonly Asked Questions
The SayStudent Private Student Loan
Q. Why get a SayStudent Private Student Loan?
A. Going to college can be expensive. You are going to find as much financial aid possible. But sometimes that amount of aid received doesn't cover the full cost for tuition, books, room and board and more.
That is where a SayStudent Private Student Loan steps in. It makes up the difference that you need to start school. You can borrow up to $30,000 (or $40,000 with some schools) and make no payments until after you graduate: see footnote below
Q. What makes the SayStudent Private Student Loan different from everything out there?
A. Not much! We all offer competitive rates, deferment plans, rate reduction incentives, and loan processing through similar processors.
What makes us different are the tools and aid support. We operate a vast financial aid network that can help you with all kinds of financial aid including scholarships, federal student loans, home equity loans, and more. Additionally, you can download FREE our aid tools to help manage and budget college expenses. Link to our tools page: go to tools page
Q. How may I use these funds?
A. You can use the SayStudent Loan to pay tuition, room and board, books, lab fees, travel to home and back, and even a computer for in-class instruction.
These funds are sent directly to you and are not subject to federal or college limits. You can even use the money to pay past academic expenses, if needed.
Q. How fast can I get the money?
A. With our downloadable loan documents (e.g., credit agreement) and fax-back option, funds may be disbursed in as few as 5 business days from the receipt of your completed application. Once you are conditionally approved, your credit agreement is available online for completion or by mail, if you prefer.
Once we receive the completed paperwork from you and your school’s financial aid office, and final approval is provided, funds disbursement will follow.
Q. Is there any penalty for early payment on a SayStudent Loan?
A. No, there is no penalty. You can pay off a loan at anytime, even if you are still enrolled in school.
Q. I am a foreign student attending a U.S. school; can I still apply for a SayStudent Loan?
A. Yes. You will need to have a qualified, creditworthy cosigner who is a U.S. citizen or a permanent resident and who has been residing in the U.S. for the previous two years to be approved.
Q. Do I need to know what school I am attending to apply for a SayStudent Loan?
A. Yes, in order to qualify for a SayStudent Loan, you must be attending an approved school. Proof of enrollment must be provided.
Q. Who is the primary borrower on a SayStudent Loan?
The student is the primary borrower on a SayStudent Loan even if there is a cosigner for the loan. However, if applying for a K-12 loan, the parent is usually the primary borrower, even if there is a cosigner for the loan. A guardian, grandparent, etc., may also apply.
Q. Do I have to use a cosigner?
A. If you are applying for a private student loan and you meet our two years continuous income, employment, and residency requirements, and you have at least 21 months of credit experience and a satisfactory credit history, you may be eligible to apply on your own. Employment will be verified.
Q. What is the benefit of having a cosigner on my application?
A. While a cosigner is not always required, applying with a qualified creditworthy cosigner will improve the likelihood your loan application will be approved. In addition, if you apply with a qualified cosigner, you may also receive a lower rate and/or fee on your loan.
Q. How can I compare the total costs of loan programs?
A. The Annual Percentage Rate (APR) is your best measure of the cost of a loan. The APR factors in the interest rate, fees, and deferment and repayment terms. To compare the APRs for our products, please reference the Repayment Examples under the Loan Product of your choice.
Q. How do I know my enrollment status?
A. The enrollment status plays an important part in the type of loan for which you are eligible. The best way to determine your enrollment status is to contact your school’s financial aid office.
Q. How much can I borrow?
A. Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 (or $40,000 for certain schools where the cost of attendance has been determined to exceed $30,000): see footnote below
Borrowers in Continuing Education and K-12 loan programs
may borrow annually up to $30,000. Aggregate borrowing limits will also apply. Subject to credit approval.
If you need to alter your loan amount after you have applied for a loan, you can do so up until three days prior to the time of disbursement. Please note any changes may cause delays and new paperwork and certification (if applicable) may need to be completed.
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