Graduate Private Education Loans
Graduate programs are often expensive no matter how well you plan ahead. Graduate school financial aid often falls short, especially federal student aid. Regardless of the reason why you may need extra money for graduate studies, we are pleased to offer this Graduate School Loan specially created for graduate students and families with financial need. You can use a grad school loan to cover any education related expenses, including: student computers, books and room and board.
Act Education Loan Benefits
- Six-month grace period while you find a job
- Generous repayment terms
- Exclusive Act Education Loan Graduation Reward - $300 principal reduction on every Act Education Loan upon graduation1
- No Upfront Fees!2
- Lower your interest rate by 0.25% when you choose to have your payments automatically deducted from your personal bank account3
- Rates as low as one-month London Interbank Offered Rate (LIBOR) + 2.5%, currently 4.5326% APR4
- Borrow up to the cost of education minus financial aid received; Annual maximum is $45,000.
- Defer payments until after graduation5
Click Here to Apply for the Act Education Loan
Act Education Loan Eligibility
- Must be enrolled at least half-time at an eligible school.
- Must be a U.S. citizen or permanent resident or have a cosigner who is.
- You must be the legal age of majority or at least 18 years of age with a cosigner who is legal age of majority.*
- Your permanent residence is NOT in Texas, Wisconsin, Washington, or Iowa. (There is no state restriction for cosigners.) Residents of these states should review this private education loan option.
- Many borrowers will need a cosigner. Borrowers without a cosigner must have at least 27 months of established credit history.
* 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).
1 Proof of graduation is required.
2 A repayment finance charge may apply based on your or your cosigner's credit history.
3 The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006.
4 LIBOR stands for London Interbank Offered Rate. The one-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes. Your variable interest rate is calculated by adding the current one-month LIBOR index (captured on the 25th business day of each month and rounded up to the nearest 1/8th of one percent) to your margin. The current one-month LIBOR index was 2.500% on 6/1/08. This APR example assumes a $10,000 undergraduate, cosigned, loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a 25 year repayment term with no repayment finance charge, and a 2.50% margin. Margins can range from 2% to 8% (depending whether you are an undergraduate or graduate, if the loan is co-signed and upon your or your cosigner's credit history) and repayment finance charges can range from 0% to 5.5% (depending upon your or your cosigner's credit history).
5 Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
1 Proof of graduation is required.
2 A repayment finance charge may apply based on your or your cosigner's credit history.
3 The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006.
4 LIBOR stands for London Interbank Offered Rate. The one-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes. Your variable interest rate is calculated by adding the current one-month LIBOR index (captured on the 25th business day of each month and rounded up to the nearest 1/8th of one percent) to your margin. The current one-month LIBOR index was 2.500% on 6/1/08. This APR example assumes a $10,000 undergraduate, cosigned, loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a 25 year repayment term with no repayment finance charge, and a 2.50% margin. Margins can range from 2% to 8% (depending whether you are an undergraduate or graduate, if the loan is co-signed and upon your or your cosigner's credit history) and repayment finance charges can range from 0% to 5.5% (depending upon your or your cosigner's credit history).
5 Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
