K-12 family education loan is another private student loan that is available to parents or family members who are creditworthy and whose children or wards attend private K-12 schools.For parents who don’t wish to or are unable to apply for a federal student loan, K-12 family education loan is an easy, quick, and reliable financing option for their children’s education.
You must be a citizen of the US or a permanent resident to be able to apply for this loan. You should also be creditworthy to get this loan. Do not shy away if your credit record is below average. You can still appoint a creditworthy cosigner and get this loan approved.
A cosigner may be your spouse, a relative, or a friend. But appoint the one who has the best credit record because excellent credit record means lower interest rates. For borrower with outstanding credit history the interest rates can drop to a minimum of Prime + 1 percent. The fees again depend on creditworthiness and may vary between 2 percent and 5 percent.
There is no specific credit limit. You can borrow enough to cover your tuition fees and other expenses relating to education. Repayment term is available up to 20 years. It begins 30 days after the disbursement of loan.
If you want to get more details on various types of student loans, you navigate to the student loans directory on the site map. You can also apply for student loans through this portal.
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