Eligibility

• The borrower, student, and any cosigner must have Social Security numbers.
• The borrower must have good credit.
• Applicants must be able to provide proof that the student is enrolled (full or half time) at an eligible college, graduate, trade, or technical school. This may be any document that displays the student's name, enrollment period, and the name of the school, such as a tuition bill, application, or a printout of an online class schedule.

Features

• You may borrow $1,500 up to the calculated cost of attendance or maximum $40,000 per year for any qualified college-related expense — tuition, room and board, books, computers, study abroad, and more.
• The interest on the Tuition Answer Loan may be tax-deductible (for qualified taxpayers).
• There are no income restrictions, application deadlines, or federal forms to fill out.
• No collateral is required.
• Interest may be tax deductible for qualified taxpayers.
• There is no prepayment penalty.
• Flexible repayment options including deferment until after graduation.
• The check comes directly to the borrower, not the school.
• Interest rate reduction benefits for on-time payments and no prepayment penalties.

Loan terms

Loan limit

• Minimum: $1,500
• Maximum: calculated cost of attendance or maximum $40,000, whichever is less*
• Aggregate: $130,000

*If you choose to borrow only through Tuition Answer to pay for your education expenses. If you will be using Tuition Answer in addition to other student loan programs, the total of all your loan proceeds may not exceed the calculated cost of attendance at your school.

Not sure how much to request? Use our in-school expense estimator to calculate your need.

Interest rate

The interest rate for the Tuition Answer Loan is Prime Rate, adjusted monthly, plus a margin depending on your credit history and/or the addition of a cosigner.

Fees

A one-time supplemental fee is added to the loan amount at disbursement. 

Repayment

• Your repayment options are:
  • Pay both principal and interest immediately
  • Pay interest only while the student is in school at least half-time
  • Defer all payments (principal and interest) while the student is in school at least half-time.

  Principal at repayment is the principal amount disbursed (loan amount plus supplemental fee) and interest that accrues during deferment. Deferred interest is capitalized (added to the principal) quarterly and when the loan enters repayment.

  Deferring payments until after graduation will result in higher fees and increase overall loan costs. Deferment ends either four-and-a-half years after the disbursement date or six months after the student graduates, whichever is earlier.

• Under the standard repayment option, you make regular payments of principal and interest each month.
• You may choose to pay interest only while the student is in school.
• You may defer all payments (principal and interest) while the student is enrolled at least half time.

Benefits of a cosigner

• Many undergraduate students will not meet minimum credit requirements and are encouraged to apply with an eligible cosigner who does. A cosigner can be a parent or any other eligible adult sponsor—such as another relative or spouse. The cosigner is subject to the same eligibility requirements and will be required to authorize a credit check to be approved.
• A cosigner (usually a parent or spouse) is needed if you are unable to meet the eligibility requirements. The cosigner is subject to the same eligibility requirements and will be required to authorize a credit check to be approved.

*If you choose to borrow only through Tuition Answer to pay for your education expenses this year, you may borrow up to $40,000, or the cost of attendance at your school, whichever is less. If you will be using Tuition Answer in addition to other student loan programs, the total of all your loan proceeds may not exceed the cost of attendance at your school.