Finance Options
List of Services
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Sallie Mae K-12 Family Education LoanList Item 1
Sallie Mae offers the K-12 Family Education Loan to help parents pay for all or part of the cost of sending their children to private primary, middle and secondary schools, including prep schools, parochial schools, Montessori schools and boarding schools. Families can borrow from $1,000 up to the total cost of education. The loan is available to parents or other credit-worthy family members. Borrowers can choose to repay the loan over 1 to 3 years and there are no prepayment penalties. There is no application fee. Interest rates range from 1-Month LIBOR + 7.00% to 1-Month LIBOR + 11.50%. Disbursement fees range from 0% to 3%. The online application can be completed in about 20 minutes, with quick credit decisions. Sallie Mae also offers the Tutorial Financing Loan to help pay for the cost of tutoring to improve grades and performance on standardized tests.
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Act Education Loan for K-12 StudentsList Item 2
The Student Loan Network offers the Act Education Loan for K-12 Students for private K-12 education. The loan limits are $30,000 per year with a $130,000 aggregate loan limit. The interest rate is LIBOR + 4.95% with 6.0% fees. There is a 0.25% interest rate reduction for auto-debit and a 0.25% interest rate reduction for making the first 36 consecutive payments on-time. The repayment term is up to 20 years.
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Your Tuition Solution
Your Tuition Solution offers fixed-rate tuition financing plans to cover the cost of tuition and related expenses at more than 2,400 private K-12 schools in the United States. The loan amounts are $2,000 to $40,000. The interest rates are fixed, ranging from 3.99% to 17.99% APR, and depend on the loan term, tuition amount and the borrower's credit score. There are no origination or application fees and there is no prepayment penalty. Payments can be spread over 12 to 84 months. Your Tuition Solution is a program of Springstone Financial LLC. For more information, contact Your Tuition Solution via the following methods: Phone: 1-800-920-9777. Email: info@yourtuitionsolution.com.
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prepGATE Tuition Management Systems (TMS)
This is a subsidiary of the First Marblehead Corporation, offers the prepGATE Loan Program for financing private K-12 education. Loan amounts range from a minimum of $2,000 to a maximum of $30,000 per year (capped at the total cost of attendance minus other aid) with a $150,000 aggregate limit. The interest rates are variable, ranging from LIBOR + 5.99% to LIBOR + 10.4%. Origination fees range from 0.0% to 2.5%, depending on the repayment term. 5-year and 10-year repayment terms are available. There is a $50 minimum monthly payment. There is a 0.25% interest rate reduction for borrowers who repay their loans through auto-debit. For more information call 1-866-362-4283.
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Student Loans
Student loans are a possibility at some banks and credit unions, so check with your bank or credit union to determine if they offer student loans.
