Commonly Asked Questions

1. How long does the process take?
2. What do all of these financial aid terms mean?
3. What are the rates and fees on the EdAccess Private Student Loan?
4. What is the maximum amount I can borrow for the EdAccess Private Student Loan?
5. What repayment options are available on the EdAccess Private Student Loan?

How long does the process take?

It generally takes anywhere from 2-4 weeks to complete the application and secure a private student loan. This is in part because every private student loan from cuStudentLoans has to be sent to the borrower’s school for certification prior to being completely finalized.

Remember, although the application process may take 2-4 weeks, it could be considerably longer before funds are disbursed to your school because they specify the date that the funds are transferred.

[Top]

What do all of these financial aid terms mean?

We don’t expect you to understand all of these financial aid terms on your own. You can use this helpful glossary of terms to have a better understanding of the entire financial aid process.

[Top]

What are the rates and fees on the EdAccess Private Student Loan?

The EdAccess Private Student Loan is a variable rate loan based upon an average 3-Month LIBOR in addition to a margin of 2.99-8.99% depending on the borrower.

Visit the Rates & Fees page for a complete description of the rates and a pricing matrix.

What is the term of the EdAccess Private Student Loan?

The EdAccess Private Student Loan has a 15 year term. The first 54 monthly payments are made while the borrower is in school, followed by approximately 10 years of normal repayment.

[Top]

What is the maximum amount I can borrow for the EdAccess Private Student Loan?

• Borrow as little as $2,000 or as much as $30,000 per year
  • Borrow up to $120,000 in undergraduate debt
  • Borrow up to $160,000 in graduate debt

[Top]

What repayment options are available on the EdAccess Private Student Loan?

Two in-school repayment options allow the borrower to defer full principal + interest payments until six months after separating from the school:

• Interest-Only Repayment:the borrower is immediately responsible for making full monthly interest payments on the loan while enrolled in school. Six months after separating from the school or ceasing to be enrolled at least-half time in a degree granting program, the borrower enters repayment status and is responsible for making full interest and principal payments.
• Proactive Payment:while enrolled at least half-time in a degree granting program, the borrower is only required to make monthly $25 Proactive Payments during the in-school period. Any unpaid accrued interest is capitalized (or added) to the outstanding loan amount once at the end of the in-school. Six months after separating from the school or ceasing to be enrolled at least-half time in a degree granting program, the borrower enters repayment status and is responsible for making full interest and principal payments.

[Top]