Education Loan Programs Lenders (selected largest lenders)
- The Education Resources Institute, (800) 255-8374, the nation’s largest private educational lender, will lend up to the total cost of a college education and provide up to twenty five (25) years for repayment. Terms vary and are dictated by the program’s sponsor banks.
- The New England Loan Marketing Association (800) 634-9308, offers loans from $2,000 to the full cost of a college education, less financial aid. Interest rates are usually 2 to 4 percent above prime. There is also an initial fee of 5 percent of the loan amount.
- The College Board, (800) 874-9390, has an Extra Credit Loan Program that covers all costs less financial aid for up to four years and gives up to fifteen-years for repayment. Its Extra Credit Loan Program allows parents to borrow a year at a time, with repayment over ten years beginning after graduation. Interest rates are 4.5 percent higher than the ninety-day Treasury bill.
- The College Resource Center, (800) 477-4977, will loan a maximum of $50,000. There is an application fee of 3 percent of the loan amount. The minimum monthly payment is $100 a month, or 2 percent of the outstanding balance, whichever is greater.