Private Loan

The Graduate Leverage Private Loan is designed to fill the financial gap between federal aid and the full cost of attendance, since the cost of education often exceeds the amount awarded in federal aid. This loan program requires school certification. The school must verify the student's enrollment and cost of attendance less other aid received. Private Loan funds are disbursed directly to the school.

Please note: Graduate Leverage encourages all borrowers to maximize all sources of financial aid including scholarships, grants, work-study funds, Federal Stafford and Federal PLUS loans before opting to apply for a private loan.

Graduate Leverage is currently enhancing the application process for our private loan program. Please check back soon!

Benefits:

  • Borrow up to $30,000 per year
  • No payments required while in-school
  • No payments until 6 months after graduation
  • 0.25% interest rate reduction for using ACH*
  • Cosigner release option available after 48 consecutive on-time payments, if applicable
  • All loans serviced by Graduate Leverage Servicing
  • 24/7 account access

Eligibility Requirements:

  • Must be at least 18 years old in all states with the exception of 19 in Alabama & Nebraska and 21 in Mississippi & Puerto Rico. If you do not meet age of majority requirements in your state of residence, a cosigner will be required.
  • Must have an annual income of $40,000. If you do not meet income requirements, you will be required to have a cosigner who has an annual income of at least $40,000.
  • If you are not a U.S. Citizen or Permanent Resident of the U.S., you will be required to have a cosigner who is.

Additional qualifications apply

Private Loan details for the 2009-2010 academic year:

Loan Type Interest Rate Fees APR
Private Loan LIBOR + 1.75% to 10%
(variable rate**)		 0% to 6%
Origination Fee**		 2.14% to 10.58**

* A 0.25% interest rate reduction is available to borrowers who elect to have monthly principal and interest payments transferred electronically from a savings or checking account. The interest rate reduction will begin when the automatic principal and interest payments start, and will remain in effect as long as automatic payments continue without interruptions. This reduced interest rate will return to contractual interest rate if automatic payments are cancelled, rejected or returned for any reason.

** APR ranges from 2.14% to 10.58% and is based on the following example: $12,000 disbursement amount, 39.5 months of deferment (in-school and 6 month grace) prior to repayment, followed by a 10-year repayment term, a constant 1 month LIBOR of .43% as listed on 1/5/09. The 1 month LIBOR is a variable index, as a result the actual APR of this loan can increase if the LIBOR index increases. Loan program details are subject to change. Availability, rates and fees may vary based on borrower's and/or cosigner's (if applicable) credit history and school.