About Loans
Eligibility:
IELI Student Loan programs are available to students who meet the following criteria:
- Attend an approved School/College/University
- Attend at least 1/2 time as defined by the financial aid office
- Has a Co-signer who is a US citizen or permanent resident.
Foreign students MUST have a US citizen or permanent resident as a co-signer regardless of loan amounts or other circumstances.
- Has a Co-signer who meets the co-signer credit and income criteria
Loan Amount:
Minimum: US $1000
Maximum: US $65000 annually or the Cost of Education as determined by the school. Aggregate borrowing limit of $225,000 for dental and medical programs; $130,000 for law and osteopathy programs; $150,000 for MBA programs; $120,000 for all other programs.
Guarantee Fees:
From 0% to 9.5%: Varying according to repayment options, these fees allow you to borrow without pledging assets or collateral. Fees will be added to the principal of the loan at disbursement.
Repayment/ Deferment:
Option 1—Immediate Repayment
You begin making payments of principal and interest 45 days after the disbursement of your loan.
Option 2—Interest Only Repayment
You begin making interest-only payments 45 days after the disbursement of your loan. Principal and interest payments then begin 45 days after graduation.
Option 3—Deferred Principal and Interest Repayment
You defer payment of principal and interest for up to four consecutive years while enrolled in school/ College. Your first principal and interest payments become due 6 months after you graduate. Any unpaid interest accrued during this period will be capitalized before you commence repayment.
Repayment terms vary between 10 and 25 years, depending on the cumulative amount borrowed; minimum monthly payment allowed is $25.00. There are no penalties for early repayment. Please readFAQs for more details.
Co-signer Benefits:
0.25% Rate reduction: It is available to borrowers who arrange with the loan provider to automatically deduct monthly re-payments from their bank account. The rate reduction will begin when automatic principal and interest loan payments start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to original rate if auto payments are cancelled, rejected or returned for any reason.
Co-signer release: It is subject to certain conditions, including (i) the borrower must make their initial 48 consecutive on-time principal and interest payments, and (ii) the borrower must be credit-worthy at the time of the request to release the cosigner. The lender and loan provider reserve the right to modify or discontinue these borrower benefits at any time without notice.
