College application deadlines can vary by school, but they typically fall between September and December of your senior year. While exact dates depend on each college, it’s always a smart move to get started early—procrastination isn't your friend during this process! Submitting your applications sooner rather than later can ease stress and even give you more time to address any last-minute details.
Most application periods begin around August 1st and stay open through late December, with some extending into early January. Keep track of deadlines for all your schools so you don’t miss out. Once your applications are in, you can expect to hear back on regular admissions decisions by March or April for the upcoming academic year.
Planning ahead and staying organized can help you stay on track. The sooner you submit, the sooner you can focus on the exciting part—waiting for those acceptance letters!
- College application deadlines vary by school and can be as early as October of the student's senior year in high school.
- It is important for students to research individual college application requirements and deadlines to ensure their applications are timely.
- The Common Application, an online system used by many colleges and universities, allows students to apply to multiple schools with a single application.
- Early action or rolling admissions options are available at some schools which allow applicants to hear back from colleges sooner than typical regular decision timelines.
Types of College Admissions Deadlines
There are generally three ways to apply to college: regular decision, early decision, and early action.
1. Regular Decision: You submit your application and wait for the decision.
2. Early Decision: If accepted by early decision, you must attend that school.
3. Early Action: You request a decision earlier than normal, but you are not required to accept the offer.
Some schools use a rolling admissions method. They have a deadline to submit the application but evaluate and make decisions throughout the admissions period until all available spots are filled. This selection process is different from traditional admissions, where a school waits and accepts all applications submitted by the deadline, then reviews them all at the same time. In the case of regular decision, applying early is not an advantage. However, early applications are still recommended for early decision or early action admissions.
So what should you think about with each type of application:
Regular Decision Admissions
- Submit your application by the deadline (or as early as possible if you are applying to a school with rolling admissions).
Early Decision Admissions
- Submit your application ASAP since early decision spots could go fast and as the name implies decisions are made early (generally around November).
- Keep in mind that if you are accepted, you are required to attend this school. So only apply to only one school with early decision.
- If you are accepted, it’s best to notify the other schools you applied to, to let them know you have accepted an offer.
Early Action Admissions
- Submit your application early to ensure you are within the early action consideration set before early action decision are made (typically December or January).
- You are not required to attend if you are accepted. However, if you choose to accept an early action acceptance, you should notify the other schools to let them know you have accepted another school.
It is crucial to inform schools to which you have applied that you have accepted an offer from another institution. This is particularly important because some students may not receive an acceptance or rejection but may instead find themselves placed on a waitlist. The waitlist serves as a temporary state where students remain until a spot becomes available. If you find yourself on a waitlist, you will need to wait for other students to decline their acceptance. Depending on your position on the list, a spot may or may not become available for you.
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- Check your eligibility in just 2 minutes
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.72% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
The information provided on this page is updated as of 02/19/2025. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.
Earnest loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770) One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
© 2025 Earnest LLC. All rights reserved.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
- Choose the #1 Private Student Loan Lender in the Nation. Sallie Mae is trusted by more families than any other private student loan lender.
- Applying online is easy - you could receive a credit result in about 10 minutes.2
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income -based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.
Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.
1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.
2Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
3Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2022 to September 30, 2023.
4For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.
Information advertised valid as of 04/17/2025.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
© 2025 Sallie Mae Bank. Sallie Mae loans are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America. W646400 0325
- Competitive APRs starting at 3.47%1
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum) 2
- Apply online in 3 minutes and get an instant credit decision
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
2As certified by your school and less any other financial aid you might receive. Minimum $1,000.
3This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 03/03/2025. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
- AFFORDABLE fixed rates starting at 3.39% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 4/1/2025 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
- Get a rate quote in about 2 minutes with no impact to your credit score.2
- Applying with a qualified cosigner could improve your chances of approval and could even get you a lower rate.3
- No origination, application, or disbursement fees.
1 RATE DISCLOSURES
Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of Dec 01, 2024, the 30-day average SOFR index is 4.7%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, interest-only repayment, and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DC, DE, FL, MA, MD, MI, NH, NJ, NY, OH, PA, RI, VA, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
2Get My Rate: Selecting “Get My Rate” only requires a "soft credit pull" which does not affect your credit score. Submitting a full application will result in an inquiry on your credit report.
3Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply. Borrowers whose loans were funded prior to reaching the age of majority may not be eligible for co-signer release. Note: co-signer release is not available on the Student Loan for Parents or Education Refinance Loan for Parents.
4Multi-Year Approval: Funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, you must continue to meet eligibility criteria to obtain additional funds under the Multi-Year Approval feature. Terms and conditions are outlined in the promissory note. Multi-Year Approval borrowers have a 99% approval rate on future requests for additional funds. The additional funds approval rate is based on the percentage of approved Multi-Year borrowers from Citizens between October 1, 2022 and October 1, 2023. The approval rate represents only borrowers who had previously accepted the Multi-Year Approval offer.
Please Note: International students are not eligible for Multi-Year Approval.
Information advertised valid as of 12/19/24. Rates and offer subject to change. All accounts, loans and services subject to individual approval.
© 2024 Citizens Financial Group, Inc. All rights reserved. Citizens is a brand name of Citizens Bank, N.A. Member FDIC
- All online, all easy.
- SoFi private student loans cover up to 100% of school-certified costs.
- No fees required.
- Repay your way with flexible repayment options (find the monthly student loan payment and rate that fits your budget).
- Applying with a cosigner may increase your chances of approval and getting a better rate.*
- Over 1 million students have chosen SoFi.
SoFi Private Student Loan
Undergraduate, Graduate, MBA, Law, Health Interest Rates: Eligibility and Important Details. Fixed rates range from 3.54% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Parent
Interest Rates: Eligibility and Important Details. Fixed rates range from 5.74% APR to 16.85% APR with a 0.25% autopay discount. Variable rates range from 6.07% APR – 16.85% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 1/7/25 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 8/5/24 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org).
- Prequalification: Prequalify to estimate your rate without affecting your credit score
- Online Application Process: Submit online application in minutes
- Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
- No Fees: No application fees, origination fees, or prepayment penalties
- Low Rates: Fixed rates from 3.69% to 14.22% and variable rates from 5.00% - 13.97%*
- Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process
*ELFI is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 01-01-2025. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.
- No application fees, origination fees, or late payments
- Prequalify in minutes
- Lone terms available from 5, 7, 10, 15 or 20 years
- Reduce your rate by up to 0.50% for building a good payment history
- Early cosigner release
Before applying for a private student loan, DR Bank and Monogram recommend exhausting all financial aid alternatives including grants, scholarships, and federal student loans.
The AbeSM student loan is made by DR Bank, Member FDIC (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.
Interest rates and APRs (Annual Percentage Rates): Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective as of 12/01/2024. The variable interest rate for each calendar month is calculated by adding the 30-Day Average Secured Overnight Financing Rate (“SOFR”) index, or a replacement index if the SOFR index is no longer available, plus a fixed margin assigned to each loan. The SOFR index is published on the website of the Federal Reserve Bank of New York. The current SOFR index is 4.750% as of 12/01/2024. The variable interest rate will change if the SOFR index changes or if a new index is chosen or if you automatically qualify for In-School Default Protection (see footnote below for details). The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the on-time payment discount or auto pay discount, or automatically qualify for In-School Default Protection (see footnote below for details).
APRs displayed as a range: APRs assume a $10,000 loan with one disbursement. The high APRs assume a 5-year term with the Interest-Only Repayment option, a 37 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay. See auto pay footnote for details.
Loan Terms: The 15- and 20- year terms are only available for loan amounts of $5,000 or more. Making interest only payments during deferment will not reduce the principal balance of the loan. Payment examples (all assume a 14-month deferment period, a six-month grace period before entering repayment, no auto pay discount, and the Interest Only Repayment option): 5 year term: $10,000 loan, one disbursement, with a 5-year repayment term (60 months) and a 9.60% APR would result in a monthly principal and interest payment of $210.51. 7- year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months) and a 8.82% APR would result in a monthly principal and interest payment of $159.98. 10-year term: $10,000 loan, one disbursement, with a 10-year repayment term (120 months) and a 8.57% APR would result in a monthly principal and interest payment of $124.36. 15-year term: $10,000 loan, one disbursement, with, a 15-year repayment term (180 months) and a 8.48% APR would result in a monthly principal and interest payment of $98.36 20-year term: $10,000 loan, one disbursement, with, a 20-year repayment term (240 months) and a 8.62% APR would result in a monthly principal and interest payment of $87.54.
Grad Reward: The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
Autopay Discount: Earn a 0.25% interest rate reduction for making automatic payments from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount is in addition to other discounts. The auto pay discount will be applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason.
On-Time Payment Discount: The 0.05% interest rate reduction will automatically be applied for every 6 consecutive monthly payments of principal and interest made during the repayment term within 10 calendar days after their due date up to a maximum interest rate discount of 0.25%. During any period of deferment or forbearance the interest rate will increase by any previously received On-time Payment Benefit reduction(s). The interest rate will return to the reduced interest rate following such period. Use of a deferment or forbearance will reset the number of consecutive monthly payments of principal and interest made to zero. A late payment will disqualify the loan from receiving any additional interest rate reductions for on-time payments.
Cosigner Release: A cosigner may be released from the loan upon request to the Servicer, provided that the student borrower has met certain credit and other criteria, and 12 consecutive monthly principal and interest payments or lump sum payments equal to 12 monthly principal and interest payments have been received by the Servicer during any 12-month period. While a loan is in a reduced repayment plan or while a request for a reduced payment plan is pending, borrowers are not eligible to apply for cosigner release.
In-School Default Protection: Borrowers with Interest Only loans that reach at least 120 days delinquent during an in-school deferment period will automatically have their repayment option transitioned from the Interest Only repayment option to the Full Deferment repayment option. Under these circumstances, the interest rate on the loan will automatically increase to match the interest rate associated with the corresponding Full Deferment loan. For an Interest Only loan, the interest rate will increase by one percentage point (1.00%). Credit reporting prior to the transition of a loan to the Full Deferment repayment option will remain on your record. Any unpaid accrued interest at the end of an in-school deferment period may be capitalized in accordance with the Credit Agreement.
Loan Amounts: The minimum loan amount is $1,000, except for (a) student applicants who are permanent residents of Iowa in which case the minimum loan amount is $1,001, (b) student applicants or cosigners who are permanent residents of Massachusetts in which case the minimum loan amount is $6,001 and (c) student applicants or cosigners who are permanent residents of New Hampshire in which case the minimum loan amount is $10,001. The maximum loan amount to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid, such as federal student loans, scholarships, or grants, up to $99,999. The loan amount must be certified by the school. The loan amount cannot cause the aggregate maximum student loan debt (which includes federal and private student loans) to exceed $225,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner).
Monthly Payment During School: This is the estimated monthly payment that will be made during the time you remain enrolled at your school certifies, subject to the initial deferment period maximum of 66 months from the first disbursement date. Immediate Repayment: Starting 30-60 days after your first disbursement date the first monthly payment of principal and interest will be due. The monthly payments of principal and interest will be generally stable for twelve months and will be recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Full Deferment: Principal and interest payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after the initial deferment period, the first monthly payments of principal and interest will be due unless you qualify for and request an additional type of deferment. Interest Only Repayment: Principal payments will be deferred from your first disbursement date through your initial deferment period end date. Starting 30-60 days after your first disbursement date you will pay interest-only monthly payments that are equal to the accrued interest on the outstanding principal balance throughout the initial deferment period.
Monthly Payment After Graduation:
Immediate Repayment: This is the estimated combined monthly principal and interest payment amount following the final disbursement of your loan The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month.
Full Deferment, and Interest Only Repayment during school: The Estimated Monthly Payment after Graduation is the combined principal and interest payment amount following the initial deferment period. The first year of principal and interest repayment generally has the same monthly payment each month. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. The monthly payment amount shown in the estimate will increase or decrease if the interest rate increases or decreases and will be computed based on the interest rate applicable at the time repayment begins. For all repayment options, the minimum monthly payments of your loan’s combined principal and interest will be at least $50. Past Due Balances: Applications may be accepted up to the earlier of (a) eighteen calendar months after the Applicant’s academic period end date or (b) eighteen calendar months after the Applicant’s graduation date. Abe is a service mark of Monogram LLC.
Monogram LLC is not an affiliate of DR Bank.
Monogram LLC (NMLS #2542102)
Preparing your College Application
To ensure you submit all your college applications on time, preparation is key. High school seniors juggle numerous responsibilities and considerations in their final year, so tackling tasks in advance can alleviate stress.
In junior year, prioritize taking the SAT or ACT tests and aim for satisfactory scores as they influence admission decisions for test-score-reliant schools. Gather essential documents like high school transcripts, recommendation letters, and achievement records to streamline the application process.
Using the Common App to Apply to College
For students that intend to apply to many schools (say more than 10), using the Common App to apply can be extremely useful and time saving. This is a free service that collects all your information in one central location and allows you to use it for applying to multiple schools. While the service is easy to use and allows for applications to potentially be sent to lots of schools, application fees still apply and can add up, so be intentional where you send your applications to.
Certain income-eligible students may qualify for a college application fee waiver at some school. For example, if you were able to take the SAT for free because you qualified for a fee waiver, then there may be certain schools that will waive their application fees as well. Before you apply to a school, make sure to do some research on fee waivers if you think you could qualify. Those applications fees can add up quickly, and why not save the money if you can!
Writing your Essays
Essays are not only a necessary part of the college application process, but they might also just be the piece of your submission package that gets you the acceptance letter. Having your essays ready and optimized is a very important. Know that you will likely have to write a primary essay or personal statement, basically an essay about you. There may also be supplemental essays. You can sometimes look up the essay topics on the school’s website to help you know what you will have to write about.
Filling out the FAFSA® (Free Application for Federal Student Aid)
The FAFSA is not required as part of the college application process but it’s best to fill out this free form at the same time you are applying for schools. The information you provide on the FAFSA will be used to determine not only your federal student aid eligibility, but can also be used by your state and school to determine your financial aid award. Schools can use this form to help determine if they will want to offer any need-based aid, or may require you to complete the FAFSA to award you merit-based aid—you want to read your school’s financial aid policies! While completing your research, you may find out that your school requires additional financial aid applications, like the CSS Profile™.
When are Admissions Decisions are Made?
Depending on the type of application you submitted (regular decision deadline, early decision deadline or early action deadline) will determine when decisions are made. Expect regular admissions application decisions in spring – March, April or early May. Early decision applications should come around November and early action December into January. With applications typically beginning in August, we recommend you apply and complete your college applications as early as possible to ensure you have the greatest chances for acceptance.
