The Tuition Answer Loan is a practical, affordable education loan that allows creditworthy parents or other creditworthy sponsors to obtain between $1,500 and $40,000 per year to cover absolutely any college-related expense. With competitive rates, flexible repayment options, and no deadlines or federal forms, this loan may be a parent's answer to filling any college financial need gap—expected or unexpected—while still protecting retirement savings and home equity.

Advantages

• Borrow $1,500 to $40,000 a year for any college-related expense.
• Rewards good credit.
• Interest may be tax-deductible (for qualified taxpayers).
• You choose your repayment option. Even defer payment until after graduation or choose from other flexible repayment options.
• No application deadlines or federal forms to fill out (no FAFSA form required).
• No collateral needed.
• No pre-payment penalty.
• No "middle man"—your loan check is mailed to you as soon as 48 hours after approval.
• No extra bills-combine this loan statement with your other loans.

Eligibility

• Both borrower and student must have Social Security Numbers and be U.S. citizens or permanent residents.
• Borrower must have good credit and an annual income greater than $15,000. Monthly debt payments may not exceed 50% of gross monthly income.
• Borrower must be able to provide proof that the student is enrolled (full or half time) at an eligible college, graduate, trade or technical school.
• All applicants, including the student, must be at least 18 years of age.

Loan limits

$1,500 is the minimum per borrower and the maximum loan amount per year is $40,000. The aggregate maximum available to borrowers is $130,000.

Repayment

The repayment period may be up to 20 years, depending on the amount you borrow and the repayment option you choose. You may pay off this loan early without penalty.

Your repayment choices are:

• Pay both principal and interest immediately.
• Pay only interest while your student is in school at least half time.
• Defer all payments (principal and interest) while your student is in school at least half-time.

If you are experiencing financial hardship you may request forbearance of your loan payment for up to 24 months without penalty.