Child Educational Loans
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| 1.) |
What is the
current interest rate?
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7.25%
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| 2.) |
How long is the
repayment of the loan?
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Freshmen - repayment is 168 months.
Sophomore - repayment is 156 months. Junior - repayment is 144 months. Senior - repayment is 132 months. |
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| 3.) |
Can I increase
my monthly payroll deduction?
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Yes. Please notify Loans and Receivables,
3 South, in writing with the desired increase.
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| 4.) |
What happens if
I leave the University?
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If you leave the University for other
employment the loan must be paid in full. If you retire from the University,
you may continue with your regular monthly payment. Remittance coupons
will be mailed to you.
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| 5.) |
Which is more
beneficial: applying for a loan each or applying for a four-year loan?
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There is an interest savings when the
loan is approved for all four years. This is because payments are leveled
for the entire term of the loan resulting in principal being repaid sooner
reducing the total interest paid for the loan.
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| 6.) | Can I apply for the loan at anytime of the year? | |
Yes, you may
apply in advance of a term, for example as early as December for the
Spring semester fees. Funds will be advance to you only for the upcoming
term.
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| 7.) | Can I get an additional loan for a second child in college? | |
Yes.
However, if the total monthly payment due on your Educational Loan exceeds
15% of your gross salary, a credit analysis will be needed in order for
you to qualify.
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© The Trustees of Princeton University Princeton University, Princeton, New Jersey 08544 USA University Operator: 609/258-3000 Web page comments: jdonigan@princeton.edu General Comments: jdonigan@princeton.edu |