Education Loan Programs for Private K-12 Schools
Several lenders make loans available to parents to help them finance
the cost of a private school education (K-12) for their children. All
require US citizenship. Other options include home equity loans and
lines of credit, as well as personal unsecured bank loans and
See also tuition payment plans.
The education loans for private elementary and secondary schools
- Sallie Mae K-12 Family Education Loan.
Sallie Mae offers the K-12 Family Education Loan to help parents pay
for all or part of the cost of sending their children to private
primary, middle and secondary schools, including prep schools,
parochial schools, Montessori schools and boarding schools. Families
can borrow from $1,000 up to the total cost of education. The loan is
available to parents or other credit-worthy family members. Borrowers
can choose to repay the loan over 1 to 3 years and there are no
prepayment penalties. There is no application fee. Interest rates
range from 1-Month LIBOR + 7.00% to 1-Month LIBOR +
11.50%. Disbursement fees range from 0% to 3%. The online application
can be completed in about 20 minutes, with quick credit decisions.
- Act Education Loan for K-12 Students.
The Student Loan Network offers the Act Education Loan for K-12 Students
for private K-12 education. The loan limits are $30,000 per year with
a $130,000 aggregate loan limit. The interest rate is LIBOR + 4.95%
with 6.0% fees. There is a 0.25% interest rate reduction for
auto-debit and a 0.25% interest rate reduction for making the first 36
consecutive payments on-time. The repayment term is up to 20 years.
Trust Credit Union.
Lake Trust Credit Union in Michigan offers a K-12 Education Loan to
cover the cost of tuition and books. The
loan interest rates range from 6.9% to 16.9% with a repayment term of
up to 18 months. There are no fees or prepayment penalties. For more
information, call 1-888-267-7200.
Tuition Management Systems (TMS), a subsidiary of the First Marblehead
Corporation, offers the prepGATE Loan Program for financing private
K-12 education. Loan amounts range from a minimum of $2,000 to a
maximum of $30,000 per year (capped at the total cost of attendance
minus other aid) with a $150,000 aggregate limit. The interest rates
are variable, ranging from LIBOR + 5.99% to LIBOR + 10.4%. Originaion
fees range from 0.0% to 2.5%, depending on the repayment term. 5-year
and 10-year repayment terms are available. There is a $50 minimum
monthly payment. There is a 0.25% interest rate reduction for
borrowers who repay their loans through auto-debit. For more
information, call 1-866-362-4283.
- Your Tuition Solution.
Your Tuition Solution offers fixed-rate tuition financing plans to
cover the cost of tuition and related expenses at more than 2,400
private K-12 schools in the United States. The loan amounts are $2,000
to $40,000. The interest rates are fixed, ranging from 3.99% to 17.99%
APR, and depend on the loan term, tuition amount and the borrower's
credit score. There are no origination or application fees and there
is no prepayment penalty. Payments can be spread over 12 to 84 months.
Your Tuition Solution is a program of Springstone Financial LLC. For
more information, contact:
Your Tuition Solution
Springstone Financial LLC
2 Park Central Drive, Suite 100
Southborough, MA 01772-1777
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"Let us not think of education only in terms of its costs, but rather in terms of the infinite potential of the human mind that can be realized through education. Let us think of education as the means of developing our greatest abilities, because in each of us there is a private hope and dream which, fulfilled, can be translated into benefit for everyone and greater strength for our nation."
- President John F. Kennedy, July 25, 1961