The College of Professional and International Education (CPIE) is pleased to provide information on financial assistance, and the companies that provide it, to those individuals registering for our programs. These companies provide education financing services for career training, part-time education and distance learning. To learn more, please contact the Student Services Center at 562-985-5561.
CPIE is providing this information as a service to our students and is not affiliated with any financial assistance companies.
There are a variety of lenders that offer non-federal, or private, education loans. Approval of the loan is typically based on your credit rating and debt-to-income ratio and may require a co-signer. The interest rates are variable, meaning they can change on a monthly basis, and are determined by the information in your credit report.
Here are some questions you should ask:
1.) Is a co-signer required?
2.) Are there any enrollment requirements (Full-Time, Half-time, less-than half-time, Satisfactory Academic Progress)?
3.) Interest Rate:
What is the current rate?
Is it fixed or variable?
If variable, how often will it be adjusted?
Is there an interest rate cap?
Are there reduced interest rates for on-time payments?
When does interest capitalize and how often?
Will I need to pay the interest while enrolled in school?
Will having a co-signer lower the interest rate?
Is there an application fee?
Is there a disbursement fee?
Are there any repayment fees?
When does repayment begin?
What is the length of the repayment term?
What will the minimum payment be?
Is there a pre-payment penalty?
Are there options available to postpone payment in the event of financial hardship?
6.) Disbursement of Funds:
How long does it take for the funds to disburse to the school?
Will the loan funds be sent electronically or by check?
If sent as a check, will it be payable to the student, or the school?
New provisions in the Truth in Lending Act, implemented February 14, 2010, have resulted in a number of changes in the process for applying for and receiving private education loans. Lenders who provide these loans must comply with the following requirements:
Your lender should provide you with all of the information you need to know about these requirements, but if you have questions, feel free to contact our office.