Who is the primary borrower on a AAA Student Private Loan?
The student is the primary borrower on a AAA Student Private Loan even if there is a co-signer for the loan. However, if applying for a K-12 loan, the parent is usually the primary borrower, even if there is a co-signer for the loan. A guardian, grandparent, etc., may also apply for a K-12 loan.
How can I compare the total costs of loan programs? The Annual Percentage Rate is your best measure of the cost of a loan. The APR factors in the interest rate, fees, and deferment and repayment terms. To compare the APRs for our products, please reference the Repayment Examples under the Loan Product of your choice.
How much can I borrow?
Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 (or $40,000 for certain schools where TERI has determined that the annual cost of attendance exceeds $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000. Aggregate borrowing limits will also apply. TERI is the guarantor of the AAA Student Private Loan Program.
How quickly will I receive my funds?
With our downloadable loan documents including your credit agreement, and fax back option, funds may be disbursed in as few as 5 business days. Once you are conditionally approved, your credit agreement is available online for completion or by mail, if you prefer. Once we receive the completed paperwork from you and final approval is provided, funds disbursement will follow.
What are my deferred payment Options?
Several repayment options are available for AAA Private Loans depending upon the loan product as follows:
Undergraduate loans allow for one of three repayment options: (i) Immediate payment of principal and interest (30-60 days after disbursement); (ii) Immediate payment of interest with principal deferred; or (iii) The deferment of both interest and principal until six months after graduation or ceasing to be enrolled at least half-time, with interest capitalized until 6 months after graduation or ceased to be enrolled.
Graduate loans begin repayment of principal and interest six months after (i) graduation or (ii) you cease to be enrolled at least halftime. Principal at repayment is the principal amount of the loan at disbursement plus interest that accrues and is capitalized during the deferment term.
Elementary Loans require the immediate ( 30-60 days after disbursement) repayment of principal and interest.
Continuing Education Loan repayment terms begin the earlier of i) 180 days after the student graduates or earns a certificate; ii) 180 days after the student ceases to be enrolled; or iii) two years after the date of the loan disbursement.
Is there a penalty for early payment on a AAA Student Private Loan?
No, there is no penalty. You can pay off a loan at anytime, even if you are still enrolled in school.
Our Education Loan Specialists are here to help you properly prepare, apply and pay for college at 1-888-422-2536.
The lender for the AAA Student Lending Program's Private Student Loans is RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender. RBS Citizens, N.A. may sell your student loan to a third party. RBS Citizens, N.A. will only sell your student loan if the third party agrees to honor all of RBS Citizens, N.A.'s promises to you, including all promised benefits that you will receive or might become eligible for during the loan repayment period.
This work incorporates copyrighted materials created by The First Marblehead Corporation, Inc.
Our Territory: AAA Southern New England proudly serves members in Rhode Island & the following counties in Massachusetts:
Bristol, Middlesex, Worcester, Berkshire, Plymouth, Suffolk, Barnstable, and Norfolk
Copyright 2008. AAA Southern New England
