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Frequently Asked Questions
Please see below for answers to questions typically asked by interested students, their parents and current borrowers.
Questions before applying
How quickly will I receive my funds?
With our downloadable loan documents (e.g., credit agreement) and fax-back option, funds may be disbursed in as few as 5 business days. Shortly after you are conditionally approved, your credit agreement will be 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.
I am a foreign student attending a U.S. school; can I still apply for a GradeSaver Student Loan?
Yes. You will need to have a qualified, creditworthy co-signer who is a U.S. citizen or a permanent resident and who has been residing in the U.S. for the previous two years to be approved.
Do I need to know what school I am attending to apply for a GradeSaver Student Loan?
Yes, in order to qualify for our loan, you must be attending an approved school. Proof of enrollment must be provided.
Do I have to use a co-signer?
If you are applying for a loan and you meet our two years continuous employment and residency requirements, and you have at least 21 months of credit experience and a satisfactory credit history, you may be eligible to apply on your own. Employment will be verified.
How can I compare the total costs of loan programs?
The Annual Percentage Rate (APR) 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 GradeSaver's Loan products, please reference the Repayment Examples under the Loan Product of your choice.
How do I know my enrollment status?
The enrollment status plays an important part in the type of loan for which you are eligible. The best way to determine your enrollment status is to contact your school's financial aid office.
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 the cost of attendance has determined to exceed $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000. Aggregate borrowing limits will also apply. Subject to credit approval.
Questions on the application process
What if my school is not listed on the participating school list?
Call 1-888-842-6139 to confirm the eligibility status of your institution. If the school is not on the participating school list, dedicated representatives are available to speak with your schools financial aid office and guide them through the process.
Who is the primary borrower on a GradeSaver Student Loan?
The student is the primary borrower on a GradeSaver Student 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.
What is the benefit of having a co-signer on my application?
While a co-signer is not always required, applying with a qualified, creditworthy co-signer will improve the likelihood your loan application will be approved. In addition, if you apply with a qualified co-signer, you may also receive a lower rate and/or fee on your loan.
Questions from borrowers
Is there any penalty for early payment on a GradeSaver Student Loan?
No, there is no penalty. You can pay off a loan at anytime, even if you are still enrolled in school.
What happens if I need to make a change after I have applied for a loan?
If you need to alter your loan amount after you have applied for a loan, you can do so until three days prior to the time of disbursement. Please note any changes may cause delays, and new paperwork and certification (if applicable) may need to be completed.
Copyright (C) 2007 GradeSaver Loans LLC. All rights reserved.
The lender for Gradesaver 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.