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Student Loans

What are the benefits of getting a student loan from Andigo?

Oh lots:
  1. We pay the origination fees (usually 1-5%)
  2. You get reduced interest rate when you choose automatic payment
  3. You can defer payment until graduation (or the date you leave school) plus six months
  4. You build your credit history

Can I defer student loan payments until after graduation?

Yes, you have the option to defer both principal and interest payments until six months after graduation.

When will I get the funds?

Once you have completed your student loan applications and have been approved, the lender sends a certification request to your school, and your school certifies an amount and sends the certification approval to the lender with disbursement dates. The loan funds are sent directly to your school and your school pays any tuition, fees and room and board first. This process takes three to five business days. If there are loan funds left over, you school will send a refund to you (the student). If students are expecting a refund, they should set up a direct deposit so the loan refund is automatically transferred to their bank account.

Is the loan in the parent or student’s name, or both?

A borrower is not required to apply with a co-borrower. However, applying with a creditworthy co-borrower may improve a borrower's chance of meeting our approval criteria and potentially qualifying for the loan at a lower interest rate.

A co-borrower release option is available to creditworthy borrowers who:

  • make 48 consecutive on-time payments during the principal and interest repayment period,
  • elect to make automated payments, and
  • meet additional requirements (such as salary and debt-to-income ratio).

You must apply and be approved for this option after 48 months. Other terms and conditions may apply, and the option may be revoked or modified without notice.

When does student loan repayment start?

You may choose to make interest-only payments while in school, defer both principal and interest payments until six months after graduation, or make full payments while in school.

When is the right time to apply for a student loan?

Before applying for a private student loan, make sure you have thoroughly exhausted all sources of free and low-cost financial aid (such as scholarships, grants and federal direct student loans). While the process may seem daunting, planning carefully and researching all of your options can save you thousands!

You may apply for student loans anytime during an academic year. For example, you can apply for a student loan for the 2018-2019 academic year anytime between the beginning of June 2018 and June 2019. So yes, you may apply for a student loan in the middle of the year.

The right time to apply also depends on when you need funding. If you need funds for the fall semester, complete your applications in early summer (around the middle of July). If you need funds for the spring semester, complete your applications in early winter (around the middle of October).