• After a private loan is certified, it will be disbursed twice.
• The first disbursement will take place 8-10 business days after the loan is certified. The second disbursement will take place 6 months later, if eligible.
• Eligibility is defined as 2 or more exams in a 6 month period. The 6 month period will be based on date the loan is originally certified.
• If the student does not complete at least 2 exams in the 6 month period, the second disbursement will be cancelled.
• If at the close of the 12 month period the student applies for additional private loans, at least 4 exams must be completed to certify additional loans.
• If at least 4 exams are not completed, the loan will not be certified.
• Loans will be certified to a maximum amount of $7,000 per year.
• If the requested loan amount is $5,000 or less, disbursement will take place once, 8-10 business days after certification.
• If certification does not take place because the student did not complete minimum number of exams required, the student must complete the required amount before the loan is certified.
• In certain situations, a student may be eligible for additional $3,500 in one award year, for a maximum of $10,500.
• For additional loans in one award year, the student needs to show outstanding academic progress, defined as at least 24 credits in a single year based on a combination of exams and courses.
• Students receiving federal aid that become ineligible for additional disbursements of federal aid may receive private loans up to their budgets as determined by the federal aid officer.

Why you should ask: Fees that are deducted up front will cost you money because you will not have received all of the money you have borrowed.

Why you should ask: All savings are desirable. However, some benefits only happen during repayment when you are finished with school. Many of these back end benefits (benefits that accrue after repayment begins) are tied to on-time payments and can be lost if you miss or are late on one payment.

Why you should ask: Incentives offered to borrowers who make forty-eight consecutive on-time payments sound attractive, but it may be very difficult to meet those requirements. If you are just a few days late with only one payment, the benefit usually becomes unavailable.

Why you should ask: Loans can be sold without the borrower's permission, and this can leave the borrower with a lender that does not provide the same quality service as your original lender. Excelsior College strongly recommends borrowing from lenders who provide service over the life of your loan and who will not sell your loan.

Why you should ask: It's important that you be able to ask questions and get help from a lender at times that fit into your own schedule.