Financing Education Loan from Nellie Mae Moneylender


What is Nellie Mae?

In this era where the education cost is sky rocketing, Nellie Mae comes as a breather of relief. Nellie Mae is a financial organization that provides student loans to all kinds of students be it graduate or undergraduate. Nellie Mae has made higher education accessible to almost all students through its student loan programme.

What is the different loan programmes offered?

Nellie Mae provides 2 kinds of loans, Federal Loan and Private Loan. The Federal Loan is further divided into 3 kinds – Stafford Loan, Graduate loan and Parent plus Loan. This loan is recognized by the government and the rate of interest charged on the loan is not very high. It is around 6 and a half percent and covers the basic educational expenses like tuition expenses and boarding costs. In order to avail the loan, the school or the college has to be approved by the department of education. The Stafford Loan and the Graduate Plus loan is made available to the students directly but the Parent plus loan is made available to the parent of the child. The student has to be enrolled either as a full time or part time student.

What is the Private Student loan offered by Nellie Mae?

The Private loan is made available by the Nellie Mae moneylender and it is independent of the federal influence. It covers all those expenses that are not covered under the Federal loan like buying of books, purchase of laptops and even transportation expenses. However the rate of interest charged is little higher as compared to Federal Loan. But the maximum loan that you can take is the entire cost of your educational expenses which you won’t find in any kind of Federal Loan. Since there is no credit check, this private student loan is also made available to those people who have bad credit scores.

What are the advantages of availing student loan from Nellie Mae?

There are many advantages of availing student loan from Nellie Mae. The loan procedure does not take a lot of time and is hassles free. You get the loan amount within 4-5 days an there is not enough paperwork involved. You can apply for the loan online by sitting at your home and faxing the application form along with the relevant documents.

What eligibility criteria are required to fulfill?

The minimum eligibility criterion that is required before you avail student loan from Nellie Mae is that you need to be a permanent resident of USA and your age should not be below than 18 years. If you are taking the loan as a parent of your child, then you need to be working in a reputed organization continuously for at least 6 months.

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