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Check Application Status Retrieve Saved Application Commonly Asked Questions Understanding Student Loans |
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 Speak to a loan specialist: 800-260-2118
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Home | National City Direct Student Loan | Am I Eligible? How to Apply | Apply Now! | Contact Us | Check Status | Retrieve Saved Application About Us | Commonly Asked Questions | Understanding Private Student Loans | Glossary | Site Map |
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1 Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where the annual cost of attendance has been determined to exceed $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000. 2 Undergraduates may choose to defer repayment of principal and interest until six months after graduation or ceasing to be enrolled at least half time. Immediate repayment and interest-only repayment options are also available. Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) 180 days after the student graduates or earns a certificate; b) 180 days after the student ceases to be enrolled; or c) two years after the date of the loan disbursement. K-12 loans are immediate repayment loans. 3 The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a savings or checking account. The interest rate reduction will begin when automatic principal and interest payments start, and will remain in effect as long as automatic payments continue without interruption. This reduced interest rate will return to contract rate if automatic payments are cancelled, rejected or returned for any reason. Upon request, borrowers are also entitled to an additional 0.25% interest rate reduction if (1) the first 36 payments of principal and interest are paid on time, and (2) at any time prior to the 36th on-time payment, the borrower who receives the monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 36th payment. The reduced interest rate will not be returned to contract rate if, after receiving the benefit, the borrower discontinues automatic electronic payment. |
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© 2008 National City Corporation. All rights reserved. This work contains copyrighted materials owned by The First Marblehead Corporation. | ||||||||||||||||||||||||||||||||||||||||||
