Ready to Apply?

You should have verifiable income which is deemed both reliable and sufficient to repay your loan, while taking into consideration other debts and financial obligations. If you are not sure that you have adequate income to repay your loan, you should consider applying with creditworthy co-signers. Creditworthy co-signers can enhance your ability to qualify for your desired loan amount and best possible interest rate terms.

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2. How much can I borrow?

You can borrow between $3,000 - $50,000 per year ($250,000 cumulative limit).

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3. How is the interest rate determined for an Edamerica Private Loan?

The interest rate for an Edamerica Private Loan is the Prime Rate, adjusted as and when it changes (5.25% as of Apr 2008), plus a margin depending on your credit history. The margin will initially be between 0% and 9.9% but may be adjusted based upon changes in the Margin Adjustment Index.

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4. Are there any fees for an Edamerica Private Loan?

There is an origination fee that is determined by the loan amount and credit evaluation. This fee can range from 0% - 10% and is added to and financed with the loan amount.

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5. What can an Edamerica Private Loan be used for?

Edamerica Private Loans can be used for all education-related expenses including tuition, room and board, off-campus housing, living expenses, transportation, books, fees even a computer and previous year’s school fees.

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6. What information do I need to provide to apply for an Edamerica Private Loan?

When you call or apply online, please have the following information available:

Full name
Date of birth
Social Security Number
Permanent address and number of years at that address
Previous address if less than one year at current permanent address
Home telephone number
Temporary school telephone number
Employer and how long employed
Employer address and telephone number
Gross annual salary
Previous employer if less than one year at current employer
Previous employer address and telephone number
Monthly rent or house payment
Reference: nearest relative or friend not living with you. Must be different than reference for co-signer(s) (Name, Address, Home / Business Telephone Number).

If co-signers are applying with you, the co-signers will also need to provide the same information.

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7. How long does it take to receive my loan proceeds?

Once approved and upon receipt of your completed, signed application along with income and enrollment verification, your funds will be disbursed within 2 business days.

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8. How long do I have to repay the loan?

The repayment term is based on the total amount you borrow. The maximum repayment term is 20 years.

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9. What are my repayment options?

We offer three repayment options:

Start making payments of principal and interest immediately
Make interest-only payments while enrolled in school
Make no payments while enrolled in school

You can select the option that best fits your family's lifestyle and student's post-graduation income expectations.

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10. Is there a "grace period" before I begin repayment?

If your loan is more than $3,000, you can defer paying the principal of the loan for up to 7 years after the loan is disbursed or until 6 months following graduation, whichever comes first.

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11. How can I check my loan’s status or learn when my funds will be available?

You may check your loan status by phone when you call 1-866-398-7726 from 10am - 8pm Eastern Time Monday - Friday, and CLOSED Sat & Sun. from 10am - 8pm Eastern Time Monday - Friday, and CLOSED Sat & Sun.

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12. Are there application deadlines for an Edamerica Private Loan?

No. You may apply for an Edamerica Private Loan at any time.

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13. Can an Edamerica Private Loan be used for previous year’s school tuition?

Yes. If you are a current student and still have an outstanding balance from a previous term or semester, you may apply for an Edamerica Private Loan. Verification of such costs is needed from the school.

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14. What if I’ve received an Edamerica Private Loan and discover I need more money during the same academic period?

Simply apply online or by phone at 1-866-398-7726 for more funds if you have not reached the annual maximum amount for which you’re eligible.

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15. What is an acceptable proof of income?

Acceptable proof of income includes:

Pay stub(s) from your current employer(s), which must be dated within the past 60 days and must indicate the applicant's name and either Social Security Number or address, company name and gross annual salary to date
Student Aid Report (SAR) – the document generated from the FAFSA process – for the upcoming academic year
W-2 forms, from the previous tax year
You may include total IRA distributions, annuity, or total pension income provided you submit 1099 forms
Taxable and tax exempt interest, or dividend income can be included provided you submit 1099 forms
Tax returns (for Self-employed only)
Employment contracts
Court order for alimony/child support
Proof of disability benefits

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16. What is an acceptable proof of assets?

Acceptable proof of assets includes the following items:

Student Aid Report and worksheets (FAFSA form)
Checking/Savings/Money Market account statements dated within the last 30 days
Brokerage/Investment Account (CD, Stocks, Bonds, etc.) statements dated within the last 30 days
Retirement Account (401K, 403b, Keogh, IRA, etc.) statements dated within the last 30 days.

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17. What is an acceptable proof of enrollment?

Acceptable proof of enrollment includes one of the following items:

A copy of your tuition bill from the school, or
A copy of your acceptance letter from the school verifying enrollment, or
A copy of your registration schedule from the school printed with your name

For final loan approval, proof of enrollment must be provided or check will be sent co-payable to the school.

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18. What if my school is not listed?

If your school is not listed, please contact us by phone at 1-866-398-7726 from 10am - 8pm Eastern Time Monday - Friday, and CLOSED Sat & Sun.

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**19. How can I sign up for automatic payment from my bank account and save 0.25% on my interest rate?* sign up for automatic payment from my bank account and save 0.25% on my interest rate?**

Complete the Automatic Payment Authorization form and return it to us using the enclosed instructions.

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*Accounts in Total Deferment are not eligible for this rate reduction until repayment begins.