Financial Information

Tuition Amounts

Financing Your Education
The Providence Institute offers two options for paying your tuition: In-house financing and student loans through SLM.

In-House Tuition Payment Options
A down payment of $500-$1000, depending on your program, is due upon signing Enrollment Agreement. The remainder of the tuition is then divided into equal monthly payments due the first of each month for the length of the program. In-house payment options carry a 5% amortized finance charge.

SLM Financial Student Loans

The Providence Institute offers student loans to those who qualify through SLM Financial, an established provider of educational funding with one of the highest acceptance rates in the industry. Students may apply for the full tuition amount as well as up to 60% of the tuition amount for additional expenses. Deferment while in school is an option. The application process is simple, with quick approval times. For more information on student loans see below.

Borrower eligibility:
You must be a U.S. citizen, a U.S. national, or a permanent resident and must be creditworthy or have a creditworthy co-borrower. You may be enrolled full or part time. If you have no credit or a poor credit history, you may still qualify for a loan by applying with a creditworthy co-borrower.

Basic Eligibility Guidelines:
SLM bases its lending largely on income and credit. According to SLM borrowers should:

• Be employed with a gross annual salary of at least 2.5 times the loan amount.
• Have at least 3 open lines of credit (credit cards, student loans, personal loans, auto loans, mortgage loans, etc). Keep in mind that this does not mean available credit, just open.
• Have monthly payments due to creditors not exceeding 50% of monthly income.

If you do not meet any of these guidelines you should consider applying with a co-borrower. The advantages are numerous.

Co-Borrower Considerations:
SLM offers students the opportunity to apply with a co-borrower to increase the applicant’s chance of approval and to lower their interest rate. Some students who meet with the above criteria still choose to apply with a co-borrower in order to benefit from an interest rate reduction. If an applicant has limited credit or below average credit, getting a co-borrower and being approved for this loan will help them establish or re-establish credit for the future. This will help creditors feel more comfortable approving and giving lower interest rates on future loans, such as auto or mortgage, which equate to significant savings.

Co-borrower Release Option:
After you have made the first 24 consecutive on-time scheduled payments, you may apply to have your co-borrower released. Student borrowers must meet applicable credit requirements at that time.

Loan limits:
The minimum amount is $1,000 and you can borrow up to the total cost of the tuition as well as up to 60% of the tuition amount for additional expenses.

Interest rates and fees:
Interest rates are variable (monthly) and based on the Prime Rate plus a spread. Your interest rate spread is determined by your credit history (and your co-borrower’s if you use a co-borrower). The interest rates start at Prime +1% with fees as low as 2% for borrowers with excellent credit.

Repayment term:
You choose anywhere between 1 and 15 years for the repayment term. You have the option of making interest-only payments while in school, deferring payments until after you finish the program, or making regular payments while in school. There are no penalties for paying off the loan early. After 6 consecutive payments, you may apply for up to two deferred payments a year. Final approval is at the discretion of SLM Financial Corporation.

How to Apply: Prospective students may either apply online at www.slmeducationloans.com or pick up an application from the Administrative Office. Students needing to discuss details of the loan process may call to set an appointment to meet with the Administrative Director.

Questions?
For more information on student loans contact the Administrative Office at 520.323.0203 or admin@providenceinstitute.com.