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Career Training Loans
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| There are thousands of well-paying, information technology job openings in the United
States, and now getting the training you may need for one of these jobs is more affordable. If you are looking
to change your career, the Career Training Loan can help you afford the training for an exciting new career in
technology. When you enroll in one of the customized programs at a participating schools, you may be eligible for
this innovative, low-cost loan. The Career Training Loan can help you with tuition costs, books, supplies and living
expenses during the time you are training. For students living in the states of Maryland, Washington DC, and Virginia
you can enroll in one of this customized programs with Eno.com (an accredited Instructor led institution) |
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You understand the impact that education or training can have on your future. It
can help you reach your career goals and improve your lifestyle.
The Career Training Loan has been designed specifically to help you finance your education or training and offers
hundreds of dollars in savings over other financing options. It can be used for technical training or trade school,
distance learning or other continuing education programs to cover the total cost of education and certain related
expenses.
The loan is geared to your success and we've made it easy to get approved. The process is fast and acceptance rates
are high - about 70%.
The primary features of the program are explained below. If, after reading through them, you still have questions,
call us at 703-370-5281
Borrower eligibility:
You must be a U.S. citizen, a US national, or a permanent resident and must be creditworthy. You may be enrolled
full, half-time or less than half-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.
Loan limits:
The minimum amount is $1,000 and you can borrow up to the total cost of the education less other financial aid
received.
Interest rates and fees:
Interest rates are variable (annually) and based on the Prime Rate plus a spread. Your interest rate spread is
determined by your and your co-borrower's (if you use a co-borrower) credit history. The interest rates start at
Prime +1% with fees as low as 2% for borrowers with excellent credit.
Repayment term:
Repayment begins 30 days after disbursement. The standard term is 15 years with minimum payments set at $30 a month
per loan. You have the option of making interest-only payments while in school and there are no prepayment penalties.
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.
Co-borrower Release Option:
Once you make 24 consecutive, on-time payments and meet the minimum co-borrower release credit requirements, you
may apply to release your co-borrower
Annual Percentage Rate (APR) Example:
If a borrower received a loan for $7,000, incurred a loan fee of 4.36% (including processing fee) and the loan
maintained a constant variable rate of 14% during the 15-year repayment period, then the borrower's APR would be
14.86% and the monthly payment would be $97.29 for 180 months. The actual APR may increase over time.
To apply:
Download an application (28k) or call 703-370-5281
for more information.
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