The Application Process

Q. Who can apply for a Loan to Learn Personal Education Loan?

A. Anyone can apply for a loan. You may want to consider applying with co-signers; co-signers (such as a parents, grandparents, or close relatives) can enhance your ability to qualify for your desired loan amount and obtain the best possible loan terms. At least one applicant must be a U.S. Citizen or Lawful Permanent Resident.

Q. What information will I need to provide to apply for a Loan to Learn Personal Education Loan?

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

• Full name
• Date of birth
• Social Security Number 
• Permanent address 
• Telephone number and email address 
• Employer and employer’s address 
• Income 
• Monthly rent or house payment

You will also have to provide information about your school, including:

• School name and location
• Type of degree or educational program
• Major or course of study
• Expected graduation date

Q. How can I check the status of my loan or learn when my funds will be available?

A. You can check your Application Status online by clicking on the "Check Application Status" link at the top of the page and signing in. You just need to type in your 8-digit application ID# and some basic information to verify your identity.

Q. Are there application deadlines for Loan to Learn Personal Education Loans?

A. No. You may apply for a Loan to Learn Personal Education Loan at any time.

Q. If I choose to return my application by fax, what is the fax number?

A. The fax number for processing your application is 1-800-985-0230.

Q. What is an acceptable proof of income?

A. 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

Q. What is an acceptable proof of enrollment?

A. 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, 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 the check may be sent co-payable to the school.

Q. What is an acceptable proof of assets?

A. Acceptable proof of assets includes:

• Checking, Savings, or Money Market account statements dated within the last 30 days
• Brokerage or Investment Account (CD, Stocks, Bonds, etc.) statements dated within the last 30 days
• Retirement Account (401(k), 403(b), Keogh Plan, IRA, etc.) statements dated within the last 30 days.

Q. What should I do if I am an undergraduate and do not have a co-signer?

A. In order to maximize the loan amount for which you may qualify (and obtain better loan terms), you should be a U.S. citizen or have permanent resident status and have established a good credit history, as well as 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 you meet these criteria, consider applying with co-signers. Co-signers (such as a parents, grandparents, or close relatives) can enhance your ability to qualify for your desired loan amount and obtain the best possible loan terms.

Q. Is applying online secure?

A. Loan to Learn's application process and account management tools have been designed to meet industry standards in web site security. Our web site uses Secure Sockets Layer (SSL) encryption to ensure that all information transmitted on LoantoLearn.com is secure and accurate. Additionally, all account and financial information is stored on our secure database — not on our web site server. For more information on privacy and security, please see our Privacy and Security Policy.

My Application Status

Q. I’ve sent in my loan application.  How can I check its status?

1. Click on the "Check Application Status" link at the top of the page
2. Enter your 8-digit application ID # and some basic information to verify your identity…
3. …and you can check the status of your application:

• Status of requested documentation (received, in review, not received)
• Notes explaining the status of your application
• FAQs to help answer any application-specific questions you may have

A. Education Loan checks are mailed the next business day after final loan approval. The check will be addressed to all liable parties, and will be sent to the primary address on record, as provided during the application process. All liable parties are required to endorse the check.

Consolidation Loan checks are mailed directly to your previous lenders.

A. Cancelled/returned checks should be sent to:
Loan Operations Center
P.O. Box 651118
Sterling, VA 20165-1118.

If you did not endorse, deposit or cash the check, you are not responsible for any interest or origination fee, regardless of when the check is returned. If you deposited the check and returned it 15 days after the disbursement date, you are liable for the origination fee and any accrued interest, in accordance with Paragraph 16 of the promissory note that you signed.

My Account

A. You can manage your account online via the  website. You can use this website to:

• Sign up for Automatic Payments and receive a .25% interest rate deduction*
• Make a one-time payment
• View current or previous statements
• Check your balance
• Change your mailing address
• Contact customer care representative

A. Registering for online account management is easy!

1. Click on the "My Account" link at the top of this page and click on "Register Here"
2. Register by entering your loan account number and some basic information to verify your identity
3. Create your unique user ID and password…
4. …and you’re on your way to managing your loan—securely, and at your convenience.

A. Log in to our online account management website ("My Account") and use the “Sign up for Auto-Pay” link to automatically deduct payments from your bank account, OR complete the Automatic Payment Authorization Form and return it to us using the enclosed instructions…
...and we’ll lower your interest rate by a full .25%!*

A. We provide several ways to make payments.

Online (Recurring): Log in to our online account management website ("My Account") and use the “Sign up for Auto-Pay” link to automatically deduct payments from your bank account—and we’ll lower your interest rate by a full .25%!*
Online (One Time): Log in to our online account management website ("My Account") and use the “Make a Payment” link to send your payment directly from your bank account
Postal Mail: Use the payment slip provided with your monthly statement and mail us your check (or money order) to the address shown on the bottom right of the payment slip.
Phone: Call 1-866-398-7741 to debit your bank account (note: a $20 processing fee will be added when using this payment method)

A. Loan to Learn supports responsible borrowing and offers customers discounts for automatic and ontime payments.*  Below are the benefits you will be eligible for through Loan to Learn.

Loan to Learn Rate Reward — make your first 48 consecutive monthly loan payments by the payment due date, and Loan to Learn will reward you by giving you a special .50% interest rate reduction for the remaining term of your loan.¹

Loan to Learn Co-Signer Release — make your first 48 consecutive monthly loan payments by the payment due date, and Loan to Learn will release from obligation the non-student Co-Signer for the remaining term of your loan.²

Loan to Learn Automated Payments Discount — make your monthly payments using automatic payments from your checking or savings account, and Loan to Learn will give you a .25% interest rate reduction for the term of your loan where payments continue to be made using this automated process.¹

¹ Loan to Learn loans with first disbursements on or after 4/8/05 are eligible for this interest rate reduction offer. Interest rate reduction will terminate if you make any late payments (or otherwise default) on the terms of your loan.

² Loan to Learn loans with a student applicant and a co-signer with first disbursements on or after 4/8/05 are eligible for this release from obligation offer. At the time of request of release from obligation, the student applicant must present qualifying Proof of Income (POI) documents and meet Loan to Learn's then-current creditworthiness guidelines.

A. You can begin repaying the loan's principal and interest (P&I) immediately; or you may pay the Interest Only (IO: defer paying the principal of the loan) for up to 7 years after the loan is disbursed or 6 months following graduation or if the student leaves school, whichever comes first. Interest only payments provide borrowers with a lower monthly payment while in school. During this period, you will only pay interest charges.

You can switch from payment plans any time during the life of the loan, subject to certain conditions/criteria. However, when changing from interest only to principal and interest your monthly payment will increase, so we request that all parties to the loan agree to such changes. Complete the “Request for Change in Payment Plan” and return it to us using the enclosed instructions.

A. We will mail you the IRS form 1098-E by the 31st of January of the year following the tax reporting year. Some borrowers can deduct interest payments on student loans when they file their income tax returns. This provision is known as the Student Loan Interest Deduction, and eligible loans are referred to as "1098-E eligible." Note that not all education-related loans are 1098-E eligible. These include loans that were not part of the borrower's cost of attendance at their institution—for example, loans for medical students to help with residency interview and relocation costs; loans for law students to help prepare for the Bar exam. For more details, please consult your tax adviser, or visit the IRS Website (www.irs.gov).

A. You—and your co-signers—are responsible for repaying your student loan on time. If you miss one payment, you are considered delinquent. If this pattern continues, you could go into default. If you are having trouble making your loan payments, here are some options to consider:

Change your payment plan: if you are paying principal and interest, you can lower your monthly payments by switching to interest only payments while in school (subject to certain conditions/criteria). Please review, "What are my repayment options," located in the FAQ above to learn more about how you can change payment plans.

Consolidate your loans: in many cases, we can lower your monthly payments by consolidating multiple loans into a single loan at a reduced interest rate.

Apply for forbearance: in extreme situations, you can apply for forbearance, whereby you don’t have to make any payments for 6 months while you get your finances back on track. Note that interest will continue to accrue during this forbearance period, and will be added to your unpaid balance at the end of the forbearance period. Please review, "How do I apply for forbearance," located in the FAQ below to learn more about Policies and Processes.

• Complete the “Request for Forbearance” form
• Make sure that ALL parties to the loan fill out a separate form with detailed reasons for why they need the forbearance. The forms must be signed and mailed back to the address provided
• ALL parties to the loan must prove the need for forbearance; in the event that one of them does not, he/she is expected to make the normal loan payments on the account per the promissory note they signed
• It is very important that you continue to make payments on the account until you receive the forbearance approval from us in writing (remember: making a request for forbearance does not release you from your obligation to make payments)
• Once we receive all the information, we will review the account, payment history, and reasons for forbearance. While we make every effort to expedite the process, the time frame can take up to a month, since the extent of research required can vary
• Once we complete the research and a decision is made, all liable parties to the loan will be notified in writing of the approval or denial of the request

A. Delinquency is when you fail to make your monthly loan payments on time. You will be considered to be delinquent when you miss even one payment. All your student loan payments (as well as credit cards, mortgages and/or other obligations) are listed on your credit report(s). So, aside from late fees (and/or collection costs), your delinquencies could be reported to the national credit bureaus (Experian, TransUnion, Equifax, Innovis) and negatively impact your credit history.

If you continue to miss payments, you could go into default, which can have more serious and longer-lasting consequences. These include, but are not limited to: legal action for the balance of your loan; negative impact on your credit rating; garnishing of wages; loss of eligibility for future loans.

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