College Loan Corporation - Federal Student Loans

Information on CLC - Stafford, PLUS, Campus Door, TERI



College loan corporation
The College Loan Corporation provides all loans that come under the ‘federal loans’ heading, as well as alternative loans such as the Campus Door Loan which offers students the option of borrowing 100% of their college fees. It is one of America’s largest providers of student and college loans, with its 400,000 past and current borrowers accounting for almost ten billion dollars worth of loan agreements.

The various loan options available are outlined below. To apply for a loan through the College Loan Corporation or to find out more about the company and its products, you can visit their website at www.collegeloan.com or contact them by phone on 888.972.6311.

Stafford Loans

What is it? – this is a federal loan with certain rewards paid back to borrowers for prompt and automatic payments.

Interest rate – a low variable rate determined once a year. The rate is capped which means that at the start of a loan borrowers are guaranteed they will never have to pay more than the specified rate. This is currently capped at 8.25%.

Repayment terms – 10 years.

Is it possible to defer payments? – Yes, subject to certain conditions being met.

PLUS Loans (Parent Loans for Undergraduate Students)

What is it? – this is geared towards the parents of students, and can be used to cover the total amount of college costs.

Interest rate – relatively low variable capped rate.

Repayment terms – 10 to 25 years.

Is it possible to defer payments? – Yes, subject to certain conditions.

TERI Loans

What is it? – an alternative type of loan that can be used to repay student debts that have already accumulated, available to applicants in full or part-time education with access to some means of income, either their own or from a partner. Borrowers must be enrolled at a TERI-approved college or school.

Interest rate – dependent on other repayment options.

Repayment terms – flexible.

Is it possible to defer payments? – Yes, up to six months following graduation.

Campus Door Loans

What is it? – Campus Door Loans allow students to borrow up to 100% of their total college costs. They are not approved based on the income levels of students and/or their families and are therefore available to anyone, subject to certain conditions.

Interest rate – variable, based on The Wall Street Journal’s ‘Prime Rate’.

Repayment terms – flexible.

Is it possible to defer payments? – Yes, up to 12 months following graduation.

 

 

 

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