|
IDEAL Program
(IDAPP Educational Alternative Loan)
Getting an education is a
substantial investment. Sometimes your Federal Stafford
or PLUS Loan Program just doesn’t cover all the costs.
Don’t worry, IDAPP has you covered.
We’ve teamed up with several postsecondary
schools and student focus groups and created a new student
loan. Our IDEAL Program helps you when you need it most.
Am I eligible?
You can be enrolled less than half-time
if you are employed full-time while in school. If you are
not employed full-time, you must be enrolled at least half-time.
How much can I borrow?
- Graduate, professional, medical and law students can
borrow up to the cost of their education less any financial
aid.
- Undergraduate students can borrow a maximum of $12,500.
When do I have to repay the loan?
IDAPP offers a number of repayment plans
to meet your needs. Repayment periods are extended up to
240 months or 20 years. Longer repayment terms keep your
loan payments within your budget.
What is the interest rate?
The variable interest rate, based on
the 90-day LIBOR plus a competitive percentage,
is adjusted on the first day of January, April, July, and October.
Interest is charged from the date of first disbursement of the loan.
What about capitalization?
The unpaid interest on your loan will
be capitalized once at the conversion of the loan into repayment.
Other lenders may choose to capitalize quarterly which could
increase your payment substantially.
How will I receive my loan?
The loan proceeds are sent electronically
from IDAPP to your school. The electronic process, or EFT,
speeds the delivery of your loan and allows you to make
immediate use of the funds. This avoids check clearing by
your bank or delays caused by the mail.
What fees are there?
The IDEAL Program has two fees which
you will pay: an insurance fee and a repayment fee. We offer
the lowest cost to students by charging the lowest fees.
IDAPP will also refund your loan fees if your loan is canceled
within 30 days of disbursement.
What if I am temporarily unable to
repay my loan?
- The most important thing to remember is to communicate
financial difficulties with IDAPP as soon as possible.
We are here to support and help you to resolve your payment
difficulties. For more information contact
us.
- Forbearance is an agreement with IDAPP to temporarily
postpone or reduce your principal payments if you are
having financial difficulty. Payment of interest remains
your responsibility.
Will I be approved for a loan?
Listed below are IDAPP's borrower credit
criteria:
- No credit account may currently be 60 days or more
delinquent
- No bankruptcy within the past 5 years
- No education loan default with an outstanding balance
- No unsatisfied court judgment over $100
- No real estate foreclosure
- No record of an unsatisfied collection account for more
that $300
- No profit and loss write-off for more than $300
- No charge-off for more than $300
- No repossession for more than $300
In the event that you are turned down,
your application could be approved with a creditworthy cosigner.
You may also reduce the insurance fee on your loan if both
you and your cosigner are creditworthy. Please note that
all undergraduate students are required to have a creditworthy
cosigner. Click here
for cosigner requirements.
Learn more about specific IDEAL Program
Loans:
Medical
School Loans
Other Graduate School
Loans
Undergraduate School
Loans
|
