Grad Loans to Power Your Climb to the Top

• Fixed and variable options are available—and rates start as low as 5.625%* with no application or origination fees.
• *APR rates from 5.709% - 10.031%. The APR varies with interest rate, loan amount, and repayment term approved. Low rate shown includes a .25% reduction for bank draft. Rates based on credit and terms.

Grad loans can be used to pay for any educational expenses, such as tuition and fees, room and board, books, school supplies, transportation, and a computer.

For eligible borrowers, graduate loans can be used for any accredited graduate school, including med school, dental school, nursing school, business school, law school, and more. Loans cannot be used for private proprietary colleges.

MINIMUM LOAN
The minimum loan amount is $2,500.  You can borrow up to the cost of attendance, minus any other financial aid (as certified by your school).    

MAXIMUM PAL DEBT
The maximum total debt is $150,000 for borrowers and cosigners, including previous SCSL loans. 

• There are no origination fees associated with this loan. Zero origination fees deducted from your loan means more of your loan funds are available for you to pay your school expenses.
• The origination fee exceeds 1% on federal Direct Subsidized and Unsubsidized loans and 4% on federal Direct PLUS loans.

A PAL borrower may select a fixed or variable interest rate. 

The actual interest rate approved will be based on creditworthiness, selected loan term, and whether you elect to enter immediate repayment, pay your accruing interest or a required fixed monthly payment during the enrolled period, or for student borrowers, whether you elect to defer required payment during the enrolled period.

Your rate will be disclosed in your Approval Disclosure. Only parents are eligible for immediate repayment.

Variable interest rates are based on the 1-Month Term Secured Overnight Financing Rate (SOFR). Your rate will be effective quarterly on each January 1, April 1, July 1, and October 1. The rate will not increase more than once a quarter, and your interest rate is capped at 12%. A change in the interest rate may cause the amount of the monthly payment to increase or decrease, or may cause the number of payments to change.

A fixed interest rate means that the interest rate is fixed for the life of the loan.  Fixed interest rates may be as low as 6.625%*. 

Signing up for automatic bank draft with the servicer will reduce your interest rate by .25%. 

See Disclaimer at bottom of page for more details.

Loan terms and interest rates are based upon the many factors, including the choice of repayment plan when applying for the loan.

Student Borrowers:
Student borrowers taking out the PAL loan in their name have three repayment options during the initial enrollment period: fully deferred payments, monthly interest- only payments, or a required fixed $25 monthly payment plan. Student borrowers will have a 6-month Grace Period that begins the day after the borrower drops to a less than half-time enrollment status. If the borrower had elected to make required in-school payments, those payments will continue during the Grace Period.

Parent Borrowers:
Parent borrowers who select to have the loan processed in their name can select the interest- only monthly payment option, a required fixed $25 monthly payment, or begin full repayment (principal + interest) immediately.

Student borrowers are required to start making full repayment within 60 days after the end of the Grace Period.  Parent borrowers are required to start making full repayment within 60 days after the benefiting student is no longer enrolled on at least a half-time basis.  

Your servicer will provide you with repayment information and billing statements so it is important that you provide any change of address to them as soon as it is known.