Private student loans overview
Private student loans are consumer loans made to students to supplement – not replace – other means of paying for college. Private loans are offered by both for-profit and nonprofit lending organizations. Unlike federal loans, private loans are not funded or guaranteed by the federal government. Your (or your cosigner’s) credit score or history will be used to determine your loan’s interest rate. When you’re borrowing money to pay for college, it’s important to borrow only what you need to cover your education expenses.
Granite Edvance is a New Hampshire-based nonprofit. Our mission is to support students and families, and one way we do that is through our private loan program. You can feel confident you’re in good hands when you borrow with us.
You are not required to complete the FAFSA (Free Application for Federal Student Aid) in order to get a private loan. But we encourage you to complete the FAFSA so you can take advantage of any federal financial aid that’s available to you. Check out File Your FAFSA to learn more.
Private loan application
Definitely! Use your username and password to log into the application system. You can see all your application information here. If you don’t find the information you’re looking for, call the Loan Support department at (855) 887-5430 for further assistance.
It takes us three to five business days for us to process your documents. We’ll contact you if we need additional information. The entire process usually takes seven to ten business days. This can vary depending on how quickly we get your required documents, and how quickly we can verify them.
If you’re approved for a loan, your offer is valid for 30 days before it expires. But our credit inquiry is valid for 90 days. That means if you submit any additional applications within 90 days of your first credit inquiry, we won’t need to pull your credit again.
You cannot increase or decrease the loan amount after the original amount has been approved. You can cancel the current application and submit a new application for the loan amount you need. If you need to decrease your loan amount, you can also allow your school to reduce your loan amount during the certification process.
We’re happy to help! We take pride in our ability to serve our customers on a level most larger lending companies cannot. Get in touch – we can help you by telephone, email, or in person.
Your loan application will follow these steps:
- Granite Edvance receives and verifies all your required documentation.
- You consent to your Granite Edvance interest rate offer.
- All your loan documents are signed by all parties, including you, your cosigner if you have one, and Granite Edvance.
- A request for certification is sent to your school’s financial aid office. Your school will confirm that you’re enrolled. They’ll also verify the requested loan amount based on your cost of attendance, and establish the disbursement dates for funds to be sent directly to the school.
- School name and branch (if applicable)
- Estimated loan amount
- Two personal references, including name, address, phone number (your references can’t share an address with anyone else listed on the application)
- Employer and income information/documentation
- Government-issued ID
- Social Security card
Private loan program info
Yes. Your loan amount can be as much as your cost of attendance, less any other aid (COELA). Your cost of attendance is set by the financial aid office at your college or university. It may include costs like housing expenses and book fees. Once your loan application has been submitted and approved, your school’s financial aid office will certify the loan and determine how much you’re eligible to borrow. If you have additional expenses that you’d like to include, we recommend telling your financial aid office before you submit your loan application.
No! We do not charge any fees for application or origination.
Yes. You or your cosigner (if you have one) must have an individual gross (before tax) income of at least $30,000.
A fixed interest rate is set for the life of your loan, and won’t change over time. A variable rate changes depending on the economy. This means your monthly payments can increase or decrease over time.
You’re eligible if you:
- Are a U.S. citizen or permanent resident who is a New Hampshire resident, or are a student that is attending a NH-based, Title IV, degree-granting college or university, and
- Meet our credit income requirements, or have a cosigner who meets our requirements.
Yes. The minimum amount you can borrow is $1,000 per academic year. The maximum loan amount will be determined by the financial aid office at your school. Your financial aid office sets a cost of attendance (COA) each year. You’re eligible to borrow up to that amount, less any aid you receive. There is also an overall borrowing maximum of $200,000.
Not necessarily. Depending on your credit history, you may be eligible to get a loan without a cosigner. However, if you include a cosigner to your loan application, you may be more likely to be approved, and may get a lower interest rate.
Private loan repayment info
Yes. A cosigner release happens when your cosigner is removed from your loan. This is allowed if you meet all of the following requirements:
- Your account is in current standing.
- You’ve made at least 24 months of consecutive & on-time payments.
- You have a FICO (credit) score greater than 749.
- Your gross income is at least $30,000
- You don’t have any foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments, or other public records with an open balance over $100 during the last seven years.
- You’re not currently involved in bankruptcy proceedings.
- You haven’t filed for bankruptcy during the past 10 years.
- You haven’t defaulted on any education loans.
Granite Edvance Student loans are not eligible for student loan forgiveness. In the tragic circumstance of a borrower’s death, the Granite Edvance Student Loan would be discharged. This would happen even if a cosigner remained on the loan. Please note that relevant state laws may apply as it pertains to total and permanent disability.
If you sign up for automatic debit, your monthly payment will not be reduced. But your monthly finance charge is reduced. This lowers the total amount you’ll repay toward your loan.
If you chose immediate or interest-only repayment, you’ll need to start making monthly payments as soon as the first disbursement (transfer of money) is made for your loan. If your loan is separated into multiple disbursements, your monthly payments will start 30-45 days after we make the first disbursement to your school.
No. There is no prepayment penalty.
If you’re struggling with your monthly loan payment, contact our servicing team. We’ll work with you. If you’re enrolled at least half-time, you may be able to postpone your payments with an in-school deferment. If you qualify for an economic hardship deferment or a discretionary forbearance, your payments can be postponed.
You can sign up for automatic debit when your loan enters repayment. You cannot sign up for automatic debit if your loan is in a deferment, grace period, or forbearance.
If you choose immediate or interest-only repayment, you’ll need to start making monthly payments within 30-45 days of the first disbursement (transfer of money) for your loan.
You can set up automatic debits from your checking or savings account. It’s fine if there are additional account holders on your account. Automatic debits are set up with our servicer, Firstmark Services.
You are! Interest starts to accrue, or grow, as soon as the first disbursement is made on your loan. When your loan enters repayment, or any forbearance or deferment periods end, this accrued interest will be capitalized, or added to your total debt. All accrued interest is the responsibility of the borrower. You can pay accrued interest at any time.