Our Step-By-Step Process
Generally 100% of the process can be completed online. You'll typically get an initial credit decision in seconds,
but the whole process can take a bit more time. See below for more details about each step.
When you apply, we'll ask you for some basic information like your address, the school you're attending, the amount of funding you need, some income information and a personal reference. After that, you're only a few check boxes away: agree to let us pull your credit, let us know if you want us to email your documents to you, and then we will provide you with important information to help you learn about your loan options1. Make sure you read everything and double-check your answers, then click submit.
Once you submit, we automatically pull and review your credit and application information so we can give you a credit decision quickly. In the meantime, you can check your loan status by logging into your account or calling one of our raise^ private student loan representatives at 800-218-4541800-218-4541.
Once you you have passed the initial credit review, we'll show you the loan options you qualify for1 so you can pick the options that suit you best. See how different loan terms (the time you have to pay the loan back) and repayment types (how you repay the loan) affect your interest rate, monthly payments, and overall anticipated cost of your loan within the application.
We'll ask you for a few more pieces of information to confirm the finer details of your loan—like your (or your cosigner's) income. Upload your documents to your account by selecting the file and loading it (just like you change your profile picture on social media), or you can always send physical copies through the mail—you'll find instructions on how to do this within the application. Our team of raise^ private student loan representatives will review your information and let you know if we need anything else from you. You can always check your loan status by logging into your account or calling one of our raise^ private student loan representatives at 800-218-4541800-218-4541.
The application process helps protect you from unnecessary debt. That's why we have schools verify your loan amount. They can either accept the amount or change it. Once your school certifies your loan, we're good to go!
When the school has certified your loan, you'll get an email telling you it's time to accept your loan. You just have to log in, double-check that your selections are what you want, and then book your loan. After you book your loan, you still have three days to cancel. Then the funds are sent directly to your school—no more work for you!
1 Any applicant who applies for the loan the month of, the month prior to, or the month after their graduation date, as stated on the application or certified by the school, will only be offered the immediate repayment option.
2 0.25% interest rate reduction applies when full payments (including both principal and interest) are automatically drafted from a bank account. Interest rate reduction(s) will remain on the account unless (1) the automatic deduction of payments is stopped (including during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan.
3 The variable interest rate currently ranges from % – % (APR % – %). The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index (published on the 25th day, or the next business day thereafter, of the month immediately preceding such calendar month, and rounded up to the nearest 1/8th of one percent) to your margin. Margins currently range from %-%. The current One-month LIBOR index is % on . LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). The interest rate will be determined after you apply. The variable interest rate and Annual Percentage Rate (APR) depend upon (1) the student’s and cosigner's (if applicable) credit histories, (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. If approved, applicants will be notified of the rate qualified for within the stated range. The variable interest rate will increase or decrease if the One-month LIBOR index changes, but will never exceed 16%. Rates and terms effective for applications received on or after . Interest will begin to accrue as of the first disbursement date.
4 The legal age for entering into contracts is 18 years of age in every state except Alabama (19 years old), Nebraska (19 years old, only for wards of the state), and Mississippi and Puerto Rico (21 years old).
5 Make interest only payments while student is enrolled at least half time in a Title IV eligible school. Principal payments will begin the earlier of six months from the date on which the student graduates or falls below half time at a Title IV eligible school, but no later than 66 months from the first disbursement date. Interest will begin to accrue as of the first disbursement date.
6 The initial credit review is based on all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report (and any cosigner’s credit report). If you pass the initial credit review, documentation will be requested to verify your identity and annual income. A signed Loan Packet, including the Credit Agreement, Approval Disclosure and Applicant Self-Certification Form is required before a final loan decision is made. Your school will be required to certify the loan amount for the upcoming academic year/semester prior to disbursement.
7 Payment examples (all assume a 45-month deferment period and a six month grace period before entering repayment): 5 year term: $10,000 loan disbursed over two transactions with interest only repayment a 5-year repayment term (60 months) and a % APR would result in a monthly principal and interest payment of ; 7 year term: $10,000 loan disbursed over two transactions with interest only repayment a 7-year repayment term (84 months) and a % APR would result in a monthly principal and interest payment of ; 10 year term: $10,000 loan disbursed over two transactions with interest only repayment a 10-year repayment term (120 months) and a % APR would result in a monthly principal and interest payment of .
8 Length of grace period may be shorter than six months for students enrolled in school for longer than 60 months. The immediate repayment option does not have a grace period.
9 Making interest only payments while in school will not reduce the principal balance of the loan. Interest will begin to accrue as of the first disbursement date.