Kindergarten through Post-Graduate Loan for Parents
The AchieverLoan®1 and AchieverLoan DirectSM 1 have been designed to help parents and sponsors pay education expenses for students attending K-12 private schools.
To provide you with a choice, the AchieverLoan is disbursed directly to the school, while the AchieverLoan Direct is disbursed to you, the borrower. Compare these private student loans and select the option that is right for you.
Private Student Loan Benefits
- Pricing that rewards good credit
- Generous private student loan limits
- Quick credit decisions for online and phone applicants
- Easy annual renewal process with our Master Loan Note2
AchieverLoan Rates
| AchieverLoan | AchieverLoan Direct | |
|---|---|---|
| Rates | 7.30% to 10.80% | 7.43% to 11.11% |
| APR | 7.30% to 10.80% | 7.43% to 11.11% |
Refer to the Loan Detail tab for full disclosure
AchieverLoan Repayment Example
| Loan Amount | Term in Years | Monthly Payment | APR | Total Cost |
|---|---|---|---|---|
| $10,000 | 20 | $81.35 | 7.80% | $19,524.00 |
| $15,000 | 20 | $122.03 | 7.80% | $29,287.20 |
| $20,000 | 20 | $162.70 | 7.80% | $39,048.00 |
| $25,000 | 20 | $203.38 | 7.80% | $48,811.20 |
| $30,000 | 20 | $244.05 | 7.80% | $58,572.00 |
AchieverLoan Direct Repayment Example
| Loan Amount | Term in Years | Monthly Payment | APR | Total Cost |
|---|---|---|---|---|
| $10,000 | 20 | $82.17 | 7.94% | $19,720.80 |
| $15,000 | 20 | $123.25 | 7.94% | $29,580.00 |
| $20,000 | 20 | $164.33 | 7.94% | $39,439.20 |
| $25,000 | 20 | $205.41 | 7.94% | $49,298.40 |
| $30,000 | 20 | $246.49 | 7.94% | $59,157.60 |
Sample monthly payments assume:
- An interest rate of 7.80%, which rate was calculated using the 3-Month LIBOR index in effect for 7/08, 8/08 and 9/08; the actual 3-Month LIBOR rate in effect for this time period is 2.80%
- Two disbursements
- AchieverLoan – There are no loan fees; AchieverLoan Direct – A loan fee of 1% is added to each disbursement
- The loan will go into repayment immediately after the initial disbursement
- This is a variable rate loan: the APR and your monthly payment may increase or decrease during the life of the loan
AchieverLoan and AchieverLoan Direct Comparison
| AchieverLoan | AchieverLoan Direct | |
|---|---|---|
| Loan Fees3 | None | As low as 1.00%, but may be up to 2.00% |
| Annual Percentage Rate3 | As low as 7.30%, but it may be up to 10.80% | As low as 7.43%, but may be up to 11.11% |
| Annual Loan Maximum | Cost of attendance less other financial aid received | Up to $30,000 and provide a copy of tuition bill |
| Disbursement | Private student loan funds are disbursed directly to the school on scheduled due dates | Private student loan funds are disbursed directly to the borrower |
AchieverLoan and AchieverLoan Direct Detail
| Eligibility | Parent or sponsor of student attending a KeyBank-approved K-12 private school. Both U.S. citizens and permanent residents are eligible to apply. Either the applicant or the co-applicant must be a U.S. citizen. |
|---|---|
| Interest Rate Index | 3-Month LIBOR + Margin |
| Interest Rate Margin3 | As low as 4.50%, but may be up to 8.00% |
| Interest Rate Adjustment | Variable, adjusted quarterly |
| Minimum Loan Amount | $2,000 |
| Aggregate Loan Maximum | No pre-determined limit |
| Repayment Start | 15-45 days after initial disbursement |
| Repayment Term | Up to 20 years depending on amount owed. |
| Monthly Payments | $50 minimum |
| Prepayment Penalties | None |
| Master Loan Note2 | Sign a promissory note just once for the life of the loan with an easy annual renewal process available if funds are needed for future years of education |
Before You Apply
You will need the following information to successfully complete the application process.
Applicant and Co-Applicant (if applicable) information:
- Name and address
- Date of birth
- Social Security Number
- Employment information
- Gross monthly income
- Housing costs and information
- Personal reference contact information
- Amount you want to borrow3
Student Information
- Name
- Date of Birth
- Social Security Number
School Information:
- Name of the school
- Academic period covered by loan
- Expected graduation date
1 All private loans are subject to credit approval. Product terms and conditions are subject to change at lender's discretion.
2 Eligibility for use of the Master Loan Note is subject to maintaining a satisfactory credit history. Availability of the Master Loan Note is subject to change at lender's discretion.
3 You may borrow up to the cost of education minus any other financial aid received. If you need assistance determining the amount you need to borrow, please contact the financial aid office at your school.