Federal student loans follow U.S. Dept of Education guidelines, and usually offer fixed and lower interest rates compared to private student loans. However, federal loans, unlike most private loans, have borrowing limits, which may not allow a student to borrow enough to cover the entire cost of education. Private loans can help students fill the funding gap between the cost of attending school and the amount of federal loans, grants, and available scholarships a student receives. Both private and federal student loans typically allow students to defer payments while in school. Unlike federal loan programs, private lenders generally assess the credit history of the borrower and cosigner before making a loan.
The minimum you can borrow is $2,500.00. The maximum you can borrow is the certified amount determined by your school — up to $15,000.00 for undergraduate students and $15,000.00 for graduate students. The school certified amount is typically the Cost of Attendance (COA) less any other financial aid received.
Not all educational institutions are eligible for our program. Unfortunately, we do not offer financing if the school you’re attending isn’t on our eligibility list.
We send the funds directly to the school. The actual date of loan disbursement is determined by your school.
Yes! SouthPoint offers both private student loans and refinance student loans.