Frequently Asked Questions

1. How can I apply for loans with Access Group?
2. What is e-signature and how does it work?
3. How much can I borrow?
4. Do you offer loans for international students?
5. How long will it take to process my loan (or get my money)?
6. Where will my loan funds be sent once I'm approved?
7. When do I have to pay this loan back?
8. Is a credit check required for my loan?
9. Can I get a better rate if I apply with a cosigner?
10. I have been denied credit. What can I do?
11. I know my credit is not that great. Can I apply with a cosigner/endorser up-front?
12. Can my cosigner/endorser apply online?
13. Can a sponsor apply online?
14. Can my cosigner/endorser or sponsor e-sign the loan agreement?
15. What are the costs associated with my loan?
16. What's LIBOR?
17. I'd like my mother/father/spouse to be able to get information about my loans. How can I do that?
18. Can I get pre-approved for my loans?

E-signature is a secure, electronic process you can use to sign your loan application. If you choose to e-sign, you will not have to sign and return a paper copy of your application. This can speed up processing time, and you may receive your disbursement quicker.

You can e-sign Federal Stafford and PLUS Loans. You must be registered for and signed into My Account to e-sign your loan agreement. Only complete applications may be e-signed; you will not be able to e-sign your application until all missing data has been provided.

To e-sign Federal Stafford and PLUS Loans
You will need your Federal Student Aid (FSA) PIN. This is the same PIN you use to fill out the Free Application for Federal Student Aid (FAFSA). During the e-signature process, you will be redirected to the Student Authentication Network – a secure Web site that will verify your identity using your FSA PIN. You can retreive a forgotten FSA PIN at http://www.pin.ed.gov.

If you choose NOT to e-sign
If you choose not to e-sign at the end of the online application process, if you apply over the phone, or if your school initiates your application, you may return later to e-sign. To do so, log into My Account. You will be able to access applications and e-sign through the My Account Main Menu.

Federal Stafford Loan
For the Federal Stafford Loan, the federal government places annual and aggregate loan limits on individual student borrowers. The aggregate limit is the total amount each student, in the span of his/her education, can borrow.

For graduate and professional students, the combined annual loan limit for subsidized and unsubsidized Federal Stafford Loans disubrsed on or after July 1, 2007 is $20,500 (of which $8,500 can be subsidized loans). Your school will certify how much you can borrow in accordance with the established budget for students at your school. You can borrow up to the amount your school certifies or this annual limit, whichever is less. The aggregate maximum for the subsidized Federal Stafford Loan is $65,500. The aggregate maximum for a combination of both unsubsidized and subsidized Federal Stafford Loans is $138,500.

Note: Higher limits on the unsubsidized Federal Stafford Loan may apply to certain health professions students. Ask your financial aid administrator.

Federal PLUS Loans
Federal PLUS Loans have no annual or aggregate limits. You can borrow up to the cost of attendance, minus other financial aid, as certified by your school.

Private Loans
Private loans are temporarily unavailable from Access Group. We expect to be able to offer private loans in the next several weeks. Please contact me when these loans become available.

Federal Loans
Your loan funds will be delivered to your school and will be disbursed according to the schedule they set.

Federal Stafford Loans
Repayment on Federal Stafford Loans begins 6 months after you graduate or are no longer enrolled at least half time in a degree program.

Federal PLUS Loans
Repayment on Federal PLUS Loans begins immediately after the final disbursment. Graduate PLUS borrowers are eligible for an in-school deferment and may request a six-month forbearance after graduation to align the start of repayment with the Federal Stafford Loan. Parent PLUS borrowers may request forbearance of up to 5 years while the student is enrolled.

Access Group Private Loans
Repayment on most of our private loans begins 9 months after you graduate or are no longer enrolled at least half time in a degree program.

For the Comprehensive Access Loan repayment begins 9 months after you graduate or cease to be enrolled, or 10 years after the first disbursement of your loan, with no grace period, whichever comes first.

For the Sponsored Access Loan (in which case a sponsor borrows on behalf of the student), repayment begins 9 months after the student graduates or ceases to be enrolled in the original program of study, or 5 years after the first disbursement of the loan, with no grace period, whichever comes first.

Some loan programs offer special deferment periods, for circumstances such as participating in a required medical or dental residency. Make sure to check your loan terms for details.

Federal Stafford Loans
No credit check is required for Federal Stafford Loans.

Federal PLUS Loans
A credit check is required for the Federal PLUS Loan, however, the credit criteria is less stringent than for most other private student loans.

Access Group Private Loans
A credit check is required for Access Group Private Loans. To qualify for most Access Group Private Loans on your own, you must earn a minimum credit bureau score. If you do not meet the minimum credit bureau score, you may be eligible to apply for the loan with a qualified cosigner, in which case you will automatically be sent a cosigner application.

No. Access Group's cosigner option is designed to provide access to loans for those borrowers who can't qualify for credit on their own. Your application is first considered based on your credit review alone. If you don't meet Access Group's minimum credit bureau score, you may be eligible to apply with a cosigner. If you are eligible for this option, we will automatically send a cosigner application to you.

You can order a copy of your credit report by calling the credit bureau listed in your denial letter. Report any errors by calling the bureau and each reporting creditor who has listed incorrect information. You have 60 days from the initial denial date to resolve any errors and submit a detailed letter requesting reconsideration by fax, mail, or e-mail. Details about the fax number, address, and e-mail for reconsideration will be included in your denial letter.

To find out how to clean up your credit report, check out our WiseBorrower Tutorials on credit. These online tutorials covering a number of credit-related topics, including credit repair.

You can't apply with a cosigner or endorser up front. Your application is first considered based on your credit review alone. If you don't meet the credit criteria for your loan, you may be eligible to apply with a cosigner or endorser. If you are eligible for this option, we will automatically send a cosigner or endorser application to you.

A sponsor can apply online using Easy Loan Application. The sponsor should have the following information available to complete the application:

• His or her driver's license number
• His or her gross monthly income
• His or her current employer's address and phone number
• The names, addresses, and phone numbers of two references at different U.S. addresses
• The student's full name, valid U.S. Social Security number, and date of birth
• The name of the student's school and program of study
• The loan amount being requested
• The beginning and ending dates of the student's enrollment period
• The student's enrollment status (i.e., at least half time or less than half time)
• The student's anticipated graduation date

Federal Stafford Loans
Fees:
Origination: 1.0-1.5% based on disbursement date*
Federal Default Fee: As low as 0% **
Interest Rate: 6.8%. See loan terms for more information.

*Note: Loans with first disbursement dates prior to July 1, 2008 will be assessed an origination fee of 1.5%.  Loans with first disbursement dates on or after July 1, 2008 will be assessed an origination fee of 1%.  This origination fee will be deducted from each disbursement.

Federal PLUS Loans
Fees:
Origination: 3%
Federal Default Fee: As low as 0% **
Interest Rate: 8.5%. See loan terms for information.

**Note: This fee is charged by the guarantor of your loan to protect against loan defaults and ranges from 0-1%, depending on the guarantor used by your school.  This fee will be deducted from each disbursement, if applicable.

Access Group Private Loans
See loan terms for specific rates at your school.

LIBOR (London Interbank Offered Rate) is a financial index on which interest rates are set. Access Group uses the three-month LIBOR to set interest rates on its private loans. View the current LIBOR index.