Foreign Enrolled Loans - Loan Information

Where can I study?

You can study at any approved foreign school. Click here to see the list of schools approved for the Foreign Enrolled Loan.

How do I qualify?

• You must be a US Citizen, or permanent resident with a valid permanent-resident card;

  You must have a co-signer;

• Be at least 18 years old, or the age of majority in your state;
• Be enrolled at least half-time at an eligible foreign institution; and meet our criteria for creditworthiness. If you do not meet our criteria, please consider applying with a creditworthy co-borrower.

What can I use the Foreign Enrolled Loan funds for?

Funds can be used to cover a range of expenses associated with pursuing your foreign enrolled program, including tuition, room and board, transportation and other living expenses.

How much can I borrow?

• Annual minimum of $1,500
• Annual maximum of the lesser of $50,000 or cost of attendance
• Annual maximum of the lesser of $70,000 or cost of attendance for Dentistry, Law, Medicine, Osteopathic and Business School Loan

What is my interest rate going to be?  

Different borrowers receive different rates, depending on your credit, the credit of your co-borrower and your repayment plan.  Rates range from LIBOR + 6.80% to LIBOR + 18.60% (as of August 5, 2008).

In School Rates as low as:

• LIBOR + 6.80% (Immediate Interest and Deferred Principal Repayment)
• LIBOR + 6.80% (Both Deferred Interest and Principal Repayment)

Repayment Rates as low as:

• LIBOR + 6.90% (Immediate Interest and Principal Repayment)
  LIBOR + 6.90% (Immediate Interest and Deferred Principal Repayment)
• LIBOR + 6.90% (Both Deferred Interest and Principal Repayment)

Other Benefits of a Foreign Enrolled Loan

• .25% interest rate reduction if you choose to have your loan payment automatically deducted from your bank account or if you make 48 consecutive on-time payments
• Low minimum monthly payment of $50
• Full deferment and forbearance options available while in school, working towards a residency or internship, unemployed or experiencing an economic hardship, serving in the military or needing an administrative forbearance
• 6-month grace period before repayment begins
• Origination fee as low as 0%
• You can use this loan to cover any education related expenses, including tuition, transportation, computers, books and room and board

Annual Percentage Rate (APR) and Repayment Example - Best Borrower :

If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period, your possible APR and repayment schedules are shown below. Your annual percentage rate may increase or decrease after consummation.

Annual Percentage Rate (APR) and Repayment Example - Mid-Tier Borrower :

If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period, your possible APR and repayment schedules are shown below. Your annual percentage rate may increase or decrease after consummation.

Loan Information | Approved Schools | Apply Now 

Foreign Enrolled Loans funded by Doral Bank FSB

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