Boarding School Loans

Another important way to obtain financial help for your education is Boarding school Loans. There are many institutions that offer loans, which are called lenders. The most famous is K-12 education Loan.

Loan programs assist many families in making tuition payments more affordable. They spread payments over a longer time which is more confortable for parents. Most of these loans are based on credit and have different conditions depending on the program and institution. The school can help you to find a loan, just check with the admission or financial aid office and they will give you a list of recommended loan providers.

School loan is a good financial opportunity for parents to invest in their children academic future. This opportunity help many students to be able to access to higher learning options. Some types of loans are alternative loan, Federal, Private and PLUS.

Loans vary depending on the type of loan you receive. Some lenders look for a family with a good credit history. Others offer low or high interests .Other Lenders look for the number of properties or economic position of the family.

The repayment is also different between loan programs, some demand to start paying inmediately school starts, others let one period with no payments, others don't let you finish payments before the period they gave you.

School Loan Programs are provided by companies such as banks, credit unions or loan companies. There is a big variety of companies but sometime it makes more difficult the process of choosing.

Make sure to check the pros and cons of each lender. See which ones offer lower interest or allows short periods to pay and if they start after finishing the school. Here is a list of some of the most well known loan companies and the programs they offer:


Wachovia is a Bank that offer 2 types of school Loans Private and Federal Loans. The first is provided with the governement and the second is called Education Loan which gives you many benefit if you are applying to a boarding school

Bank of America:

The Bank of America offers 2 types of programs too Campus One and Private BofA Student Loans which is divided in School Certified Loans and Non - Certified Loans.

Wells Fargo:

Offers the following programs Federal Wells Fargo Student Loans, Wells Fargo Collegiate Loan,Education Connection Loan By Wells Fargo, Wells Fargo Student Loans For Parents.


Offers the Private Citibank Student Loans which includes many benefits such as:
  • Low interest rates.
  • Application online.
  • No payments in school.
  • Borrow the amount you need.
  • Lower interests by up to 0.75% for good payers.

Key Bank:

Offers Federal and Private Key Bank Student Loans, the private key bank offers 3 options more key Alternative Loans, The Achiever Loan, The Key Career Loan.

There are some important aspects in order to choose the right lender and a one of those is the APR, which means Annual Percentage Rate, be sure you understand the terms and conditions on how this metric is calculated.

Follow the tips below if you are looking for a boarding school loan:
  1. APR:

    The Annual Percentage Rate is the interest rate for a loan. It can vary among lenders so read carefully the terms when calculating it.

  2. Preliminary Approval:

    Contact the lender to know whether the program offer information about if you qualified or not, maybe by phone or internet.

  3. Repayment:

    Keep an eye on the Repayment period. When it starts and how often you have to pay it.

  4. Loan Limits:

    Make sure that the amount you are being offered to borrow will be enough, it's possible to change the lender after a year so maybe you have to think on changing it, find out the maximum amount you can borrow and what you need in order to obtain it.

  5. Interests:

    The variation of interests depend on the lender so find out how often it increases maybe annually, every repayment.

The following are some websites where you will find school loans: