Charter One MedAdvantage Loan Borrower Benefits
Charter One MedAdvantage Loan Borrower Benefits
For health professions students
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0.25% interest rate reduction for automatic payment deduction from any bank account.1
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Cosigner release option after 48 consecutive, on-time payments.2
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Competitive rates and fees.3
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Three repayment options available.
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Repayment term of up to 25 years, depending on loan amount.
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Borrow up to the cost of attendance.
How to Apply
Already applied? Check application status.
If you have any questions during the application process, please contact us at 1-800-721-3969. Again, thank you for choosing Charter One!
Eligibility
You qualify for the Health Professions Loan if you are:
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An undergraduate or graduate student in an approved health discipline.
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Enrolled at least half-time in a degree or certificate program (as determined by your school).
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Attending a TERI-approved school (call 1-800-721-3969 to confirm eligibility of school).
You must also meet the following credit guidelines:
If you are applying as a credit-worthy borrower, you or a co-signer must:
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Have a satisfactory credit, residence and employment history of at least 2 years;
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Have proof of current income (If self-employed, have been in business for at least 2 years); and
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Be a U.S. citizen or permanent resident and have resided in the U.S. for the previous 2 years.
If you are applying as a credit-ready borrower, you must:
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Satisfy certain credit criteria, although an established credit history is not required; and
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Be a U.S. citizen or permanent resident who has had a stable residence in the U.S. for the past 2 years.
International Students
International students must apply with a qualified co-signer. Please contact us at 1-800-721-3969 for details on acceptable student visas and other required documentation.
Credit-worthy vs. Credit-ready?
TERI loans to credit-worthy applicants generally carry lower rates and fees than those made to credit-ready applicants. So, if you are credit-worthy or can apply with a credit-worthy co-signer, the cost of your loan might be lower.
Features and Benefits
Interest Rate and Fees
Borrowing Limits
For a credit-worthy applicant, or co-signer (if any), the following borrowing limits apply:
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Borrow annually up to the lesser of $45,000 or the cost of attendance minus other aid (as certified by your school).
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Borrow an additional $12,500 a year for Residency costs with MedAdvantage PLUS option.
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$1,000 minimum loan amount.
If you apply as a credit-ready applicant, the following borrowing limits apply:
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Borrow annually up to the lesser of $25,000 or the cost of attendance minus other aid (as certified by your school).
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Borrow an additional $12,500 a year for residency costs with MedAdvantage PLUS option.
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An aggregate maximum borrowing limit of $142,500. Limit is $225,000 for dental and medical students.
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$1,000 minimum loan amount.
Disbursement
Repayment Terms
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Take up to 20 years to repay (up to 25 years for loans of $40,000 or more).
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No prepayment penalties.
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Minimum monthly payment as low as $25.
Repayment Options
Deferring Principal and Interest Payments During School
Make no payment while in school for up to 6 years. Repayment of principal and interest begins approximately nine months after you graduate or withdraw from school (or are enrolled less than half time). Interest that accrues during the deferment period will be added to principal at the time you begin repayment.
Qualification
Approval for the loan programs listed above is based on a student's good credit standing. If the student does not have any credit or, has low credit, a cosigner may be required. The cosigner must also have good credit and the proven ability to repay the loan.
When filling out the online TERI Loan application, you'll need the following information:
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Name
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Address
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Phone Number
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Date of Birth
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Social Security Number
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Annual Income (if applicable)
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Employer Name/Phone Number
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Monthly rent or mortgage payment
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Name of school you plan to attend
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Loan amount requested
Value Added Services
Our Student Financial Handbook is a valuable resource for students. It is designed to help with budgeting for expenses and includes money-saving tips and potential tax benefits. It provides comprehensive guidelines for college students on their personal finances and advises them on using their credit options wisely. Simply call 1-800-721-3969 to receive your FREE copy today.
About Charter One
As a leading provider of education financing, Charter One prides ourselves on making education possible for students. We offer education financing products for undergraduate, graduate, professional, continuing education and international students.
For More Information
Contact us today at 1-800-721-3969 for details.
Other Rates and terms available. Please call 1-800-721-3969 for details.
Please click here to return to the Tri-State University Financial Aid page.
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