It is available for undergraduate and professional study. You borrow up to the cost of education less financial aid annually, or choose the convenient credit line option. The program offers a low variable interest rate. A Nellie Mae education loan is designed for parents, grandparents or other creditworthy relatives of undergraduate or graduate students. An unsubsidized federal loan program for parents of dependent undergraduates.
Parents can borrow up to the cost of education less other financial aid received by the student.
Repayment of principal and interest begins on a monthly basis while the student is in school. The government will pay all interest during the in-school period, and principal repayment is not required while the student is in school. Students can borrow between S2,625-18,500 depending on year of study. Under this program, the government will not pay any of the interest during the in-school period. However, students may opt to defer payment until they leave school.