(LifeWire) - Your Tuition Solution Private School K-12 Loans Basics:
Your Tuition Solution private school K-12 loans feature fixed-rate loans for families whose children are attending private, parochial and military schools. The loans are managed through Springstone Financial LLC. Loan recipients can incorporate each new tuition bill into the payment plan already in place. The terms can also be extended. Your Tuition Solution provides loans for more than 12,000 schools.
Qualifying for Your Tuition Solution Private School K-12 Loans:
To be eligible, a parent or legal guardian must have a child attending a primary or secondary private school, earn at least $18,000 a year, have no overdue payments for any other major loans, and no bankruptcy within the previous three years. Families must also prove that they spend less than half of their income paying down debt.
Applying for Your Tuition Solution Private School K-12 Loans:
Families can apply online at www.yourtuitionsolution.com or by calling (800) 920-9777, and generally receive a decision within 24 hours. The application takes about five minutes to fill out. Aug. 31 is the deadline for the upcoming school year.
Repaying Your Tuition Solution Private School K-12 Loans:
The first payment deadline is 45 days after the loan agreement is signed. Written check or automatic bill pay both work. Loan recipients receive a coupon book detailing the installment schedule. Rates begin at a fixed 5.99%. The tradeoff is that short-term fixed rates entail higher payments but less payout over the length of the loan. The longer-term programs feature lower installments, but you'll usually pay more over the long haul. Refund policies for school withdrawal differ by each institution, but any refund would be applied directly to the account.
