Finance your eCornell University Certificate through SLM Financial, a Sallie Mae Company. Apply and get approved online for competitive interest rate loans. Contact an eCornell Enrollment Counselor for complete details.

Description
SLM Financial, a Sallie Mae Company, offers Career Training Loans for every eCornell certificate program. SLM Financial Career Training Loans have interest rates and fees that reward good credit. Now, more than ever before, a certificate from Cornell University is within your reach.

	Apply Online for an SLM Financial Loan

	Apply online for your SLM Financial Loan.

Eligible Borrowers: U.S. Citizens or permanent residents, of legal age in their residing state or on active duty in the military. The borrower must meet established credit requirements and have all outstanding student loans in good standing.

Loan Amounts: Loans are available for the full amount of your certificate program, with a minimum of $1,000.00.

Loan Period: You may select a loan term of up to 15 years and may prepay your loan amount at any time without penalty.

Rates and Fees: Interest rates and loan fees are based on the borrower's and co-borrower's (if applicable) credit history. Interest rates are variable (monthly) and based on the Prime Rate plus a spread. A loan fee is added to the loan principal at disbursement.

Rates and fees for a non-deferred loan are:

The Prime Rate is the consensus rate published by the Wall Street Journal based on a survey of the 30 largest banks. For more information on the WSJ Prime Rate, please see Bankrate.com.

Application and Loan Process: The eCornell loan application is available online through SLM Financial Open Net system. Once you submit your application online, you will receive a response within 30 seconds. You will be advised if your application has been approved, is pending, denied with the opportunity to re-apply with a co-borrower, or denied.

If your application is approved, eCornell will be immediately notified and you may contact your Enrollment Counselor to schedule your courses.

If your application is pending, your loan will be forwarded to SLM Financial's underwriting department for further review. Once a decision has been made, you will be notified by email. If your application is approved, you may contact your Enrollment Counselor to schedule your courses.

If your application has been denied with the opportunity to reapply with a co-borrower, you will be emailed information on how to add a co-borrower to your application with one hour.

If your application has been denied, please contact your Enrollment Counselor to inquire about other funding alternatives for your eCornell certificate program.

How Is My Credit History Assessed?
Your Credit History is assigned a rating based on your FICO Score. For more information on how FICO scores are calculated, please see http://creditscoreguide.org/fico.htm

Your Interest Rate and Loan Fees are based on the following:

What Else Does SLM Financial Look At In Assessing My Credit History?
In addition to your FICO score, SLM Financial will want to see that you are employed and have a gross annual salary that can support loan repayment. Your salary should be at least 2.5 times your loan amount.

SLM's assessment will also take your available credit into account. You should have at least three open lines of credit, including one line of unsecured credit equal to 60%-70% of the loan amount.

What is a Co-Borrower and Should I Apply With One?
A co-borrower is a person who agrees to become liable for the repayment of the loan in the event that the primary borrower is unable to repay their loan.

There are many benefits to applying with a co-borrower, and many applicants choose to make their initial application with a co-borrower even if they will qualify on their own. Some of the advantages of applying with a co-borrower are:

• By applying with a co-borrower, you may be eligible for a lower interest rate or reduced loan fees. If the co-borrower's credit rating is better than the primary borrower's, the loan will receive an interest rate one tier above the co-borrower's tier. This will result in lower monthly payments and less interest paid over the term of the loan.
• You have a better chance of being approved immediately if you initially apply with a co-borrower, enabling you to start your certificate program faster.
• If you have limited or below-average credit, applying initially with a co-borrower and being approved will assist you in establishing or reestablishing credit in the future.

You should plan on applying with a co-borrower if you:

• are unemployed
• have limited or no credit history
• have a poor credit history, including several delinquencies on accounts
• a high debt to income ration
• have not reestablished a credit history since having a bankruptcy discharged
• have any charged off accounts

Who should I Select as My Co-Borrower?
Your co-borrower should be someone you know well and meets all the eligibility requirements of the primary borrower. They must meet the eligibility requirements of the primary borrower and be credit worthy.

How Can I Release My Co-Borrower From My Loan?
SLM Financial allows you to apply to remove your co-borrower from their obligations if you make your first 24 payments of principle and interest on time. SLM Financial will review your credit worthiness at that point in time and, if approved, your co-borrower will be removed from the loan.

What Are My Repayment Options?
Repayment begins 30 days after the first loan disbursement. Borrowers have up to 15 years to repay the loan and may prepay at anytime without penalty. There are 3 repayment options:

1. Standard monthly repayment of principal and interest beginning 30 days after the first disbursement. The minimum monthly payment of principal and interest is $30.
2. Interest-only repayment while you are actively enrolled in an eCornell certificate program. Interest and principal payments begin once your program ends.
3. $10 deferred repayment for up to 12 months*. The $10 payment is applied toward the interest that accrues on the borrower's account during the deferment period. Unpaid interest will be added to the borrower's principal balance at the end of the deferment period. The borrower will then pay interest on the higher principal amount. Standard repayment of principal and interest begin once the class enrollment period ends.
   *A deferred loan will receive a higher interest rate and fee.

Deferred Loan Fees and Interest are calculated as follows:

How Will The Interest Be Calculated On My Loan?
Your monthly payment will be calculated based on the variable interest rate, which is calculated as the Prime Rate plus a spread based on your credit.

The Annual Percentage Rate (APR) is the cost of your credit as a yearly rate. It incorporates the variable interest rate, any supplemental fees (loan fees) assessed when your loan is taken out, and accrued interest, which builds up during a deferment period.

The APR is not used to calculate your monthly payments. The APR may be higher than your variable interest rate if you had a loan fee assessed and/or deferred your payments.

I Am An International Student. Can I Apply for a SLM Financial Loan?
Students who do not qualify due to residency or citizenship issues may have any eligible person apply for the loan on their behalf. This person would become the primary borrower, would have to qualify, and would be responsible for repayment of the loan.