Core Features

• Flexible loan amounts: Borrow what you need up to the school-certified cost of attendance, subject to credit approval and lending limits.
• Repayment options: Multiple repayment plans allow you to make interest-only payments while in school, defer payments until after graduation, or begin full repayment immediately.
• Fixed and variable rates: Choose between predictable fixed rates or potentially lower variable rates, depending on your preference.
• Cosigner availability: Applicants with limited credit history can apply with a cosigner to improve approval chances and access more favorable terms.
• Grace and deferment options: A grace period and deferment for certain qualifying situations can ease the transition from student life to repayment.
• No prepayment penalty: Pay off your loan early without facing additional fees, reducing overall interest costs.

Benefits for Students and Families

Choosing a private student loan from Eastern Bank provides several advantages for borrowers who need supplemental funding beyond scholarships, grants, and federal loans:

• Access to funds quickly: Streamlined processing helps students obtain necessary funds in time for tuition deadlines and other educational expenses.
• Personalized borrowing: Multiple term lengths and repayment strategies let borrowers tailor financing to match career plans and expected income after graduation.
• Potentially competitive rates: Interest rates are designed to be competitive in the private lending market and vary based on creditworthiness, loan terms, and whether a cosigner is used.
• Support for various educational programs: Loans may be available for undergraduate, graduate, and professional programs as well as for certificate and continuing education courses, depending on eligibility.

Eligibility and Requirements

While specific eligibility criteria may vary, typical requirements include:

• U.S. citizen or eligible non-citizen status
• Enrollment at an eligible institution at least half-time
• Proof of identity and enrollment documentation from the school
• Demonstrated ability to repay the loan; applicants with limited credit history may apply with a cosigner
• Minimum credit and income thresholds, as determined by underwriting standards

All loans are subject to credit approval and program terms. Specific eligibility details and documentation requirements are provided during the application process.

Loan Terms and Repayment Options

The Private Student Loan offers a range of loan terms to align with borrowers' financial goals:

• Short- to medium-term lengths: Terms may range from a few years up to a decade, depending on the loan program chosen.
• Repayment while in school: Borrowers can choose interest-only payments during enrollment to keep balances from growing excessively.
• Deferred repayment: For those who prefer to postpone payments, deferral options allow repayment to begin after leaving school or dropping below half-time enrollment.
• Immediate repayment: Start full payments right away to minimize total interest cost over the life of the loan.

Monthly payment amounts depend on the loan amount, chosen interest rate type, term length, and the repayment plan selected. Borrowers are encouraged to compare projected payment scenarios to choose the most comfortable and cost-efficient option.

Application Process

Applying for a Private Student Loan with Eastern Bank typically follows a straightforward sequence:

1. Complete an application providing personal, enrollment, and financial information.
2. Submit required documentation to verify identity, enrollment status, and cost of attendance.
3. Underwriting evaluates creditworthiness; applicants may be asked to provide additional information or a cosigner.
4. Upon approval, the loan is finalized and funds are disbursed directly to the educational institution and/or borrower according to school procedures.

Processing times vary, so it's recommended to apply well in advance of tuition due dates. Potential borrowers should prepare necessary documentation in advance to accelerate approval.

Managing Your Loan

Eastern Bank provides digital and account management tools to help borrowers track balances, make payments, and plan for repayment. Account management features commonly include:

• Online loan statements and payment scheduling
• Alerts and reminders for upcoming payments
• Options to change repayment plans or request temporary relief when eligible
• Customer support to answer questions about billing, payoff amounts, and account status

Comparing Private and Federal Student Loans

Private student loans can be a valuable supplement to federal aid but differ in important ways:

• Federal loans: Often offer income-driven repayment plans, broad deferment options, and may qualify for loan forgiveness under certain programs.
• Private loans: Typically depend on credit and may offer more flexible borrowing amounts or faster access to funds; they may not carry the same borrower protections as federal loans.

Consider maximizing federal aid before borrowing privately, and review the full terms and protections associated with each option.

Tips for Responsible Borrowing

• Borrow only what is needed to minimize long-term debt burden.
• Compare repayment scenarios to understand total interest costs across terms and rate types.
• Explore scholarships, grants, work-study, and federal loans first.
• Consider a cosigner to obtain lower rates if your personal credit is limited, and plan for how responsibilities will shift if the cosigner is released later.
• Keep thorough records of enrollment and loan documents to support any future requests for deferment or account changes.