RMSP is not a federally accredited school, therefore our students do not qualify for Federal Aid (FAFSA). Students registered for our Career Training Program have the option to apply for a Career Training Smart Option Student Loan^® offered through Sallie Mae. With the Career Training Smart Option Student Loan^®, you can borrow up to the full cost of your education. Designed to help you graduate with less student loan debt and help you pay it off faster, the Career Training Smart Option Student Loan^® requires making interest-only payments while in school and during the six-month separation period to avoid capitalized interest. A creditworthy cosigner may also help you qualify and/or receive a lower interest rate.

Eligibility

• U.S. citizens attending an eligible school.
• International students are eligible with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and appropriate U.S. Citizenship and Immigration Service documentation.
• You must meet current credit and other eligibility criteria.

Loan Application Details

• Students may apply for the Career Training Smart Option Student Loan after January 1, 2012.
• Students must officially be registered in the Career Training Program prior to applying for the loan.
• Students must contact the RMSP office to receive important information about the application process.

Features

• Easy online application with fast credit decision and electronic signature (“eSign”) available.
• 24/7 online account management.
• No prepayment penalty.
• You may be able to deduct the interest you pay on a qualified student loan.

Benefits

• Pricing that rewards creditworthy borrowers.
• A creditworthy cosigner may help you qualify and/or receive a lower interest rate.
• Apply for a cosigner release after successful completion of your education.
• Choice of interest-only or fixed monthly payments of $25 required while in school and during the six-month separation period to avoid capitalization of interest and lower the overall cost of the loan.
• A 0.25 percentage point interest rate reduction is available for automatic debit.

Loan Limits

• $1,000 minimum loan amount.
• Borrow as much as you need to pay for your tuition and expenses, up to the cost of attendance as certified by your school and confirmed by Sallie Mae.

Interest Rate

• Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate.
• The Career Training Smart Option Student Loan has interest rates that reward good credit. Interest rates are variable and are reset monthly based on the one-month LIBOR Index.

Repayment

• Choice of the Fixed Repayment Option to make monthly payments of $25 while in school and during the six-month separation period or the Interest Repayment Option to make interest only payments while in school and during the six-month separation period.
• Consider making principal and interest payments while in school to lower the amount you must pay back.
• Principal and interest payments begin following the six-month separation period.
• Prepay your loan at any time without penalty.

Fees

• Disbursement fee of zero to 5%.
• No repayment fee.