FAQs:
Can I get a post-secondary education loan and wait to pay you back until I graduate?
- No, repayment for traditional loans, including education loans, generally begins the second month after you get the loan. However, for post-secondary students (those in college, trade school, or graduate or professional school), if you or the student you borrowed for are in school and provide proof of enrollment, you may pay as little as $50 per month.
Can I get a post-secondary education loan each year that I’m in school?
- You can have only one loan at a time. So you can apply for and get a new loan each year only if you pay off your previous loan first.
Who can use the reduced payment plan for post-secondary education loans?
- We offer this plan for any loan related to post-secondary education, that is, for college, trade school, graduate school or professional school, as long as the loan is intended to help pay for post-secondary education expenses.
How many co-signers (guarantors) do I need?
- Up to $2,500: one co-signer;
- $2,501-$5,000: two co-signers;
- $5,001-$7,500: three co-signers.
How much will I have to pay each month?
- That depends on the amount and type of your loan. For most of our traditional loans, the repayment is never more than $200 per month. For loans under $5000, it’s less.
How do I apply?
- Click here to start the application process. Once completed, a representative from HFL will get in touch with you to explain the next steps.