iPEC’s Loan Program was created in partnership with a Credit Union.
- The loan amount (which can be taken out for tuition purposes only) is repayable over a 10 year period.
- Full or partial payments of principal may be made at any time with no prepayment penalties—meaning you can pay the loan off as quickly or slowly (up to 10 years) as you choose to.
- The variable interest rate is extremely competitive.
- The lender will provide specific information on rates and discounts for automatic payments.
- Loan payments may be deferred until after Module III of the program. (However, repayment will begin six months after graduation.)
- Students have the option of paying interest during the deferment period or of having interest added to the principal balance.
- Additionally, if needed, you may apply for a credit card line of up to $2,000 to defray non-tuition expenses such as travel. These payments are not deferred and would be due monthly.
- You must join the credit union (with as little as a $5.00 deposit) to be able to apply for a loan.