The Monticello Student Loan - Photo

The Monticello Student Loan

Looking for a smart way to pay for your private college education? It's here.

The smart way to handle the high cost of college.

It’s not uncommon for college costs to be a whole lot more than you first expected. Because paying for college goes far beyond tuition and room and board. That’s why it makes sense to borrow only as much as you need and no more. And once you have it, to use it only for what it’s intended: education-related expenses. That’s what a Monticello Student Loan is all about. That’s what smart borrowing is all about.

Here is a partial list of the things your Monticello Student Loan can and can’t be used for. Use it as a guideline.

Yes, You Can

Tuition
Room & Board
Lab Fees
Computer
Travel home
Studying abroad

No, You Can’t

Car payments
Laundry/Dry Cleaning
Doctor’s visits
Spring break
Extra dorm furniture
Athletic tickets

The Monticello Student Loan is the smart alternative to a standard government loan or high-interest credit card debt. As a private student loan, it’s funded by a private financial institution, so you can use this student loan for more education-related expenses: books, lab fees, room and board, travel home, and more.

A Monticello Student Loan lets you:

  • Apply only for the amount you need ($1,500 yearly minimum)
  • Borrow up to $40,000 per academic year1
  • Apply online
  • Get preliminary approval in as little as 15 minutes
  • Receive your check in about a week
  • Save up to 0.50% on interest by setting up automated payments2

The Monticello Student Loan is available for Undergraduate, Graduate/Professional, and Continuing Education programs.

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  1. Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where the annual cost of attendance has been determined to exceed $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000.
  2. The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a savings or checking account. The interest rate reduction will begin when automatic principal and interest payments start, and will remain in effect as long as automatic payments continue without interruption. This reduced interest rate will return to contract rate if automatic payments are cancelled, rejected or returned for any reason. Upon request, borrowers are also entitled to an additional 0.25% interest rate reduction if (1) the first 36 payments of principal and interest are paid on time, and (2) at any time prior to the 36th on-time payment, the borrower who receives the monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 36th payment. The reduced interest rate will not be returned to contract rate if, after receiving the benefit, the borrower discontinues automatic electronic payment.