STUDENT FINANCING PLANS
CERTIFICATE PROGRAMS

SLM FINANCIAL CORPORATION, 
A SALLIE MAE COMPANY

CAREER TRAINING LOAN PROGRAM

SLM FINANCIAL CORPORATION FINANCING

ESI provides access to SLM Financial, a Sallie Mae finance company that was established specifically to help students enrolled in distance learning, continuing education and technical or trade schools to finance their education through its Career Training Loan Program.  Students attending school full or part-time are eligible to apply. 

KEY LOAN FEATURES:

• On-line application offers decisions almost immediately upon application!
• SLM FINANCIAL CORPORATION offers reasonable approval rates for applicants.
• Co-borrower removal policy where borrower may apply to have the co-borrower removed from the loan after 24 on-time consecutive payments of principal and interest subject to the borrower meeting the credit requirements.
• Interest Rates and Supplemental Fees are based on Credit History.
• SLM Financial Corporation offers competitive interest rates.
• Flexible Repayment Term Options with  no penalty for early pay-off.
• Loans can include the cost of allowable expenses for Resident Training in Colorado.

INTEREST RATES AND SUPPLEMENTAL FEES

For the Career Training Loan, the Interest Rate and Supplemental Fees are based on borrower's and co-borrower's credit history. Supplemental Fee is a one time charge similar to Points in a home mortgage loan.

LOAN LIMITS

The Career Training Loan provides financing for tuition and education-related expenses such as travel, food and lodging. If the applicant is applying for tuition, he or she may be eligible to apply for additional money for education-related expenses up to 60% of the tuition amount or $6,000, whichever is less.  

• Minimum loan amount of $1,000
• Annual Maximum: Cost of education minus other aid.
• Aggregate:  None

DISBURSEMENT OF LOAN TO SCHOOL

ESI has arranged with Sallie Mae for the tuition loan to be disbursed in two payments, the first covers the cost of the Distance Education courses, and the second is disbursed when the student is ready to attend Resident Training or immediately afterwards. 

CO-BORROWER REQUIREMENT

Creditworthy co-borrowers are required for borrowers with no credit or less than fair credit.  Co-borrowers must meet the credit criteria established by the lender and must provide proof of their income with the application, and proof of their identity. 

Once borrower makes the first 24 consecutive, on-time payments of principal and interest, the borrower may apply to release their co-borrower. Borrowers must pass a credit review at the time of the release.

There are significant advantages to having a co-borrower. By applying with a creditworthy co-borrower, borrowers can be approved for the CTL even if they have no credit or poor credit.  When the co-borrower's credit score is higher than the borrower's, the borrower receives an interest rate and fee that is one tier below the co-borrower's pricing tier. 

APPLICATIONS:

Students can obtain a Career Training Loan application in a number of ways:

• You can apply online by visiting www.slmeducationloans.com, clicking the State of Colorado, entering ESI's  name and school code. TO OBTAIN THE SCHOOL CODE NUMBER,  CALL ESI NATIONAL OFFICE TO SPEAK WITH FONDA HOLYBEE, DIRECTOR OF DISTANCE EDUCATION.
• Call Fonda Holybee at the ESI National Office 800 874-0888 for status confirmation and follow-up. If you are Denied or Pended, you will need our assistance. Fax a copy of your application to ESI office: 1 970 625-9044.
• Students can obtain hard copy applications by calling the ESI office and requesting a Fax copy.     TO GET INFORMATION ABOUT ON-LINE APPLICATION PROCESS FOR STUDENT LOANSSLM FINANCIAL’S CAREER TRAINING LOAN PROGRAM, CLICK HERE:

  SLM FINANCIAL’S CAREER TRAINING LOAN PROGRAM ON-LINE APPLICATION

ESI NO INTEREST FINANCING

A last resort alternative to SLM Financial Corporation Career Training Loan is a no interest  financing of the tuition for the academic component of the training directly through the school.  ESI will provide interest free tuition financing for Distance Education, but the student must appreciate that no interest financing of the courses is delivered at the rate of payment.  ESI will accept cash payment for the Distance Education component of the programs or it will accept an $850 deposit with a minimum $225 per month payment schedule.