{"id":10897,"date":"2024-08-30T13:49:34","date_gmt":"2024-08-30T17:49:34","guid":{"rendered":"https:\/\/www.bu.edu\/finaid\/?page_id=10897"},"modified":"2024-09-26T09:49:42","modified_gmt":"2024-09-26T13:49:42","slug":"credit-based-loans","status":"publish","type":"page","link":"https:\/\/www.bu.edu\/finaid\/graduate-students\/credit-based-loans\/","title":{"rendered":"Credit-Based Loans"},"content":{"rendered":"<p><span>When considering a student loan, we urge you to compare loan terms, interest rates, and repayment options to determine the best fit for your circumstances. Before applying for a private credit-based loan, be sure to consider your <a href=\"https:\/\/www.bu.edu\/finaid\/graduate-students\/federal-direct-loans\/\">federal student loan options<\/a> and compare <a href=\"https:\/\/studentaid.gov\/understand-aid\/types\/loans\/federal-vs-private\">private credit-based loans to the Graduate PLUS loan<\/a>.<br \/>\n<\/span><\/p>\n<p><span>We encourage you to use <\/span><a href=\"https:\/\/www.credible.com\/a\/bostonuniversity\"><span>Credible.com<\/span><\/a><span> to research private credit-based loan options. Credible is a free online loan selection tool that allows you to compare prequalified rates, terms, and eligibility rules side-by-side in just a few minutes. With your approval, Credible will pull a soft credit inquiry\u2014which will not affect your credit score\u2014but will enable you to compare the actual interest rates you qualify for at multiple lenders. Your information will be<\/span> <span>secured by Credible with <\/span><a href=\"https:\/\/www.credible.com\/security\"><span>256-bit encryption technology<\/span><\/a><span> and we encourage you to review Credible\u2019s <\/span><a href=\"https:\/\/www.credible.com\/privacy\"><span>privacy policies<\/span><\/a><span> in more detail if you have any questions.<\/span><\/p>\n<p><span>While requesting prequalified rates on Credible is free and does not affect your credit score, applying for a loan will involve a hard credit check that impacts your credit score. Likewise, closing a <\/span><span>loan will result in costs to you. You are not required to borrow from any of the lenders on Credible and there is no penalty for selecting a lender that is not listed on Credible.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Law School students<\/b><span>\u2014The <\/span><a href=\"https:\/\/www.credible.com\/student-loans\/law-school-loans\"><span>Credible process for bar loans<\/span><\/a><span> may include a hard credit inquiry which will be reflected in your credit history<\/span><\/li>\n<li aria-level=\"1\"><b>Medical\/Dental students<\/b><span>\u2014The <\/span><a href=\"https:\/\/www.credible.com\/student-loans\/medical-school-loans\"><span>Credible process for Medical\/Dental loans<\/span><\/a><span> may include a hard credit inquiry which will be reflected in your credit history<\/span><\/li>\n<\/ul>\n<p><span>If you are interested in applying for a credit-based loan, it\u2019s advised that you do so no more than 90 days prior to the start of the enrollment period.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><a href=\"https:\/\/www.bu.edu\/finaid\/how-aid-works\/types-of-aid\/loans\/credit-based-loans\/private-education-loan-applicant-self-certification\/\"><span>Private Education Loan Applicant Self-Certification<\/span><\/a><span> (required for all private loan applications)<\/span><a href=\"https:\/\/www.bu.edu\/finaid\/how-aid-works\/types-of-aid\/loans\/credit-based-loans\/glossary-of-terms\/\"><span><\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>When considering a student loan, we urge you to compare loan terms, interest rates, and repayment options to determine the best fit for your circumstances. Before applying for a private credit-based loan, be sure to consider your federal student loan options and compare private credit-based loans to the Graduate PLUS loan. We encourage you to [&hellip;]<\/p>\n","protected":false},"author":11151,"featured_media":0,"parent":10111,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/10897"}],"collection":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/users\/11151"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/comments?post=10897"}],"version-history":[{"count":9,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/10897\/revisions"}],"predecessor-version":[{"id":11101,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/10897\/revisions\/11101"}],"up":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/pages\/10111"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/finaid\/wp-json\/wp\/v2\/media?parent=10897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}