Can loan be borrowed to cover past due college bill?
Yes, for bills up to six months past due; student must be currently enrolled or a recent graduate. • Pre-payment penalty: None LOAN SERVICER First Mark Services of Minnesota PROS AND CONS OF THE CITIZENS TruFit LOAN Pros: No fee; six month grace period; forbearance option for graduate school attendance; low interest rate margin for those with excellent credit. Cons: This is a tiered pricing loan, as the margin over the interest rate index is determined by the creditworthiness of the co-signer or student; the lower the margin the better. Be sure you know what your margin over the interest rate index is before you sign the promissory note. Short repayment term may mean larger monthly payments, depending on the amount borrowed.
