NEA Student Loan Program Offers New Parent and Graduate Student Loan Options
NEA Member Benefits is pleased to make available an expanded array of NEA Student Loan Program options that provides NEA members and their families more choices to better meet their education financing needs.
In addition to the NEA® Smart Option (Undergraduate) Student Loan® by Sallie Mae®, a new NEA Parent Loan is now being offered with features as follows:
- For those who wish to give the gift of education—the borrower does not have to be the student’s parent
- The borrower (e.g., parent, grandparent, aunt/uncle, spouse, or other adult) is the primary borrower—the student is not a party to the loan
- Eligible to receive the 0.25% NEA exclusive rate discount after 12 consecutive on-time payments
- Choice of fixed or variable loan rates
- Choose interest-only or principal and interest repayment while the student is attending school
The current NEA Graduate Student Loan has been enhanced with new options:
- Repayment terms and deferral periods that are customizable based on the student’s area and length of study (includes options for MBA, Medical School, Dental School, Health Professions, Law School and more)
- Extended terms and/or grace periods may be available for students whose programs require a much longer time commitment and often higher loan amounts
NEA Graduate Student Loan borrowers are still eligible to receive the 0.25% NEA exclusive rate discount after 12 consecutive on-time payments and have a choice of fixed or variable loan rates.