In partnership with TERI, The Education Resource Institute, Sea|mester is able to offer prospective students the ability to fund their Sea|mester experience through student loans.
TERI promotes access to education at all levels for students of all ages and backgrounds. Founded in 1985, TERI is a nonprofit organization with two primary programs. Through their loan programs, TERI has helped over one million students access loans to pay for their education. TERI guarantees private education loan programs, and is the most experienced and largest nonprofit guarantor of private education loans. TERI private education loans are offered by over 30 highly respected institutions and are available at more than 6,000 schools, colleges, and universities nationwide. TERI loan programs offer:
- Competitive interest rates
- Convenient application process
- Preliminary approval in as little as 15 minutes if applying by Web or phone
- Loan disbursement can be scheduled in as few as five business days
- No application fees or other out-of-pocket fees
Additionally, TERI Loans can be used for the following purposes:
- Tuitions and Fees
- Books and Supplies
- Room and Board
- Other education-related expenses
- Transportation to and from the program
LOAN TYPES
Depending upon your voyage choice, funding needs and academic credit expectations, the following loan options are available...
1. Undergraduate Loan
Through TERI, students may apply for an Undergraduate Loan.
1.1 Eligibility
US Students: Students are eligible for a TERI Guaranteed Undergraduate Loan if they are:
- An undergraduate student enrolled and accepted for a Sea|mester Voyage.
- Enrolled at least half-time (defined as 6 credits or more) with the Florida Keys Community College for Sea|mester academic classes.
Most students will require a Co-signer as additional credit requirements include:
- Have an employment history of at least two years (if self-employed, have been in business for at least two years);
- Have proof of current income;
- Have a satisfactory credit history of at least 21 months;
- Have resided at current and immediately preceding addresses for a total of at least 12 months; and
- Be a U.S. citizen or permanent resident and has resided in the U.S. for the previous 2 years.
International Students: International students must apply with a qualified co-signer. Interested International students should contact TERI’s Customer Service at +1.617.422.8810 for details on additional required documentation.
1.2 Borrowing Limits
The borrowing limits for a TERI undergraduate Loan are as follows:
- Maximum: $25,000.00
- Minimum: $1,000.00
1.3 Loan Partners
TERI has many partners in the education loan market. Their network of highly respected partners allows borrowers and schools to choose a loan, lender, funding method, and repayment plan that best meet their needs.
1.4 Repayment Options
Students have one of three repayment options to choose from to fit their financial situation and education plans.
Option 1 - Immediate Repayment-For Maximum Savings Over the Life of the Loan.
Pay principal and interest beginning approximately 45 days after funds are disbursed.
Option 2 - Interest-Only Repayment-For Lower Monthly Payments While in School.
Defer principal and pay only interest while students are enrolled in school for up to 4 consecutive years (up to 5 years if enrolled in a 5-year program). Interest payments begin approximately 45 days after disbursement. Repayment of principal and interest begins approximately 45 days after graduation or when students cease to be enrolled at least half time.
Option 3 - Deferred Principal & Interest Repayment-For No Monthly Payments While in School.
Students make no payment while they are in school for up to 4 consecutive years (up to 5 years if you are enrolled in a 5-year program). Repayment of principal and interest begins approximately 180 days after graduation or when they cease to be enrolled at least half time. Interest that accrues during the in-school deferment period is capitalized at the time their loan enters repayment.
2. Continuing Education Loan
A Continuing Education Loan helps students enrolled on a less than half-time basis.
2.1 Eligibility
US Students: Students are eligible for a TERI Guaranteed Undergraduate Loan if they are:
- An undergraduate student enrolled and accepted for a Sea|mester Voyage.
- Enrolled for less than half-time (defined as 5 credits or less) with the Florida Keys Community College for Sea|mester academic classes.
Most students will require a Co-signer as additional credit requirements include:
- Have an employment history of at least two years (if self-employed, have been in business for at least two years);
- Have proof of current income;
- Have a satisfactory credit history of at least 21 months;
- Have resided at current and immediately preceding addresses for a total of at least 12 months; and
- Be a U.S. citizen or permanent resident and has resided in the U.S. for the previous 2 years.
International Students: International students must apply with a qualified co-signer. Interested International students should contact Sea|mester on +1.941.924.6789 for details on additional required documentation.
2.2 Borrowing Limits
The borrowing limits for a Continuing Education Loan are as follows:
- Maximum: $15,000.00
- Minimum: $1,000.00
2.3 Loan Partners
TERI has many partners in the education loan market. Their network of highly respected partners allows borrowers and schools to choose a loan, lender, funding method, and repayment plan that best meet their needs.
2.4 Repayment Options
Students applying for a Continuing Education Loan will make no payment until six months after the end of the voyage.
HOW TO APPLY FOR A TERI LOAN
Student wishing to apply for a student loan should first contact our Florida Office to discuss the various loan options and then apply directly on the TERI website at www.teri.org. From here, enter the Loan Center and then click “Apply for a Loan”. A direct link to their Loan Center is as follows: http://www.teri.org/loan-center/teri-lenders.asp?id=1
1: Students first need to select the Loan Partner. This is the bank that will be providing the funds, however, this bank plays little or no role in the application procedure so we suggest that you simply select a bank that you are familiar with.
2: Once the Loan Partner has been selected, click on the “Apply Now” link and then select to start a new application.
Step 1
- Select “College / University Tuition and /or Expenses” for the Application Request
- Select “USA” for country
- Select “Florida” for state
- Select “ Seamester” for the name of the approved school
Step 2
- Select “Undergraduate” for the Grade Level
- Select either “Full time” or “Less than Half Time” for the Enrollment. This is a critical selection. It is at this point that will determine whether you will be applying for an Undergraduate Loan or a Continuing Education Loan. As a result, different options, loan amounts, interest rates and repayment options will be offered to you.
- Select “All Majors” or “All Others” for the Major. Enter the loan amount requested.
Step 3
The Enrollment status entered in Step 2, as well as the loan amount applied for, will determine the options of this next step. Any loan type must be for a minimum of $1000. Continuing Education Loans have a $15,000 maximum whereas the Undergraduate Loan appears to offer loans of $35,000 plus to our students. If a student asks for too much or too little for the loan type selected then they will be prompted to reselect their options in Step 2.
- Select the Loan Product from the drop down menu. This will either be an Undergraduate Loan or a Continuing Education Loan as defined by the previous selections.
- Select the Lender. There will be only one option here as this selection was effectively already made when selecting the Loan Partner.
- Select the desired Repayment Option. There will be three options if applying for an undergraduate loan (Full Deferral, Immediate Repayment or Interest Only) and only one if applying for a Continuing Education Loan (Full Deferral).
- Select the Credit Preference. Most students will need to apply with a Credit-worthy Co-signer.
Step 4
Complete the Loan Application using the Sea|mester voyage dates to define the academic period. At this point students must also enter the Co-signers information. Once complete, the application will be processed and the Co-signer notified in order to complete his / her portion.
Please visit the TERI website or contact the Sea|mester office for more details.
CONSORTIUM AGREEMENT BETWEEN SEAMESTER / FKCC AND YOUR HOME INSTITUTION
Many of our past students have been able to utilize scholarships and loans that they have secured through their home institution via a consortium agreement with the Florida Keys Community College and Sea|mester. For more information on this we suggest that students talk directly with their financial aid office at school then contact us for specific details.
