Fondo Futuro :: Private Student Loans FAQ

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FAQ :: Private Student Loans

As you determine the best way to finance your education, you should consider the full range of student financial aid options available. Private loans, like the Fondo Futuro private student loan, can be used either alone or when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of education.

1. Will applying with a cosigner help me get approved for a private student loan?
Definitely! Your chances for receiving approval for a Fondo Futuro private student loan drastically increase with a qualified cosigner. A strong cosigner with a good credit history can even qualify you for lower rates and reduced fees!

2. Do I have to use a cosigner?
You may apply without a cosigner if you meet our two years continuous employment and residency requirements and you have at least 21 months of credit experience and a satisfactory credit history. Employment will be verified and you will need proof of current income.

3. What happens if my school is not on the participating school list?
Most schools are on the list. If it is not, please email us at help@FondoFuturo.com regarding the eligibility of your institution. We will even speak to your school’s financial aid office for you to discuss ways for them to get on the participating school list.

4. The application requires that I know my enrolment status. What if I don’t?
The best way to determine your enrollment status is to contact your school’s financial aid office.

5. How much can I borrow?
Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where it has been determined that the annual cost of attendance exceeds $30,000). Borrowers in Continuing Education programs may borrow annually up to $30,000.

6. How quickly will I receive my private student loan?
If the student chooses our online application, downloadable credit agreement and faxes this form back, one can receive a private student loan in as little as 5 business days!

7. Where does Fondo Futuro send the Check?
Not to the school, but directly to you the student.

8. Can I pay my loan back early without a penalty?
Of course you can. You can even pay back your loan before you even graduate.

9. How long can I take to repay?
Fondo Futuro private student loans require a $25 minimum monthly payment and come with a 20-year repayment term. Click here for important APR information.

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This webpage was designed to assist Hispanic/Latino students, who are seeking financial aid, pay for their college education with grants, scholarships, and loans (both Federal Stafford and private). We provide a full guide of financial tools which can be used to determine your options in paying for college.