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Understanding Financial
Aid
ProMedia Training has partnered
with SLM Financial
to help you get the funding you need for your
training and success in the audio industry. Students
are typically approved within 48 hours for a loan
that provides 100% of the cost of your education
and up to an additional 60% that can be used for
extra expenses like travel, lodging or even a
new Pro Tools system.
You can apply for these loans
with no obligation to start your training with
ProMedia. Applying is easy, and approval can be
earned in as little as 2-3 days. Apply today and
you can be enrolled within a week.
 We
employ a full time Financial Aid staff designed
to help you find the financing you need. Give
us a call at (888)277-0457
x88 or email
our financial aid adviser to work through
the application process.
Unsecured Credit based
loan
- 15-Year Term
- Variable Rate from Prime
to Prime+6% (6% to 12% as of 2/08)
- Interest rate is based on
your and your co-borrower’s credit worthiness
- Deferred payments of only
$10 up to 12 months after start date
- For most students, Co-borrower(s)
are required.
- 24 month co-borrower release
option
- No prepayment penalty
The qualities of an ideal
applicant and/or co-borrower are below. To better
understand these qualifications and get help on
finding an ideal co-borrower, give our financial
aid department a call Monday through Friday 11am-7pm
EST at (888)277-0457
x88.
Ideal Applicant or Co-
Borrower Applicant
- US Citizen or
Green Card holder
- 650 Minimum FICO
Score
Credit score ranges from 300 to 850, and synthesizes
your credit history into one number that a lender
can use to quickly approximate your credit risk
relative to other people. SLM relies more heavily
on the FICO score of your co-borrower than your
own. Call us and we will give you yours.
- Income Documentation
Your and/or your co-borrower will have to document
his/her income by providing a Form W-2 and most
recent paystub. If your co-borrower is self-employed,
an IRS 1040 tax return may be requested.
- Debt Ratio of
less than < 50%
The monthly payments due to current creditors
are less than 50% of the monthly documentable
income for your co-borrower.
- 5 Year Credit
File
This means that you and/or your co-borrower
has some combination of mortgage payments, credit
card payments, car payments, educational loans,
etc. extending back 5 years. Typically, this
means your co-borrower will need to be over
25 years old with a solid payment history.
- No Bad-Credit-Risk
Items
Finally, your co-borrower’s credit report
must not contain any of the following: Bankruptcy,
Foreclosure, Repossession, Unpaid Tax Liens,
Active Wage Garnishment, Student Loan Delinquency
or Default, 90+ Day Delinquent in the past 36
months
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