Unfortunately, Student Loan Daddy is not currently offering any direct private student loans.
Fortunately, you can apply for a private student loan from one of our trusted partners.
Click here for more information.
There are no application fees or origination fees for a Student Loan Daddy Private Student Loans. There may be a repayment finance charge depending on your (or your co-signer’s) creditworthiness, as determined by the Lender. This repayment fee would be assessed at the time that your Private Loan goes into repayment. Applying with a creditworthy co-signer may help you qualify for a lower repayment fee, if any.
The interest rates on Private Student Loans are variable rates based on the one-month LIBOR index, as published in The Wall Street Journal. Your variable rate will be calculated by adding the current one-month LIBOR index to a margin and then rounding up to the nearest 0.125%.
The margin used to calculate your variable rate will depend on your (or your co-signer’s) creditworthiness, as determined by the Lender. The current margin ranges from 2% to 8%. Applying with a creditworthy co-signer may help you qualify for a lower margin and thus a lower interest rate.
Your interest rate will fluctuate as the one-month LIBOR index changes, resetting on the first day of every month, based on the one-month LIBOR index in place on the 25th day of the previous month. A change in your interest rate may result in a change in your monthly payments. Any increase in the one-month LIBOR index will result in an increase in your interest rate, which, in turn, will result in higher monthly payments and/or an increase in your number of scheduled payments.
Any accrued interest will be added to your principal balance and capitalized only once, at the time that your Private Loan enters repayment.
Please note that the actual rates and fees on a Private Loan will vary depending upon the borrower’s (or co-signer’s) credit history and other underwriting criteria. Your promissory note and Truth-in-Lending disclosure statement will contain the actual terms and conditions of your Private Loan. Upon receipt of your Truth-in-Lending disclosure statement, it will be up to you to decide whether or not to accept the Private Loan you applied for. If you don’t accept the proceeds of the loan, you’ll owe nothing. If you do accept the proceeds of the loan, you’ll be responsible for repaying the full amount of all disbursements, principal, fees, and applicable interest in accordance with the terms of your promissory note.
Some of our borrowers may have obtained their Private Student Loan under a previous Private Loan program different than the one described above. To view repayment examples and the rates, fees, and terms for Private Student Loans offered previously, please click here.
Since federal student loans generally offer more attractive terms than private student loans, you should always use your federal financing options first. You should only consider taking out a private student loan if you find that, even after your federal loans and grants, your school costs still exceed your available scholarships and financial aid. In that case, a private student loan could provide the remaining money you need.
Student Loan Daddy is a marketer of student loans and is not the lender for the Private Loan. All loans are subject to credit approval. Private Loans may not be available in all states. Borrower benefits, terms, and conditions are subject to change without notice.