Frequently asked questions
How long does it take to apply for a Think student loan?
Applying for a Think student loan is fast and simple. Filling out our online application takes about 15 minutes, or, if you prefer, apply over the phone by calling 1.800.350.8060.
What information do I need to apply for a Think student loan?
Before you get started with your application, it's a good idea to review the questions and make sure you're prepared with answers about yourself or your co-signer.
- Personal information
- Your full name
- Social Security number
- Date of birth
- Name of the school you will be attending
- Contact information
- Home address (no P.O. Boxes)
- Length of time lived there
- Home telephone number
- Employment information
- Employer's name
- Occupation/position
- Length of time worked there
- Employer's telephone number
- Credit information
- Gross income (If applying with a co-signer, you do not need to provide income information for yourself.)
- Sources of additional income
- Amount of additional income
- Monthly rent/mortgage payment (include home equity payments)
- Loan default/bankruptcy status (Have you or your co-signer ever defaulted on a student loan or declared bankruptcy?)
- Personal references (If applying with a co-signer, you each need your own, separate references.)
You should also have the same information for the co-signer. Additionally, applicants will be asked if they have ever defaulted on an education loan or declared bankruptcy.
Are there any application deadlines for a Think student loan?
No. You can apply for a Think student loan whenever you need funds.
How will I know if I've been approved for a Think student loan?
You can check your loan status online or by calling 1.800.350.8060.
What if my school is not listed as a participating school?
Please call 1.800.350.8060 to confirm the eligibility status of your institution. If your school is not approved, there are dedicated representatives that can speak with your school's financial aid office and guide them through the approval process.
Do I have to apply with a co-signer?
Your chances of being approved for a Think student loan improve if you apply with a qualified co-signer. And a co-signer with excellent credit can even help you secure a reduced interest rate and loan fees. If you would like to apply without a co-signer, you must meet four key criteria:
- Unless you are retired, you must have a satisfactory employment history for at least the last two years (if you are self-employed, you must have been in business for at least the last two years),
- You must have proof of current positive income (if you are self-employed, your business must also have a net positive income for the last 2 years),
- You must have at least 21 months of credit experience and a satisfactory credit history,
- You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous two years, and
- You must have resided at your most current and immediately preceding addresses for a total of at least one year.
How much can I borrow with a Think student loan?
You can borrow from $1,500 - $40,000¹ per year based on the estimated cost of attendance at your school and loan type. Each student can borrow up to a lifetime maximum of $130,000.
When will I receive my funds?
We've designed our loan process to help students receive their loan proceeds as quickly as possible. With our online application, downloadable credit agreement and fax-back option, you could receive funds in as little as 5 business days after your conditional approval.
How is the interest rate determined for a Think student loan?
The interest rates for all Think student loans are based on the London Interbank Offered Rate (LIBOR) Index plus a margin based on the loan type. For more information and the current interest rate, click here.
How long do I have to repay my Think student loan?
The maximum repayment term is 20 years. Click here for important APR information.
Is there a penalty for pre-paying a Think student loan?
No, there are no pre-payment penalties associated with Think student loans.
What are private student loans, exactly?
Here are some detailed explanations for private student loans and alternative student loans.
¹ 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 determined that the annual cost of attendance exceeds $30,000). Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000.
