GATE Student Loan Program: Guaranteed Access To Education (GATE) is a nonprofit private student loan program offered through participating schools in conjunction with Bank of America, Bank of Boston, and the National Collegiate Trust (NCT).
Undergraduate international students can borrow under this program with a creditworthy US citizen or permanent resident as cosigner.
The interest rate is the 91-day T-Bill rate plus 3.10%. There is a 3% loan fee.
There is a 15 year repayment period. There are no payments during full-time enrollment.
Interest continues to accrue during the in-school deferment period, but is capitalized only once at the end of the deferment period.
Repayment begins after the student graduates or drops below full-time enrollment.
There is no penalty for prepayment of the GATE loan.
The loan can be repaid in full or in part at any time, with payments being applied first to accrued interest, then to the principal.
Payments made before interest capitalization are applied directly to the principal.