Loan and Payment FAQs:
1. Can I Pay the Loan Early Without Any Penalty?
You can repay your loan early without incurring any penalties or additional interest for the remaining term.
2. How Much Interest Will I Pay in Total?
The loan carries a fixed interest rate. The total interest you will pay depends on your loan amount and repayment period, which you can review in your loan agreement.
3. Can I Pay the Cash Collateral in Installments or Less Than the Required Amount?
Unfortunately, the cash collateral amount is non-negotiable and must be paid in full. However, there are programs with lower collateral requirements. Please refer to our guide for information on the minimum collateral required for the programs we support.
4. Will Passage Pay My Collateral to the School Directly?
Passage will directly pay the tuition fee to the school by the agreements we have with our partner institutions.
5. How Will I Receive the Cost of Living From Passage?
The cost of living, as per your signed agreement, will be transferred to your bank account. Payments are made during the first week of each month, starting from the week of your class start date, for 12 months.
Example: If your class starts on January 6, your first cost of living payment will be made that same week.
6. What’s the Detailed Repayment Schedule?
For detailed information about your loan repayment schedule, please refer to your loan agreement. You can also use the loan estimator tool to get an idea of the breakdown of your repayment terms.
7. What Happens If I Cannot Gather the Cash Collateral on Time?
If you are unable to gather the required cash collateral by the deadline:
Offer Extensions and Deferrals: Passage can assist applicants by facilitating offer extensions or deferrals to a later intake. You can learn more about the extension process here.
How to Request a Deferral:
Contact Passage support at [email protected] to initiate your deferral request.
Application Closure: If the required collateral cannot be raised, the application will be closed by Passage’s withdrawal and closure terms.
It’s important to act promptly and explore available options to avoid disruptions to your application process.