At this time our student loans have a limit of $5,000. These loans are targeted at new students who have recently moved to the U.S. with the intention of helping with initial expenses and to help build a credit history. The most common use of loans is: help with tuition fees, rental deposits, living expenses, buying a car, buying a laptop etc.
Because out student loans max out at $5,000, students using the loan for tuition often take a second loan with us.
Students must meet the criteria listed below to be eligible to apply for a second loan with us:
- You never missed a payment with the previous loan
- Meaning you were never delinquent
- You are halfway through your loan term (not just loan amount)
- If you pay off half of your loan sooner than half of the loan term, you will still have to wait for 50% of the term to be eligible for another loan application
- You don't have more than 2 loans outstanding with Stilt
The new loan application will be considered independently of the previous loan. We can not guarantee that you will get the same or lower interest rate. While we do consider your previous loan history with us, we still take all factors (such as visa, income, job stability etc.) into consideration.
Many borrowers take a loan with us for 12 months to help with tuition, once they are 6 months into their loan term, and have made on-time in full payments, they apply for a second loan with us.