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Interest-Free Loans

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Don't pay interest on your education loan

When you take out a loan of any kind, you usually end up paying back more than what you borrowed because of interest charges. With an interest-free loan from Central Scholarship, you will pay back only what you borrow.

Benefits of Our Interest-Free Loans

No interest fees or hidden costs

10-year graduated loan repayment plan

Save money compared to an interest-bearing federal or private loan

Can be deferred if a student goes back to school full-time

The Lowdown on Loans

$26,458

is the average amount spent on college per year

53%

of students take out Federal or private loans to cover expenses

4.5% - 6%

average interest rate means students pay back significantly more than they borrowed

$47,671

average U.S. household student debt

Look How Much You Could Save Over 10 Years if You Didn’t Have to Pay Interest!

Federal Student Loan

  • 5.05% Interest
  • $25,000 Borrowed
  • $266/mo Payment over 10 years
  • $32,000

    Total Repayment

Interest-Free Loan

  • 0% Interest
  • $25,000 Borrowed
  • $208/mo Payment over 10 years
  • $25,000

    Total Repayment

You Save $7,000!


How do I apply?

Our application for interest-free loans is open from January 1 to April 1 each year for undergraduate, graduate, or professional students. Competitive students typically have a GPA of 2.8 or higher and may request up to $10,000 per year. Students receive a 6-month grace period after graduation before payment starts. The loan can be deferred if a student decides to go back to school.

Eligibility

  • Maryland resident
  • Have a 2.8 GPA to be competitive
  • U.S. citizen or permanent resident
  • Plan to attend an accredited college, university, or community college in the upcoming academic year