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Your Tuition SolutionSM is designed specifically for paying K-12 educational expenses.
| Your Tuition Solution | SLM | |
|---|---|---|
| Program Design | Expecially for K-12 Education | College loan format |
| Fixed Payments | Yes (fixed rates) | No (can change monthly or quarterly) |
| Supplemental fee | None | 2% - 9% (based on credit) |
| Length of loan | 18 to 84 months | Up to 15 years |
| Prepayment penalty | None | No, but supplemental fees can add to the APR/ total cost of prepayment |
| Total Interest Paid | Less than longer term loans | More because term is longer |
Most other education loans are based on the college student loan model which is retrofitted to the tutoring market. They are similar to a mortgage, with variable interest rates, supplemental fees, and relatively long terms, up to fifteen years.