programs, technical programs and vocational programs. The loan allows for tuition and extra expenses such as room and board. Rates and fees for this loan are based on the FICO credit score of the applicant or if applicable the co-borrower, whichever is higher.

Loans are available for the full amount of the certificate program and / or a minimum of $1,000. Allowable extra expenses are based on 60% of the amount of the loan and capped at $6,000, whichever is less.

FICO Credit Score and Rates Applied:

Excellent Credit Above 730 Prime + 0 to 1%

Good Credit 700-729 Prime + 3 to 4%

Fair Credit 670-699 Prime + 5 to 6.5% (close look at history)

Higher Risk 585-669 Denied with option for co-borrower

Limited Credit Availability Below 585 Possible approval with co-borrower-varies

No Credit File Zero Denial

Co-borrowers:

A student may apply with a co-borrower up front, which increases their chance of approval and increases their chance to get a desirable rate. If a borrower makes their first 24 payments on time, upon written request they may apply to drop their coborrower off the loan.

Repayment Options:

Vary. The length of the loan repayment can be up to 15 years. Deferment options are available allowing the applicant to make $10 per month payments during the in-school period. Interest only monthly payments are available as well and consist of the amount of interest on the principal amount each month. There is a minimum of $30 per month with this option.

Loan Amounts:

The SLM loan will cover all of a students tuition expenses. SLM will also allow a student to borrow up to 60% (or a cap of $6,000, whichever is less) over the loan amount for educational related costs.

Application Process:

Log on to www.slmfinancial.com

Click on ‘SLM Education Loans' and then under ‘Career Training Loans' click 'apply now'.

Choose WA as the state and find Pacific Maritime Institute in the drop down box.

The school contact name will be Jenny Fowler

Enter your personal information requested

Follow the instructions as you apply.

In the loan information section on this page you will put the total loan (including the extra expenses - if any)

In the second box you will put in the tuition amount only (i.e. $27,000) and the third box the extra expense amount (i.e. $6,000) - PMI will need to verify the amount and the tuition must be exact for verification.

For the 'repayment term' requested you may put in as much as 15 years.

Choose the repayment option of your choice and for how long you need it (up to 24 months)

Anticipated graduation date would be the end of the program

In the school disbursement top boxes only enter the exact tuition amount and the first day the program begins.

The approval process can take anywhere from 30 seconds to a few days, depending on your credit score.

If an applicant is denied they will receive the response in the mail. The school will receive the notification via email and will send the applicant an e-mail to notify them.