Scholarships
Social Lending Loans
Scholarships
Karen Pryor Academy (KPA) and various organizations team up to provide a limited number of scholarships to individuals. These scholarships can reduce the cost of tuition for the KPA Dog Trainer Program. Visit the Scholarship Information page for the most current information on scholarship availability.Social Lending Loans
Students seeking financing of their KPA education might consider borrowing through “social” or “person-to-person” lending networks. There are many advantages to pursuing social lending over more traditional forms of student financing (loans through a bank, for example).
- Social lending allows you to tap into a network of peers, family, friends, and/or a larger social network in order to fund the costs of your KPA education.
- Financing is generally available on favorable terms.
- The loans are generally un-collateralized loans (you don't pledge any other assets).
- The social lending companies handle the documentation, processing, and even the servicing of your loan—taking out of the equation the awkwardness and the hassle of borrowing money from people you know.
Two established social lending sites with distinct approaches are Lending Club and Virgin Money (Richard Branson).
- Virgin Money: If you have a network of family or friends from whom you might borrow money, Virgin may be a good choice. Virgin does not match you with people who are willing to lend money to you—you must provide lenders yourself. But Virgin can set up, legally document, and service the loan. Virgin has two personal lending products—the Handshake and the Hand Shake Plus. As of 2009, Virgin charges $99 for the Handshake product; this amount includes loan set-up and documentation. The Handshake Plus product adds loan servicing; the associated charges are $199 to set up and document the loan and a fee of $9 per payment to process payments. You and your lenders agree on an interest rate and a term for the loan that all parties consider fair. Note: KPA has negotiated a 15% savings on the loan set up fees for students enrolling in Karen Pryor Academy. When you call Virgin Money, please ask to speak to our account representative Tim Burke (781-419-7734).
On Virgin’s website, you can calculate what your payment schedule and payment amounts would be under different scenarios. So, if friends, family, or others in your network are willing to lend you money, Virgin takes the awkwardness out of arranging and even asking for the funds, and can provide you guidance on what's a fair return for your “lenders.” Click here to view an e-mail/letter template that can be sent when seeking a loan. - Lending Club: If you don't have a network of people you can ask for tuition loans, the Lending Club may be a great alternative. Lending Club places your request in front of their own pool of investors/lenders. The rate of interest you pay is determined by Lending Club based on a rating or grade they give your loan. The rate of interest on the loans can be as little as 7.37% with monthly payments over three years.
It is not difficult to fill out an application, and there is no fee to create an application. Approximately 1 in 6 applications is accepted. Once you submit the application and are accepted, Lending Club sends you a proposal with the terms of the loan. If you accept that proposal, the proposal is submitted to Lending Club investors for funding. If the loan is funded, which can take as little as two days to two weeks, and only if the loan is funded, Lending Club charges borrowers a processing fee based on the loan grade (A-G), a fee that, as of 2009, ranges from 0.75% to 3.00% of the loan amount. This fee will be deducted from the loan proceeds prior to depositing the loan in your bank account.
In all cases, social lending loans are legal binding obligations. You can learn more about the growth of person-to-person lending via Wikipedia or FinAid.
KPA has no commercial relationship with any of the companies listed. The information we provide to students looking for KPA tuition financing assistance is for informational purposes only and is not a solicitation. Students should not rely on the information provided here in making their decision to borrow money, and should thoroughly research all products and services related to tuition financing on their own before reaching a decision.
