How to apply for a student loan from TERI

STEP 1: Please access the TERI online application at www.teri.org.

• Under “Students and Parents” click on “Apply for a Loan”
• Under “Apply for a Loan” click on “Apply Online Now” (This will bring up a pop up window to the “TERI Online Application”)
• Click the “Continue” button located at the bottom of the page
• Click the button “Click Here for New Application” (This will bring you to the start of the application)

STEP 2: Please answer the following questions as follows:

• My application request is for: “College/University Tuition and/or Expenses”
• Please select the country which the school you will be attending is located: “USA”
• Please select the state in which the school you will be attending is located: “FL”
• Within the state of Florida the following are approved schools. Please select the school you will be attending: “University of Miami”

STEP 3: Please answer the following questions as follows:

• Grade Level: “Non-applicable”
• Enrollment: “Less than 1/2 Time” (See below*)
• Major: “All Others”
• Amount Requested: (Please enter amount you wish to borrow)

At this point in the loan application you will be taken to steps 4 through 7. These next steps will ask for basic information about the borrower and for details specific to their loan request, however, following the above instructions will ensure that students are applying for the correct loan program.

Step 4: Conditional Pre-Approval
Upon Pre-approval a Credit Agreement/ Promissory Note and instructions are sent to the student via mail/web. The instructions direct the student to provide us with 3 documents (all of which may be either faxed/mailed/scanned) and which are required for processing as follows:

• Credit Agreement/Promissory Note
• Proof of Income
• Enrollment Verification (Please call 305-284-4000 and ask UM to provide a TERI Enrollment Verification Letter)

Step 5: Analysis
Upon receipt of the 3 documents requested in step four, the loan is subject to further review. This review process takes approximately 1-2 business days to perform. In the event anything in the documentation is deemed unacceptable, or additional information is needed, correspondence is sent to the student directly.

Step 6: Closing Review
Assuming the documentation in step four is acceptable, the loan is sent to a closing review. This process takes approximately 1 business day.

Step 7: Disbursement
Funding of the Continuing Education Loan is sent in the form of a check directly to the student’s home address. If the student applied with a co-signer, the check will be co-payable to the student and co-signer. They should deposit the funds into their personal account and pay the institution accordingly.

That’s it! The whole process can be completed in less than a week. All you have to do now is pay the University of Miami at 111 Allen Hall on the Coral Gables campus and then – see you in class!

*The enrollment status in Step 3 is critical to the Continuing Education Loan and this is where the application for the wrong type of loan can easily happen. Continuing Education Loans are non school certified and funding is sent directly to the student. (In the event the student selects an enrollment status of “Half time or more,” the application will be submitted as a school certified loan in which funding is sent in the form of a check co-payable to the student and the University of Miami. This can cause confusion and delays).