Eligible and Excluded Student Loans From Receiving Contributions

What Type of Student Loan Accounts Are Eligible To Receive Contributions?

You must enter a valid student loan where you are the primary borrower that meets the following criteria:

  • A federal or private student loan from a US-based lender taken out exclusively for funding higher education expenses at an accredited institution.
  • It cannot be a lending vehicle other than a student loan, such as a personal loan, credit card, or home equity loan. 
  • A debt collection agency must not own it.

What Student Loans Are Excluded From Receiving a Payment?

The following criteria are examples of reasons that a loan would not be eligible to receive a contribution: 

  • Debit taken for education via another lending vehicle such as a personal loan, credit card, or home equity do not qualify as a valid student loan. You cannot direct your payment to these loans even if all your other student loans have been paid in full.
  • Any loan originating from a lender outside of the U.S. does not qualify even if the loan was used at a US-based higher education institution. 
  • Any loan you are a co-signer on but not the primary borrower.
  • Any loan that has been transferred to a debt collector after default.