Press Releases

TERI announces loan program enhancements for the 2003-04 academic period

TERI announces loan program enhancements for the 2003-04 academic period

Boston, MA – The Education Resources Institute (TERI) today announced loan program enhancements that will increase loan approvals, provide greater flexibility for campuses and ease repayment for borrowers. Variable pricing (sometimes called tiered pricing) leads the list of enhancements for the 2003-04 academic period.

Variable pricing will increase loan availability for thousands of students. TERI’s president Larry O’Toole said, “We’ve listened carefully to our partners, both schools and lenders, who have provided feedback throughout the year indicating that our private loan products would benefit from higher approval rates. We believe students will benefit by this expansion of access to TERI guaranteed products. With the implementation of variable pricing, loan approval rates are expected to increase by 13% for creditworthy applicants.”

TERI’s College Advisory Committee was instrumental in recommending this enhancement. Committee member Laurie Hogan, Financial Aid Liaison Officer from Harvard University said the benefits will be numerous. “With a qualified cosigner, more students will be approved and many more borrowers will benefit from low interest rates. We appreciate TERI’s responsiveness to our recommendations and the needs of our students and their families.”

Additional enhancements for the 2003-04 academic period include:

  • Disbursement services from ELM NDN and HESC

  • Multiple disbursements for schools (up to 4 disbursements)

  • Online school reporting and school certification sorted by loan status

  • Lower minimum monthly payment of $25 (was $50)

  • Variable repayment (annual reset of monthly loan payment amount)

TERI’s vice president for sales, Brian Cox said all 2003-04 enhancements would be implemented between February and July of this year, in plenty of time for the 2003-04 academic period. “Much more information regarding these exciting enhancements is available online at TERI’s Priority Service Hotline can also provide additional information, they can be reached at (800) TERI-FAO.”

The Education Resources Institute (TERI) is a Boston, Massachusetts based non-profit organization that provides college planning and finance services. Since its founding in 1985, TERI has provided support to over 900,000 students and families and guaranteed over $5 billion in non-government education loans. For additional information, visit TERI on the web at or call (800)255-TERI.