1 Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $45,000.
2 Undergraduates and graduates may defer repayment until six months after graduation or ceasing to be enrolled at least half-time. Immediate and interest only repayment options are also available.
3 A repayment finance charge may apply based on credit history.
4 $300 principal reduction is applied to unpaid principal balance when proof of graduation is received. If outstanding balance is less than $300, balance will be reduced to $0.
5 The 0.25% rate reduction is available to borrowers who arrange to automatically deduct monthly payments from their bank account. The interest rate repayment will begin when automatic principal and interest loan payment start, and will remain in effect as long as automatic payments continue without interruption. The reduced interest rate will return to the contract rate if automatic payments are cancelled, rejected, or returned for any reason. This benefit applies to all loans disbursed on or after 10/13/2006.
6 LIBOR stands for London
Interbank Offered Rate. The one-month LIBOR is the Current Index, as published
in the "Money Rates" section of the Wall Street Journal (Eastern
Edition). Your variable interest rate and Annual Percentage Rate (APR) may be
higher depending upon your credit history and will increase or decrease if the
one-month LIBOR index changes. Your variable interest rate is calculated by
adding the current one-month LIBOR index (captured on the 25th business day of
each month and rounded up to the nearest 1/8th of one percent) to your margin.
The current one-month LIBOR index was 2.500% on 6/1/08. This APR example assumes
a $6,500 undergraduate, cosigned, loan disbursed over two transactions with a
deferment period of 45 months upon initial disbursement and a six month grace
period upon graduation, a 20 year repayment term with no repayment fees, and a
2.50% margin. Margins can range from 2.5% to 8.00% and repayment fees can range
from 0% to 4% both depending upon your or your cosigner's credit history.
7 Borrowers must meet credit
guidelines at the time the cosigner release is requested.
8 Student must be the legal age of majority or at least 17 years of age with a Cosigner who is legal age of majority. The legal age for entering into contracts (the age of majority) is 18 years of age in every state in the United States except the following: Alabama and Nebraska 19 years old, and Mississippi and Puerto Rico 21 years old.
