Lender Specific Disclosures

Lender Specific Disclosures

Sallie Mae

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Smart Option Student Loan for undergraduate students and Sallie Mae loans for graduate school expenses: This information is for students attending participating degree-granting schools. Smart Option Student Loan information is for undergraduates only. Graduate Certificate/Continuing Education coursework is not eligible for MBA, Medical, Dental, and Law School Loans. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Parent Loan: This information is for borrowers with students attending participating degree-granting schools. The student is not eligible to be a borrower or cosigner. The borrower, cosigner and student must be U.S. citizens or U.S. permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower and cosigner (if applicable) would still be responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1 Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note: First to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

2 Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school, during your separation/grace period, and until the loan is paid in full. The repayment option that is selected will apply during the in-school and separation/grace periods. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. All Advertised APRs assume a $10,000 loan. Smart Option Student Loan APRs assume a freshman borrower with no other Sallie Mae loans. Medical School Loan and Dental School Loan APRs assume 4 years in school. Law School Loan APRs assume 3 years in school. MBA Loan, Health Professions Graduate Loan, and Graduate School Loan APRs assume 2 years in school.

3 Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount.

4 Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. This benefit may be suspended during periods of forbearance or deferment, if available for the loan.

5 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.

6 This repayment example is based on a typical loan to a borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.88% fixed APR. It works out to 51 payments of $25.00, 119 payments of $162.06 and one payment of $120.23, for a Total Loan Cost of $20,680.37.

7 APRs for the Principal and Interest Repayment Option may be higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. APRs assume a $10,000 loan to a person borrowing for a freshman student.

8 This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and a 9.36% variable APR. It works out to 4 payments of $39.06, 44 payments of $78.13, 119 payments of $129.20 and one payment of $93.62, for a Total Loan Cost of $19,062.38. Variable rates may increase over the life of the loan.

9 This repayment example is based on a typical loan to a first-year graduate MBA borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 9.11% fixed APR. It works out to 27 payments of $25.00, 179 payments of $116.19 and one payment of $57.89, for a Total Loan Cost of $21,530.90.

10 This repayment example is based on a typical loan to a first-year graduate Medical borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 8.54% fixed APR. It works out to 81 payments of $25.00, 239 payments of $129.14 and one payment of $25.17, for a Total Loan Cost of $32,914.63.

11 This repayment example is based on a typical loan to a first-year graduate Dental borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 8.82% fixed APR. It works out to 57 payments of $25.00, 239 payments of $117.69 and one payment of $23.23, for a Total Loan Cost of $29,576.14.

12 This repayment example is based on a typical loan to a first-year graduate borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 9.11% fixed APR. It works out to 27 payments of $25.00, 179 payments of $116.19 and one payment of $57.89, for a Total Loan Cost of $21,530.90.

13 This repayment example is based on a typical loan to a first-year graduate Law borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 8.95% fixed APR. It works out to 42 payments of $25.00, 179 payments of $124.19 and one payment of $77.10, for a Total Loan Cost of $23,357.11.

14 This repayment example is based on a typical loan to a first-year graduate borrower who chooses a fixed rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, a 0% disbursement fee, and a 9.11% fixed APR. It works out to 27 payments of $25.00, 179 payments of $116.19 and one payment of $57.89, for a Total Loan Cost of $21,530.90.

15 Interest is charged starting at disbursement, while in school, during the nine-month grace period, and until your loan is paid in full. When you start paying principal and interest, any Unpaid Interest will be added to Current Principal, increasing your Total Loan Cost. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $15,000 loan disbursed at the time of the student’s graduation from school.

16 Interest is charged starting at disbursement, while in school, during the applicable grace period of either 36 months after graduation or nine months after withdrawal from school, if your attendance falls below half-time status, and until your loan is paid in full. When you start paying principal and interest, any Unpaid Interest will be added to Current Principal, increasing your Total Loan Cost. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $20,000 loan disbursed at the time of student’s graduation from school.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Information advertised valid as of 1/25/2019.

Sallie Mae Loans are made by Sallie Mae Bank or a lender partner.

The Sallie Mae partner referred is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae Loan customers.

Discover Student Loans

1Aggregate loan limits apply.

2At least a 3.0 GPA or equivalent qualifies for a one-time cash-reward of 1% of the loan amount of each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com./Reward for any applicable reward terms and conditions.

College Ave Student Loans

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Wells Fargo Student Loan

Rates displayed are the Wells Fargo Collegiate® Loan rates for undergraduate students attending traditional four-year schools. Other products, rates and terms are available.

  1. The lowest quoted Annual Percentage Rate (APR) includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualifying Wells Fargo consumer checking account. Variable interest rates are based on an Index, plus a margin. The Index is equal to the Prime rate published in The Wall Street Journal. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments. Rates are current as of 06/15/2019 and subject to change without notice. Wells Fargo reserves the right to change rates, terms, and fees at any time. Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.
  2. Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) has any of the following with Wells Fargo prior to your Final Loan Disclosure being issued:
    • Portfolio by Wells Fargo® relationship — 0.50% discount
      Portfolio by Wells Fargo® relationship checking accounts: Private Bank Checking, Private Bank Dividend Checking, Private Bank Interest Checking, Wells Fargo Portfolio Checking, Wells Fargo Prime Checking®.
    • A qualifying Wells Fargo consumer checking account — 0.25% discount
      Wells Fargo consumer checking accounts: Complete Advantage® Checking, Crown Banking® Checking, Custom Management® Checking, Gold Package® Checking, Opportunity Checking®, Premium Membership® Checking, Way2Save® Checking, Wells Fargo College Checking®, Wells Fargo Everyday Checking, Wells Fargo Preferred Checking, Wells Fargo At WorkSM Checking.
    • A prior federal or private student loan made by Wells Fargo — 0.25% discount (prior Wachovia federal student loans are not eligible).

    Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

    Discount eligible during repayment:

    • Automatically withdrawn payment discount – You may qualify for a 0.25% interest rate discount during repayment if you set up automatically withdrawn payments (via ACH), directly with Wells Fargo Education Financial Services (EFS), from a designated deposit account. This discount does not apply to bill pay or automatic transfers not set up directly with Wells Fargo EFS. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. The discount reduces the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or the amount of your final payment. ACH payments and discounts will discontinue upon entering deferment or forbearance periods.

    Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice.

    Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

  3. Wells Fargo private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable, a self-certification form, the school’s certification of loan amount, and student’s enrollment at a Wells Fargo-participating school.
  4. Students are not required to make payments while in school. Repayment begins 6 months after you graduate or leave school. For the MedCAP® Alternative Loan for Health Professionals and the MedCAP-XTRA® Loan, allopathic and osteopathic medical students have a grace period of 36 months designed for residency completion after graduation. For the Wells Fargo Student Loan for Parents and the Wells Fargo Private ConsolidationSM Loan, repayment begins after funds are disbursed. Maximum in-school periods apply and vary based on loan product. Interest continues to accrue while you are in school and will be capitalized to the account upon entering repayment.

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