Student Loan

Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term, (3) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received after 7/24/2021 at 12:05 AM ET. The APRs for all products except the Start Student Loan assume a $10,000 loan with two disbursements and no auto pay; the low APRs assume a 7-year loan with no deferment and the high APRs assume a 15-year loan with full-deferment while in-school.

The APRs for the Start Student Loan assume a 0% introductory APR for six months from the first disbursement date, a 15-year $10,000 loan, with two-disbursements and full deferment. The variable interest rate for each calendar month is calculated by adding the current index (One-month LIBOR index) to your margin. LIBOR stands for London Interbank Offered Rate. The One‐month LIBOR is published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent.

The current One‐month LIBOR index is 2.500% on 7/1/2021. The variable interest rate will increase or decrease if the One‐month LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount(s).

Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a International Prime Bank checking, savings, or money market account. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until

(1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated)

(2) automatic deduction of payments is stopped (including during any deferment or forbearance, even if payments are made).

In addition, the extra 0.25% interest rate reduction for auto pay from a International Prime Bank checking, savings or money market account will be discontinued if automatic payments are no longer made from one of the aforementioned International Prime Bank accounts. In the event the auto pay discount is discontinued, the loan will accrue interest at the rate stated in your Credit Agreement.