Competitive Rates, Generous loan amounts
NextStudent K-12 Loan
Repayment Examplesclick here for important information
Repayment Structure |
Immediate Repayment |
|---|---|
| Amount Requested | $10,000 |
| Origination Feeclick here for important information | 6.0%($638.30) |
| Principal Amount of Loan at Disbursement | $10,638.30 |
| Deferment Period | 0 Months |
| Principal Amount of Loan at Repayment click here for important information |
$10,638.30 |
| Monthly Principal & Interest Payment click here for important information |
$93.13 |
| Repayment Period | 240 Months |
| APR click here for important information |
9.49% |
| Total Finance Charge click here for important information |
$12,351.20 |
This repayment example assumes a variable interest rate for the Next Student K-12 Loan equal to the LIBOR Index plus a margin of 3.60%. The interest rate used in this example and in effect as of 01/01/2008 is 8.62%. The LIBOR Index is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. LIBOR means the London Interbank Offered Rate. The interest rate and APR will increase during the life of the loan if the LIBOR Index increases. RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender is the lender for the Next Student K-12 Loan. The loan terms described are for the 2007-2008 academic year and are subject to change.
This repayment example assumes an origination fee of 6.00% of the total loan amount (the requested loan amount plus the origination fee) will be added to and financed with the requested loan amount at disbursement.
Principal at repayment is the principal amount of the loan at disbursement (the requested loan amount plus the origination fee).
Repayment of principal and interest begins within 30-60 days of disbursement. Monthly payments of principal and interest will be fixed for the first year and then recalculated once each year based on the interest rate applicable at the time of the calculation and reset on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Minimum monthly payments will be at least $25.
Annual Percentage Rate (APR) is a measure of what a loan will cost. It takes into account the rate, fees, length of the loan, and the timing of all payments. The APR will increase if the LIBOR Index increases.
Finance charge is the dollar amount the credit will cost and includes interest paid over the life of the loan, plus the origination fee, if any.