Competitive Rates, Generous loan amounts
NextStudent Undergraduate Loan
Repayment Examplesclick here for important information| Option 1 | Option 2 | Option 3 | |
|---|---|---|---|
| Repayment Option | Immediate Repayment | Interest-Only Repayment | Deferred Repayment |
| Amount Requested | $10,000 | $10,000 | $10,000 |
| Origination Fee click here for important information |
0.0%($0.00) | 0.0%($0.00) | 0.0%($0.00) |
| Principal Amount of Loan at Disbursement | $10,000 | $10,000 | $10,000 |
| Deferment Period | 0 Months | 48 Months | 48 Months |
| Monthly Interest Payment (While in school) click here for important information |
(Included below) | $66.00 | (Deferred) |
| Principal Amount of Loan at Repayment click here for important information |
$10,000 | $10,000 | $13,250.22 |
| Monthly Principal & Interest Payment click here for important information (after deferral period, if any) |
$83.15 | $83.15 | $111.86 |
| Repayment Period | 240 Months | 240 Months | 240 Months |
| APR click here for important information |
7.92% | 7.92% | 7.75% |
| Total Finance Charge click here for important information |
$9,956.00 | $13,124.00 | $16,846.40 |
This repayment example assumes a variable interest rate for the Next Student Undergraduate Loan equal to the LIBOR Index plus a margin of 2.90% for Options 1 & 2 and plus a margin of 3.10% for Option 3. The interest rates used in this example and in effect as of 01/01/2008 are 7.92% for Options 1 & 2 and 8.12% for Option 3. The interest rate margin ranges from 2.90% to 5.55% (APRs range from 7.75% to 11.85%), depending on the credit-worthiness of the borrower and co-signer, if any, and the repayment option selected. 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 Undergraduate Loan. The loan terms described are for the 2007-2008 academic year and are subject to change.
These repayment examples assume origination fees of 0.00% of the total loan amount (the requested loan amount plus the origination fee) for Options 1 & 2, and 0.00% of the total loan amount for Option 3. The origination fee ranges from 0.00% to 9.50%, depending on the repayment option selected and the credit-worthiness of the borrower and co-signer, if any. The origination fee, if any, will be added to and financed with the requested loan amount at disbursement.
The amount shown here is the payment that will be made during the deferment period if the student elects to defer principal and make interest-only payments while in school. The monthly interest payment will increase if the interest rate increases. Interest-only payments during deferment do not reduce the principal balance of the loan. After deferment, full principal and interest repayment begins.
Principal at repayment is the principal amount of the loan at disbursement plus, if you elect to defer repayment, interest that accrues during the deferment term (which is assumed to be 48 months) under Option 3, where both interest and principal is deferred. Under Option 3, deferred interest is capitalized (added to principal) at the time your loan enters repayment.
Monthly payments of principal and interest under Option 1 will be computed based on the interest rate applicable at the time repayment begins. 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. Monthly payments of principal and interest under Options 2 & 3 will be fixed for the first year when the loan goes into repayment 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. If principal or principal and interest is deferred, the monthly payment amount shown here will increase if the interest rate increases, and will be computed based on the interest rate applicable at the time repayment begins. 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.