Loan Information for SUNY College at Fredonia Students and their Families

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1 Loan Information for SUNY College at Fredonia Students and their Families Citizens Bank is pleased to assure you that we have in place and follow reasonable procedures designed to ensure compliance with the New York State Student Lending Accountability, Transparency and Enforcement (SLATE) Act. Citizens Bank Student Loan Citizens Bank Student Loan for Parents Citizens Bank Student Loan for Graduate Students Interest Rate and Fees Citizens Bank Student Loans offers zero fees for all borrowers. Citizens Bank Student Loan for Undergraduates Variable Rate Option: Interest rates range from 1-month LIBOR % to 1-month LIBOR % o Borrower with a co-signer: 1-month LIBOR % to 1-month LIBOR % o Borrower only: 1-month LIBOR* +5.25% to 1-month LIBOR* % Fixed Rate Option: Interest rates range from 5.75% to 11.99%. o Borrower with a co-signer: 5.75% to 11.75% o Borrower only: 7.49% to 11.99% Citizens Bank Student Loan for Graduate Students All other graduate disciplines: o Variable Rates: 1-month LIBOR % % o Fixed Rates: 5.25% % Citizens Bank Student Loan for Parents Fixed Rate Option Five Year Term: 6.45% Fixed Rate Option Ten Year Term: 6.55% The Features and Benefits Variable Rate Option: Interest rates range from LIBOR % to LIBOR % Fixed Rate Option: Interest rates range from 3.74% to 8.24% Loyalty Benefit: Our Loyalty Benefit allows existing bank and prior Citizens Bank Student Loan customers to receive an immediate 0.25 percentage point interest rate discount on their new Citizens Bank Student Loan. ACH Benefit: Borrowers may receive a 0.25 percentage point interest rate reduction by authorizing our servicer to automate payments during repayments from any eligible bank account.

2 Co-signer Release: The borrower may apply for co-signer release after making 36 consecutive principal and interest payments on-time. The student borrower must meet credit and income guidelines at the time of application for the release. Loan Forgiveness: In the unfortunate event of the student borrower s death or total and permanent disability, the Citizens Bank Student Loan will be forgiven, regardless of the presence of a co-signer. In this way, the bank seeks to ease the burden on families and cosigners who may be impacted by unexpected circumstances. In-School Period - Student borrowers have the option to defer principal and interest or defer principal and pay interest as long as the student borrower remains enrolled at an approved school. In-school deferment is capped at eight years. Once the initial six-month grace period is used, it will not be reinstated. Once the initial six-month grace period is used, it will not be reinstated.*only available on the Citizens Bank Parent Loan if the Parent borrower returns to school. Residency or Internship Program Participation - Student borrowers who enroll in an eligible internship or residency program, as defined by Citizens Bank are eligible for a maximum of 48 months of deferment. *Not available on the Citizens Bank Parent Loan. Military Deferment - Student borrowers, who are members of the National Guard or the Ready Reserves and are called to active duty for a period of more than 30 days, or a regular activeduty member of the Armed Forces who is reassigned to another duty station due to a military mobilization, may request a military deferment. During this deferment period, no minimum payments are required. Hardship Forbearance - Student borrowers and/or co-signers who are experiencing temporary financial difficulty may temporarily postpone principal and interest repayment through approval of a hardship forbearance. Delinquent accounts may be granted hardship forbearance to bring the account current in no more than two-month increments, with a maximum of 12 months available during the life of the loan How to Apply The loan application process can be challenging. To simplify this process for students, we offer a variety of ways for students to get started: Apply online Apply over the phone Additionally, as of September 2016, Citizens Bank offers a differentiated customer experience by offering the option for borrowers to apply with a banker at any of our branch location. Citizens Bank Student Loan: Visit:citizensbank.com/student-services. Citizens Bank Student Loan for Parents: Visit:citizensbank.com/studentloanforparents. : Visit:citizensbank.com/educationrefinanceloan. Our Student Lending Specialists are just a phone call away to help interested applicants and their families complete their application. Students can call an Student Lending Specialist at Monday through Friday between 8:00 a.m. and 9:00 p.m. EST and Saturday from 8:30 a.m. to 5:30 p.m. EST.

3 Borrowing Limits Citizens Bank Student Loans Annual Minimum: $1,000 Annual Maximum: Cost of education less financial aid Effective May 2017 Maximum aggregate limit: $120,000 (Undergraduate) $150,000 (Graduate) $225,000 (MBA) Minimum: $10,000 Maximum Loan Amount: $90,000 (bachelor s degree and below) $225,000 (graduate and doctoral degrees, including MBA) $300,000 (professional degrees such as dental, medical and dental) Eligibility Citizens Bank Student Loans Students must be enrolled at least half-time in a degree granting program as certified by the school of attendance. Students completing certificate programs are ineligible. International students may apply provided they have a qualified co-signer who is a U.S. citizen or permanent resident. (Please note international students are not eligible to apply for the Citizens Bank Student Loan for Parents). A co-signer is not required* however, students are encouraged to apply with a creditworthy co-signer to increase their chances of approval and maximize the opportunity for a lower interest rate. The Citizens Bank Student Loan can be used for past due balances. Loan applications received up to 180 days after the end of the enrollment period will be processed provided that the student borrower currently is enrolled at least half-time and is working toward his/her degree or has recently graduated. Former students may use the to refinance private and federal student loans. To be eligible, applicants must be in repayment on their existing private and federal student loan(s) and cannot be currently enrolled. Borrowers with a bachelor s degree may be eligible to refinance their private and federal student loan(s) upon making three consecutive, on-time monthly payments of principal and interest. Borrowers with a Master s degree or higher may be eligible to refinance their private and federal student loan(s) if they are not currently enrolled. Borrowers without a bachelor s degree may be eligible to refinance their private and federal student loan(s) upon making 12 consecutive, on-time monthly payments of principal and interest. If applying on their own, the borrower must demonstrate 12 consecutive months of recent earnings history. Borrowers must be a U.S. citizen, permanent resident or resident alien, with a valid U.S. Social Security Number, residing in the United States. Resident alien applicants require co-signers. Co-signers (if applicable) must be a U.S. citizen or permanent resident, with a valid U.S. Social Security Number, residing in the United States.

4 Disbursement The Citizens Bank Student Loan and Student Loan for Parents Loan proceeds are sent directly to the school. Citizens Bank Student Loan offers borrowers a choice of repayment options upon application, according to their needs. Borrowers may choose from the following repayment plans: Deferred: Students defer payment until 6 months after graduation. Interest-only: Students make interest-only payments while in school. Immediate: Students make payments while in school. The Citizens Bank Student Loan for Parents offers borrowers a choice of immediate and interest-only repayment. Immediate: Make payments toward principal and interest beginning days after disbursement. Interest-only: Make payments solely toward interest while the student is enrolled in school and begin making principal and interest payments 6 months after the student is no longer enrolled. For the Citizens Bank Student Education Refinance Loan payments of principal and interest begin immediately. Citizens Bank Student Loan Fixed Examples Amount to Borrow $10, Immediate Interest Only Deferred Interest Rate 5.75% to 11.24% 5.75% to 11.24% 5.75% to 11.49% APR 5.75% to 11.24% 5.75% to 11.24% 6.24% to 10.47% Monthly Payment Total to Pay Back $ to $ $13, to $16, $ to $ $15, to $21, $ to $ $17, to $24, Assumption: Citizens Bank Student Loan repayment examples assume a $10,000 loan in the first year of school with two equal disbursements, the repayment term and interest rate type selected above, and is based on an application with a borrower and a co-signer. Lowest rate shown requires borrower to take advantage of available ACH and loyalty discount to achieve the 0.50 percentage point interest rate savings. Other assumptions include a 21 month in-school period, 6 month grace period, a standard repayment account, and the student remains in school through the expected graduation date. For interest-only repayment term: Monthly interest payments based on current rates are between and, depending on the interest rate during the 45 month in-school period and the 6 month grace period. Terms and conditions apply. Calculations are estimates only. Actual rates and payment information may vary based on applicable terms. Payment ranges do not reflect selections above.

5 Citizens Bank Student Loan Variable Examples Amount to Borrow $10, Immediate Interest Only Deferred Interest Rate 4.48% to 9.98% 4.48% to 9.98% 5.48% to 10.23% APR 4.48% to 9.98% 4.48% to 9.98% 5.33% to 9.41% Monthly Payment Total to Pay Back $ to $ $12, to $15, $ to $ $14, to $19, $ to $ $15, to $22, Assumption: Citizens Bank Student Loan repayment examples assume a $10,000 loan in the first year of school with two equal disbursements, the repayment term and interest rate type selected above, and is based on an application with a borrower and a co-signer. Lowest rate shown requires borrower to take advantage of available ACH and loyalty discount to achieve the 0.50 percentage point interest rate savings. Other assumptions include a 21 month in-school period, 6 month grace period, a standard repayment account, and the student remains in school through the expected graduation date. For interest-only repayment term: Monthly interest payments based on current rates are between and, depending on the interest rate during the 45 month in-school period and the 6 month grace period. Terms and conditions apply. Calculations are estimates only. Actual rates and payment information may vary based on applicable terms. Payment ranges do not reflect selections above