Private Education Loan Application and Solicitation Disclosure
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1 Private Education Loan Application and Solicitation Disclosure Page 1 of 2 Citizens Bank, N.A. (dba Citizens Bank) PO Box Providence, RI Loan Interest Rate & Fees Your starting interest rate will be between 4.98 % and % Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors (chosen repayment option and co-signer credit, if applicable). If approved, we will notify you of the rate you qualify for within the stated range. After the starting rate is set, your rate will then vary with the market. The maximum rate on the Student Loan is the greater of 21.00% or Prime Rate plus 9.00%. Loan Fees Your Interest Rate during the life of the loan Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the one-month London Interbank Offered Rate ( LIBOR ) published in the The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. For more information on this rate, see the reference notes. Origination Fee: There is no origination fee on this loan. Late Charges: If your payment or any portion of your payment is more than fifteen (15) days late, you agree to pay a late charge of 5% of the payment amount. Returned Payment Charge: If you make a payment, and that payment (including an electronic payment) is returned or refused by your bank for any reason you agree to pay a charge of $15.00 for each such payment returned or refused. This is in addition to any fee that your bank may also charge you. Charges for Optional Services: If you request and Lender agrees to provide optional services in connection with your loan, Lender may charge you and you agree to pay the fees for such services. The fees will be disclosed to you before you accept any such service. Optional services may include, but are not limited to: (1) allowing you to make an expedited payment on your loan, and (2) sending documents to you by express delivery or facsimile transmission. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon the three (3) repayment options available to you while enrolled in school. Repayment Option (while enrolled in school) Amount Provided (amount provided directly to your school) Interest Rate (highest possible starting rate) Loan Term (how long you have to pay off the loan) Total Paid over 10 years (includes associated fees) 1. DEFER PAYMENTS $10, % 10 years $ 23, Make no payments while enrolled in school. Interest will be charged and added to your loan. Starting after the deferment period 2. PAY ONLY THE INTEREST $10, % 10 years $ 20, Make interest payments but defer payments on the principal amount while enrolled in school. Pay both the principal and interest amounts while enrolled in school. Starting after the deferment period 3. MAKE FULL PAYMENTS $10, % 10 years $ 15, Starting after the first disbursement About this example *Assumptions: All loans assume a $ 10,000 loan in the first year of school with two disbursements, a variable interest rate of a Monthly LIBOR rate plus the highest margin currently offered and associated fees for the repayment option shown. Other assumptions include a 45 month in-school period, a 6 month grace period (if applicable), the current LIBOR rate, and that the borrower remains in school through the expected graduation date. Created: April 07, 2017 SEE NEXT PAGE
2 Private Education Loan Application and Solicitation Disclosure Page 2 of 2 Federal Loan Alternatives Loan Program Current Interest Rates by Program Type PERKINS for Students STAFFORD for Students PLUS for Parents and Graduate / Professional Students 5% fixed 3.76% fixed 5.31% fixed 6.31% fixed Undergraduate Subsidized and Unsubsidized Graduate Federal Direct You may qualify for Federal education loans. For additional information, contact your school s financial aid office or the Department of Education at: Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school s financial aid office or visit the Department of Education s website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self-Certification Form. You may get the certification form from your school s financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market). REFERENCE NOTES Interest Rate This loan has a variable interest rate that is based on a publicly available index, the London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 4.00 % and 9.75% to the LIBOR. The rate will not increase more than once a month. In no event will the variable rate exceed the maximum interest rate allowed by the laws of the State of Rhode Island which is the greater of 21% or Prime Rate plus 9%. Borrower Benefits. Citizens Bank Student Loan borrowers may be eligible for interest rate reductions, and other program benefits, under specific circumstances. See: for more information about available borrower benefits, eligibility and applicable terms and conditions. Rates are typically higher without a co-signer. Interest rates and benefits listed in this document only apply to students attending certain eligible institutions. For questions, please call our Education Finance Specialists at Eligibility Criteria Student Must be enrolled at least half-time in a degree granting program at an eligible institution. Must be a U.S. citizen or permanent resident, or have a U.S. citizen co-signer. Must be of legal borrowing age in their state of residence. International students can apply with a creditworthy U.S. citizen or permanent resident co-signer. Co-signers Rates are typically higher without a co-signer. Must be of legal borrowing age in their state of residence. Bankruptcy Limitations If you file for bankruptcy, you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.
3 Private Education Loan Application and Solicitation Disclosure Page 1 of 2 Citizens Bank, N.A. (dba Citizens Bank) PO Box Providence, RI Loan Interest Rate & Fees Your starting interest rate will be between 6.25 % and % After the starting rate is set, your rate will then remain fixed for the term of the loan. Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors (chosen repayment option and co-signer credit, if applicable). If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is fixed. This means that your rate will remain constant over the term of your loan. For more information on this rate, see the reference notes below. Loan Fees Origination Fee: There is no origination fee on this loan. Late Charges: If your payment or any portion of your payment is more than fifteen (15) days late, you agree to pay a late charge of 5% of the payment amount. Returned Payment Charge: If you make a payment, and that payment (including an electronic payment) is returned or refused by your bank for any reason you agree to pay a charge of $15.00 for each such payment returned or refused. This is in addition to any fee that your bank may also charge you. Charges for Optional Services: If you request and Lender agrees to provide optional services in connection with your loan, Lender may charge you and you agree to pay the fees for such services. The fees will be disclosed to you before you accept any such service. Optional services may include, but are not limited to: (1) allowing you to make an expedited payment on your loan, and (2) sending documents to you by express delivery or facsimile transmission. Loan Cost Examples The maximum rate on the Student Loan is the fixed rate which will be disclosed to you if you qualify. The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon the three (3) repayment options available to you while enrolled in school. Repayment Option (while enrolled in school) Amount Provided (amount provided directly to your school) Interest Rate (highest possible starting rate) Loan Term (how long you have to pay off the loan) Total Paid over 10 years (includes associated fees) 1. DEFER PAYMENTS $10, % $ 25, Make no payments while enrolled in school. Interest will be charged and added to your loan. Make interest payments but defer payments on the principal amount while enrolled in school. Pay both the principal and interest amounts while enrolled in school. 10 years Starting after the deferment period 2. PAY ONLY THE INTEREST $10, % $ 21, years Starting after the deferment period 3. MAKE FULL PAYMENTS $10, % 10 years $ 16, Starting after the first disbursement About this example *Assumptions: All loans assume a $ 10,000 loan in the first year of school with two disbursements, the highest fixed interest rate currently offered and associated fees for the repayment option shown. Other assumptions include a 45 month in-school period, a 6 month grace period (if applicable), and that the borrower remains in school through the expected graduation date. Created: April 07, 2017 SEE NEXT PAGE
4 Private Education Loan Application and Solicitation Disclosure Page 2 of 2 Federal Loan Alternatives Loan Program Current Interest Rates by Program Type PERKINS for Students STAFFORD for Students PLUS for Parents and Graduate / Professional Students 5% fixed 3.76% fixed 5.31% fixed 6.31% fixed Undergraduate Subsidized and Unsubsidized Graduate Federal Direct You may qualify for Federal education loans. For additional information, contact your school s financial aid office or the Department of Education at: Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school s financial aid office or visit the Department of Education s website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self-Certification Form. You may get the certification form from your school s financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). REFERENCE NOTES Interest Rate This loan has a fixed interest rate that will remain constant over the term of the loan. Borrower Benefits. Citizens Bank Student Loan borrowers may be eligible for interest rate reductions, and other program benefits, under specific circumstances. See: for more information about available borrower benefits, eligibility and applicable terms and conditions. Rates are typically higher without a co-signer. Bankruptcy Limitations If you file for bankruptcy, you may still be required to pay back this loan. Eligibility Criteria Student Must be enrolled at least half-time in a degree granting program at an eligible institution. Must be a U.S. citizen or permanent resident, or have a U.S. citizen co-signer. Must be of legal borrowing age in their state of residence. International students can apply with a creditworthy U.S. citizen or permanent resident co-signer. Co-signers Rates are typically higher without a co-signer. Must be of legal borrowing age in their state of residence. Interest rates and benefits listed in this document only apply to students attending certain eligible institutions. For questions, please call our Education Finance Specialists at More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.
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13 03/27/2017 Rev #: 01 Private Education Loan Smart Option Student Loan Application and Solicitation Disclosure Variable Rate Type (see pages 3 & 4 for Fixed Rate Type) Sallie Mae Bank P.O. Box 3319 Wilmington, DE Loan Interest Rate & Fees Your starting interest rate will be between 3.000% and % After the starting rate is set, your rate will then vary with the market. Your starting Interest Rate (upon approval) The starting Interest Rate you pay will be determined after you apply. It will be based upon your credit history, which repayment option you choose, and other factors. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the one month LIBOR Rate (as published by Reuters on its Reuters Screen LIBOR01). For more information on this rate, see Reference Notes. Although the rate will vary after you are approved, it will never exceed % (the maximum allowable for this loan). Loan Fees Application Fee: $0.00. Disbursement Fee: The fees that we charge to make this loan are 0.000% to 0.000% of total loan amount. Late Fee: 5.00% of the amount of the past due payment, up to a maximum of $25. Returned Check Fee: up to $ Fee when you begin repaying the loan: 0.000% of loan balance. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon 3 different repayment options available to you while enrolled in school. Repayment Option (while enrolled in school and during the separation period of six (6) billing periods thereafter) Interest Repayment Make interest payments but defer payments on the principal amount while enrolled in school and during the separation period. Fixed Repayment Make fixed payments of $25.00 each month while enrolled in school and during the separation period. Interest will be charged and added to your loan. Deferred Repayment Make no payments while enrolled in school and during the separation period. Interest will be charged and added to your loan. Amount Provided (amount provided directly to you or your school) Interest Rate (highest possible starting rate) Loan Term (how long you have to pay off the loan) $10, % 144 months starting after the separation period. $10, % 144 months starting after the separation period $10, % 144 months starting after the separation period Total Paid over life of loan (includes associated fees) $22, $24, $25, About this example The repayment example assumes you remain in school 4 years and have a 6 month separation period before beginning repayment. It is based on the highest starting rate currently charged and associated fees. Please note that principal and interest payments required each month after the separation period ends and the interest rate on your loan are higher for the " Fixed Repayment" and "Deferred Repayment" Repayment Options. So long as you do so prior to finalizing this loan, you will be able to change your repayment option and interest rate type elections by calling (877) Principal and interest repayment terms vary from 5 to 15 years and are based upon the borrower's cumulative outstanding Sallie Mae owned or serviced private student loan balance, repayment option and the student's school certified academic grade level. SEE BACK OF PAGE LPXSPP1611v01 7SDS1511
14 03/27/2017 Rev #: 01 Federal Loan Alternatives Loan Program PERKINS for Students STAFFORD for Students PLUS for Parents and Graduate/Professional Students Current Interest Rates by Program Type* 5.000% fixed 3.760% fixed Undergraduate subsidized and unsubsidized 5.310% fixed Graduate 6.310% fixed Federal Direct Loan You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at: *These interest rates are determined by federal law and are fixed for the life of the loan. The federal loan interest rates may change in the future, but only for new federal loans. Federal law may also change in the future. To learn more, go to: rates. Next Steps 1. Find Out About Other Loan Options. Some schools have school specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self Certification Form. You may get the certification form from your school's financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market). REFERENCE NOTES Variable Interest Rate This loan has a variable interest rate that is based on a publicly available index, the one month London Interbank Offered Rate (LIBOR) rounded up to the nearest oneeighth of one percent (0.125%). Your rate will be calculated each month by adding a margin between 2.000% and 9.875% to the LIBOR rounded up to the nearest oneeighth of one percent (0.125%). The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Eligibility Criteria Borrower You must attend an eligible school, be an undergraduate student, or attending an eligible associate, bachelors, graduate or technical/trade program at least half time. In some circumstances, the Smart Option Student Loan is available to less than half time students and student enrolled in a continuing education program. Must have attained the age of majority in your state of residence at the time of loan application. Otherwise a cosigner is required. Cosigner A cosigner is not required for U.S. citizens and permanent residents, but may help you qualify and/or receive a lower interest rate. Must have attained the age of majority in their state of residence at the time of loan application. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and Promissory Note. LPXSPP1611v01 7SDS1511
15 03/27/2017 Rev #: 01 Private Education Loan Smart Option Student Loan Application and Solicitation Disclosure Fixed Rate Type (see pages 1 & 2 for Variable Rate Type) Sallie Mae Bank P.O. Box 3319 Wilmington, DE Loan Interest Rate & Fees Your interest rate will be between 5.750% and % After the starting rate is set, it will be fixed for the term of the loan. Your Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based upon your credit history, which repayment option you choose, and other factors. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is fixed. This means that your rate will not increase or decrease for the life of the loan. For more information on this rate, see Reference Notes. Loan Fees Application Fee: $0.00. Disbursement Fee: The fees that we charge to make this loan are 0.000% to 0.000% of total loan amount. Late Fee: 5.00% of the amount of the past due payment, up to a maximum of $25. Returned Check Fee: up to $ Fee when you begin repaying the loan: 0.000% of loan balance. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon 3 different repayment options available to you while enrolled in school. Repayment Option (while enrolled in school and during the separation period of six (6) billing periods thereafter) Interest Repayment Make interest payments but defer payments on the principal amount while enrolled in school and during the separation period. Fixed Repayment Make fixed payments of $25.00 each month while enrolled in school and during the separation period. Interest will be charged and added to your loan. Deferred Repayment Make no payments while enrolled in school and during the separation period. Interest will be charged and added to your loan. Amount Provided (amount provided directly to you or your school) Interest Rate (highest possible starting rate) Loan Term (how long you have to pay off the loan) $10, % 144 months starting after the separation period. $10, % 144 months starting after the separation period $10, % 144 months starting after the separation period Total Paid over life of loan (includes associated fees) $24, $28, $30, About this example The repayment example assumes you remain in school 4 years and have a 6 month separation period before beginning repayment. It is based on the highest starting rate currently charged and associated fees. Please note that principal and interest payments required each month after the separation period ends and the interest rate on your loan are higher for the " Fixed Repayment" and "Deferred Repayment" Repayment Options. So long as you do so prior to finalizing this loan, you will be able to change your repayment option and interest rate type elections by calling (877) Principal and interest repayment terms vary from 5 to 15 years and are based upon the borrower's cumulative outstanding Sallie Mae owned or serviced private student loan balance, repayment option and the student's school certified academic grade level. LPXSPP1611v01 SEE BACK OF PAGE 7SDS1511
16 03/27/2017 Rev #: 01 Federal Loan Alternatives Loan Program PERKINS for Students STAFFORD for Students PLUS for Parents and Graduate/Professional Students Current Interest Rates by Program Type* 5.000% fixed 3.760% fixed Undergraduate subsidized and unsubsidized 5.310% fixed Graduate 6.310% fixed Federal Direct Loan You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at: *These interest rates are determined by federal law and are fixed for the life of the loan. The federal loan interest rates may change in the future, but only for new federal loans. Federal law may also change in the future. To learn more, go to: rates. Next Steps 1. Find Out About Other Loan Options. Some schools have school specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self Certification Form. You may get the certification form from your school's financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). REFERENCE NOTES Fixed Interest Rate This loan has a fixed interest rate and will not increase or decrease for the life of the loan. Eligibility Criteria Borrower You must attend an eligible school, be an undergraduate student, or attending an eligible associate, bachelors, graduate or technical/trade program at least half time. In some circumstances, the Smart Option Student Loan is available to less than half time students and students enrolled in a continuing education program. Must have attained the age of majority in your state of residence at the time of loan application. Otherwise a cosigner is required. Cosigner A cosigner is not required for U.S. citizens and permanent residents, but may help you qualify and/or receive a lower interest rate. Must have attained the age of majority in their state of residence at the time of loan application. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and Promissory Note. LPXSPP1611v01 7SDS1511
17 Private Education Loan Application and Solicitation Disclosure Page 1 of 3 SunTrust Bank One Cabot Road, 2nd Floor Medford, MA Loan Interest Rate & Fees Your starting interest rate will be between 4.240% and % After the starting rate is set, your rate will then vary with the market. Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based on your and, if applicable, your cosigner's, credit histories, the repayment option and loan term that you select, and the requested loan amount and other information you provide on the online loan application. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the One-Month LIBOR Rate (as published in The Wall Street Journal). For more information on this rate, see the Reference Notes. Loan Fees Although the interest rate will vary if the One-Month LIBOR index changes, it will never exceed 36% (the maximum allowable for this loan), subject to certain restrictions. See Reference Notes for additional information. Late Charge: 5% of the overdue payment if not made on or before the 10th calendar day after its due date.
18 Page 2 of 3 Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four different repayment options that may be available to you while enrolled in school. Repayment Option (while enrolled in school) 1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will be charged and added to your loan. 2. PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school. 3. PAY PARTIAL INTEREST Make partial interest payments of $25, but defer payments on principal and remaining interest while enrolled in school. Unpaid interest will be added to your loan. 4. MAKE FULL PAYMENTS Pay both the principal and interest amounts. About this example Amount Provided (amount provided directly to your school) Interest Rate (highest possible starting rate) $10, % 15 Years starting after the deferment period $10, % 15 Years starting after the deferment period $10, % 15 Years starting after the deferment period Loan Term Total Paid (how long you have to pay off the loan) $10, % 15 Years starting after the final disbursement $28, $23, $26, $18, The loan cost examples for the "Pay Only The Interest", "Pay Partial Interest" and "Defer Payments" repayment options assume that you remain in school for 45 months and have a 6 month grace period before entering repayment. All examples are based on the highest starting rate currently charged. Depending on your loan amount and other factors, repayment may last up to 15 years, starting after the deferment period. Federal Loan Alternatives Loan program PERKINS for Students Current Interest Rates by Program Type 5% fixed 3.76% fixed Undergraduate subsidized & unsubsidized STAFFORD for Students 5.31% fixed Graduate unsubsidized PLUS for Parents and Graduate/Professional Students 6.31% fixed Federal Direct Loan You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at:
19 Page 3 of 3 Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self- Certification Form. You may obtain the Self-Certification form from your school's financial aid office or you may execute it electronically within our online application system. If you are approved for this loan, the loan terms will be available for 45 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market). REFERENCE NOTES Variable Interest Rate: This loan has a variable interest rate that is based on the One-Month London Interbank Offered Rate (LIBOR) index which is published in the "Money Rates" section of The Wall Street Journal (Eastern Edition) and will be equal to the One-Month LIBOR rate published on the 25th day (or if such 25th day is not a business day, the next business day thereafter) of the month immediately preceding such calendar month, rounded up to the nearest oneeighth of one percent (0.125%). This loan has a Variable Rate. The Variable Rate is determined by (1) your and, if applicable, your cosigner's, credit histories, (2) the repayment option and loan term that you select, and (3) the requested loan amount and other information you provide on the online loan application. Your interest rate will be calculated each month by adding your margin (which can range from 3.24% to 9.29%) to the current One-Month LIBOR index. Your interest rate may increase or decrease monthly if the One-Month LIBOR index changes, which will affect your monthly payment. Your interest rate will not increase more than once a month. Your interest rate will never exceed 36.00% (the maximum allowable for this loan). If you are a student applicant whose permanent residence is in Texas at the time of the first disbursement, your rate will never exceed 18.00%. Interest rates are typically higher without a cosigner. Eligibility Criteria: Borrower: Must be enrolled at an eligible school at least half-time. Must be of the legal age of majority or at least 17 years of age with a cosigner who is the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Cosigner: All cosigners must be the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Bankruptcy Limitations: If you (borrower or cosigner) file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility, interest rate reductions, and repayment deferral or forbearance options is available in your loan application and Credit Agreement.
20 ADDITIONAL IOWA STUDENT LOAN DISCLOSURES A. Cosigner Requirements A cosigner is required for this student loan if you do not meet our credit requirements on your own, for example, credit history, income and/or employment requirements. B. Repayment of Loan Information Immediate Repayment - The first monthly principal and interest payment will be due days after the final disbursement date of the loan. Interest Only - The first monthly interest payment will be due days after the first disbursement date of the loan. The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. Partial Interest - The first monthly partial interest payment of $25.00 will be due days after the first disbursement date of the loan. The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. Full Deferral - The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. You can prepay your loan in whole or part at any time without penalty. C. Additional Terms and Conditions Your loan is subject to all of the terms and conditions of your Credit Agreement. Please read your Credit Agreement carefully, it may include terms under which the interest rate on the loan may change. To obtain a copy of your Credit Agreement, please write to SunTrust Bank, P.O. Box , Boston, MA D. Consequences of Loan Default There are serious consequences if you default on this loan. For example, under normal circumstances, student loans are not dischargeable in bankruptcy. In order to discharge a loan in bankruptcy, the borrower must prove undue hardship in an adversary proceeding before the bankruptcy court. Additional consequences of default on this loan include: Lender may report the late payment history to credit reporting agencies, which will adversely affect your credit rating and ability to get more credit Interest will continue to accrue on the outstanding principal balance Lender may take legal action Borrower may become ineligible for further loans from the lender Full amount of the loan may become due immediately E. Lender Contact Information SunTrust Bank P.O. Box Boston, MA Page 1 of 1
21 Private Education Loan Application and Solicitation Disclosure Page 1 of 3 SunTrust Bank One Cabot Road, 2nd Floor Medford, MA Loan Interest Rate & Fees Your interest rate will be between 4.600% and % After the rate is set, it will be fixed for the entire term of the loan. Your Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based on your and, if applicable, your cosigner's, credit histories, the repayment option and loan term that you select, and the requested loan amount and other information you provide on the online loan application. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is fixed.this means that during the life of the loan your interest rate will never increase. Your rate may, in certain circumstances described in your Credit Agreement and in accordance with applicable law, decrease below the rate stated in your Credit Agreement, and may subsequently return to the rate stated in your Credit Agreement. For more information on this rate, see the Reference Notes. Loan Fees Your rate will never change after you are approved except where the rate may, in certain circumstances described in your Credit Agreement and in accordance with applicable law, decrease below the rate stated in your Credit Agreement, and may subsequently return to the rate stated in your Credit Agreement. Late Charge: 5% of the overdue payment if not made on or before the 10th calendar day after its due date.
22 Page 2 of 3 Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four different repayment options that may be available to you while enrolled in school. Repayment Option (while enrolled in school) 1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will be charged and added to your loan. 2. PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school. 3. PAY PARTIAL INTEREST Make partial interest payments of $25, but defer payments on principal and remaining interest while enrolled in school. Unpaid interest will be added to your loan. 4. MAKE FULL PAYMENTS Pay both the principal and interest amounts. About this example Amount Provided (amount provided directly to your school) Interest Rate (highest possible starting rate) $10, % 15 Years starting after the deferment period $10, % 15 Years starting after the deferment period $10, % 15 Years starting after the deferment period Loan Term Total Paid (how long you have to pay off the loan) $10, % 15 Years starting after the final disbursement $30, $24, $28, $19, The loan cost examples for the "Pay Only The Interest", "Pay Partial Interest" and "Defer Payments" repayment options assume that you remain in school for 45 months and have a 6 month grace period before entering repayment. All examples are based on the highest starting rate currently charged. Depending on your loan amount and other factors, repayment may last up to 15 years, starting after the deferment period. Federal Loan Alternatives Loan program PERKINS for Students Current Interest Rates by Program Type 5% fixed 3.76% fixed Undergraduate subsidized & unsubsidized STAFFORD for Students 5.31% fixed Graduate unsubsidized PLUS for Parents and Graduate/Professional Students 6.31% fixed Federal Direct Loan You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at:
23 Page 3 of 3 Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self- Certification Form. You may obtain the Self-Certification form from your school's financial aid office or you may execute it electronically within our online application system. If you are approved for this loan, the loan terms will be available for 45 days (terms will not change during this period, except as permitted by law). REFERENCE NOTES Fixed Interest Rate: This loan has a Fixed Rate. The Fixed Rate is determined by (1) your and, if applicable, your cosigner's, credit histories, (2) the repayment option and loan term that you select, and (3) the requested loan amount and other information you provide on the online loan application. Your interest rate will not change during the life of your loan except where the rate may, in certain circumstances described in your Credit Agreement and in accordance with applicable law, decrease below the rate stated in your Credit Agreement, and may subsequently return to the rate stated in your Credit Agreement. Interest rates are typically higher without a cosigner. Eligibility Criteria: Borrower: Must be enrolled at an eligible school at least half-time. Must be of the legal age of majority or at least 17 years of age with a cosigner who is the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Cosigner: All cosigners must be the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Bankruptcy Limitations: If you (borrower or cosigner) file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility, interest rate reductions, and repayment deferral or forbearance options is available in your loan application and Credit Agreement.
24 ADDITIONAL IOWA STUDENT LOAN DISCLOSURES A. Cosigner Requirements A cosigner is required for this student loan if you do not meet our credit requirements on your own, for example, credit history, income and/or employment requirements. B. Repayment of Loan Information Immediate Repayment - The first monthly principal and interest payment will be due days after the final disbursement date of the loan. Interest Only - The first monthly interest payment will be due days after the first disbursement date of the loan. The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. Partial Interest - The first monthly partial interest payment of $25.00 will be due days after the first disbursement date of the loan. The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. Full Deferral - The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. You can prepay your loan in whole or part at any time without penalty. C. Additional Terms and Conditions Your loan is subject to all of the terms and conditions of your Credit Agreement. Please read your Credit Agreement carefully, it may include terms under which the interest rate on the loan may change. To obtain a copy of your Credit Agreement, please write to SunTrust Bank, P.O. Box , Boston, MA D. Consequences of Loan Default There are serious consequences if you default on this loan. For example, under normal circumstances, student loans are not dischargeable in bankruptcy. In order to discharge a loan in bankruptcy, the borrower must prove undue hardship in an adversary proceeding before the bankruptcy court. Additional consequences of default on this loan include: Lender may report the late payment history to credit reporting agencies, which will adversely affect your credit rating and ability to get more credit Interest will continue to accrue on the outstanding principal balance Lender may take legal action Borrower may become ineligible for further loans from the lender Full amount of the loan may become due immediately E. Lender Contact Information SunTrust Bank P.O. Box Boston, MA Page 1 of 1
25 Private Education Loan Application and Solicitation Disclosure Page 1 of 3 SunTrust Bank One Cabot Road, 2nd Floor Medford, MA Loan Interest Rate & Fees Your starting interest rate will be between 4.240% and 9.640% After the starting rate is set, your rate will then vary with the market. Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based on your and, if applicable, your cosigner's, credit histories, the repayment option and loan term that you select, and the requested loan amount and other information you provide on the online loan application. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the One-Month LIBOR Rate (as published in The Wall Street Journal). For more information on this rate, see the Reference Notes. Loan Fees Although the interest rate will vary if the One-Month LIBOR index changes, it will never exceed 36% (the maximum allowable for this loan), subject to certain restrictions. See Reference Notes for additional information. Late Charge: 5% of the overdue payment if not made on or before the 10th calendar day after its due date.
26 Page 2 of 3 Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four different repayment options that may be available to you while enrolled in school. Repayment Option (while enrolled in school) 1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will be charged and added to your loan. 2. PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school. 3. PAY PARTIAL INTEREST Make partial interest payments of $25, but defer payments on principal and remaining interest while enrolled in school. Unpaid interest will be added to your loan. 4. MAKE FULL PAYMENTS Pay both the principal and interest amounts. About this example Amount Provided (amount provided directly to your school) Interest Rate (highest possible starting rate) $10, % 15 Years starting after the deferment period $10, % 15 Years starting after the deferment period $10, % 15 Years starting after the deferment period Loan Term Total Paid (how long you have to pay off the loan) $10, % 15 Years starting after the final disbursement $26, $22, $25, $17, The loan cost examples for the "Pay Only The Interest", "Pay Partial Interest" and "Defer Payments" repayment options assume that you remain in school for 45 months and have a 6 month grace period before entering repayment. All examples are based on the highest starting rate currently charged. Depending on your loan amount and other factors, repayment may last up to 15 years, starting after the deferment period. Federal Loan Alternatives Loan program PERKINS for Students Current Interest Rates by Program Type 5% fixed 3.76% fixed Undergraduate subsidized & unsubsidized STAFFORD for Students 5.31% fixed Graduate unsubsidized PLUS for Parents and Graduate/Professional Students 6.31% fixed Federal Direct Loan You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at:
27 Page 3 of 3 Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self- Certification Form. You may obtain the Self-Certification form from your school's financial aid office or you may execute it electronically within our online application system. If you are approved for this loan, the loan terms will be available for 45 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market). REFERENCE NOTES Variable Interest Rate: This loan has a variable interest rate that is based on the One-Month London Interbank Offered Rate (LIBOR) index which is published in the "Money Rates" section of The Wall Street Journal (Eastern Edition) and will be equal to the One-Month LIBOR rate published on the 25th day (or if such 25th day is not a business day, the next business day thereafter) of the month immediately preceding such calendar month, rounded up to the nearest oneeighth of one percent (0.125%). This loan has a Variable Rate. The Variable Rate is determined by (1) your and, if applicable, your cosigner's, credit histories, (2) the repayment option and loan term that you select, and (3) the requested loan amount and other information you provide on the online loan application. Your interest rate will be calculated each month by adding your margin (which can range from 3.24% to 8.64%) to the current One-Month LIBOR index. Your interest rate may increase or decrease monthly if the One-Month LIBOR index changes, which will affect your monthly payment. Your interest rate will not increase more than once a month. Your interest rate will never exceed 36.00% (the maximum allowable for this loan). If you are a student applicant whose permanent residence is in Texas at the time of the first disbursement, your rate will never exceed 18.00%. Interest rates are typically higher without a cosigner. Eligibility Criteria: Borrower: Must be enrolled at an eligible school at least half-time. Must be of the legal age of majority or at least 17 years of age with a cosigner who is the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Cosigner: All cosigners must be the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Bankruptcy Limitations: If you (borrower or cosigner) file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility, interest rate reductions, and repayment deferral or forbearance options is available in your loan application and Credit Agreement.
28 ADDITIONAL IOWA STUDENT LOAN DISCLOSURES A. Cosigner Requirements A cosigner is required for this student loan if you do not meet our credit requirements on your own, for example, credit history, income and/or employment requirements. B. Repayment of Loan Information Immediate Repayment - The first monthly principal and interest payment will be due days after the final disbursement date of the loan. Interest Only - The first monthly interest payment will be due days after the first disbursement date of the loan. The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. Partial Interest - The first monthly partial interest payment of $25.00 will be due days after the first disbursement date of the loan. The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. Full Deferral - The first monthly principal and interest payment will be due days after the deferment end date. The deferment end date will be the earlier of (a) 6 months after the student graduates, (b) 6 months after the student ceases to be enrolled at least half-time in an eligible school, or (c) 66 months after the first disbursement date. You can prepay your loan in whole or part at any time without penalty. C. Additional Terms and Conditions Your loan is subject to all of the terms and conditions of your Credit Agreement. Please read your Credit Agreement carefully, it may include terms under which the interest rate on the loan may change. To obtain a copy of your Credit Agreement, please write to SunTrust Bank, P.O. Box , Boston, MA D. Consequences of Loan Default There are serious consequences if you default on this loan. For example, under normal circumstances, student loans are not dischargeable in bankruptcy. In order to discharge a loan in bankruptcy, the borrower must prove undue hardship in an adversary proceeding before the bankruptcy court. Additional consequences of default on this loan include: Lender may report the late payment history to credit reporting agencies, which will adversely affect your credit rating and ability to get more credit Interest will continue to accrue on the outstanding principal balance Lender may take legal action Borrower may become ineligible for further loans from the lender Full amount of the loan may become due immediately E. Lender Contact Information SunTrust Bank P.O. Box Boston, MA Page 1 of 1
29 Private Education Loan Application and Solicitation Disclosure Page 1 of 3 SunTrust Bank One Cabot Road, 2nd Floor Medford, MA Loan Interest Rate & Fees Your interest rate will be between 4.600% and % After the rate is set, it will be fixed for the entire term of the loan. Your Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based on your and, if applicable, your cosigner's, credit histories, the repayment option and loan term that you select, and the requested loan amount and other information you provide on the online loan application. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is fixed.this means that during the life of the loan your interest rate will never increase. Your rate may, in certain circumstances described in your Credit Agreement and in accordance with applicable law, decrease below the rate stated in your Credit Agreement, and may subsequently return to the rate stated in your Credit Agreement. For more information on this rate, see the Reference Notes. Loan Fees Your rate will never change after you are approved except where the rate may, in certain circumstances described in your Credit Agreement and in accordance with applicable law, decrease below the rate stated in your Credit Agreement, and may subsequently return to the rate stated in your Credit Agreement. Late Charge: 5% of the overdue payment if not made on or before the 10th calendar day after its due date.
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