# Rates & Terms

Annual Percentage Rate (APR) = Interest Rate adjusted for applicable fees and discounts

Term Index Interest Rate Estimated Monthly Payment Estimated Total Payment
10 years
(120 months)
Variable, based on 30-day SOFR and
may increase after loan consummation,
subject to floor rate of 3.25%
7.20% - 7.45%
(6.90% APR - 7.12% APR)
\$139.28 - \$142.16 \$18,063.60 - \$18,409.20
Data in table reflects rates as of 1/28/2023.

### Loan Cost Example

Assuming a \$10,000 loan amount, a 6.90% APR, and a 10-year term, you would make 54 (48 months in school + 6 month grace period) monthly payments of \$25 while enrolled in school followed by 120 monthly payments of \$139.28 to repay this loan. If the APR is 7.12% and the loan amount remains \$10,000 you would make 54 monthly payments of \$25 while you are enrolled in school followed by 120 monthly payments of \$142.16 to repay this loan. The APR may increase during the life of the loan and can result in higher monthly payments.

### Annual Percentage Rate (APR)

The Annual Percentage Rate (APR) represents the total amount a loan will cost over a one-year period. Expressed as a single percentage, the APR gives borrowers a clear understanding of a loan's true overall cost, as it accounts for the interest rate, together with any and all fees.The APR also considers how the loan is paid back, including the amount of monthly payments and the length of any deferment period and the repayment period. The APR may be lower than the interest rate as a result of automatic rate reductions that are to occur at a future date or because the loan has a deferment period during which full payments of principal and/or interest are not required.

### Minimum Monthly Payment

The monthly minimum payment during the Repayment Period is your calculated monthly payment or \$50.00, whichever is greater.

### SOFR Index

The Secured Overnight Financing Rate (SOFR) is a daily reference rate produced by the Federal Reserve Bank of New York that is based on overnight transactions in the U.S. dollar Treasury repo market.

If you have a variable rate loan, your rate will adjust monthly, and it will be based on the 30-day average SOFR published by the Federal Reserve Bank of New York as of two business days immediately preceding the monthly adjustment date.

### Rate Reduction

The lower rate displayed in the rate range above assumes a 0.25% reduction (subject to the floor rate) upon borrower enrolling in automatic payments. If the automatic payment is cancelled any time after enrollment, the rate reduction will discontinue. This rate reduction may be suspended during any period of forbearance or deferment.

Please note that we reserve the right to modify or discontinue products and services offered on this website at any time and without notice.