CU Student H.E.L.P.(Higher Education Loan Program)
Undergraduate and Graduate Loan
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Loan Minimum:
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$500
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Loan Maximum:
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The Total Cost of Education for your school, up to an aggregate lifetime maximum of $250,000.
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Interest Rate:
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Interest rates as low as Prime minus 0.688%*
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Loan Fees:
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Loan fees range from 0% - 7.5% depending on your credit.
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Grace Period:
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12 months after graduation.
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Incidental Loan Option:
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$500 to $3,000**
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Cosigner Required?
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Peoples Advantage FCU encourages all borrowers to apply with a cosigner to increase their chances of approval and of obtaining a lower rate and/or fee.
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Additional Program Features
- Borrowers can apply online 24/7 and get a decision usually in less than a minute;
- Available for non-degree-seeking students;
- Borrower may request the cosigner be released after 48 consecutive on-time payments (pending borrower’s approved credit);
- Borrowers may request a .40% interest rate reduction for auto-debit and another .25% reduction after 48 consecutive on-time payments;
- Level and graduated repayment options with forbearance up to one year; and
- No prepayment penalties.
Borrower Qualifications
To be eligible for a Peoples Advantage FCU CU Student H.E.L.P. loan, the borrower must be 18 (19 in Nebraska, 21 in Puerto Rico & Mississippi)*** by the date of application, enrolled at least half-time in, or admitted to, an eligible institution and a U.S. citizen or eligible non-citizen holding a valid, unexpired USCIS form I-151 or I-551. Borrower must be making satisfactory academic progress.
ANNUAL PERCENTAGE RATE EXAMPLES: The examples below are for illustrative purposes only but should help you understand how much a student loan may cost. The actual rates and fees of your loan may vary from the examples below depending upon your credit history and other underwriting criteria. The first example represents a “typical” transaction and assumes a loan fee of 5% and an interest rate of Prime +1%. The second example represents a “well-qualified applicant transaction” and assumes a loan fee of 0% and an interest rate of Prime – 0.5%. “A well-qualified applicant is an applicant with a strong credit profile according to current lender underwriting guidelines.” Both examples make the following assumptions: you borrow $10,000 which includes your loan fee; your loan is disbursed in a single disbursement on 1/1/2008; you graduate on 11/1/09 (22 months later); your first payment is not due until 11/1/2010; you request a repayment period of 300 months (25 years); and the Prime Rate, which is 7.75% as of October 1, 2007 remains unchanged.
Typical transaction: With a loan fee of 5% and an interest rate of Prime +1%, your ANNUAL PERCENTAGE RATE will be 9.05% with an approximate monthly payment of $102.60.
Well-qualified applicant transaction: With a loan fee of 0% and an interest rate of Prime – 0.688%, your ANNUAL PERCENTAGE RATE will be 6.97% with an approximate monthly payment of $85.30.
Please note that the Annual Percentage Rate will vary and is indexed to the Prime Rate as published in the Wall Street Journal. In addition, any increases in the interest rate will result in an increase in the amount of your monthly payments and/or an increase in the number of scheduled payments.
In all cases, interest rates and loan fees vary and are based upon borrower and/or cosigner (where applicable) credit profile, and other underwriting criteria.
*Interest rate and loan fees vary and are based upon borrower and/or cosigner (where applicable) credit profile, school eligibility and other underwriting criteria.
**The incidental loan can be a maximum of 30% of the requested loan amount, up to $3,000, with a minimum of $500. Please note that if the Financial Aid Office reduces the loan amount at certification, the amount of the incidental loan may be reduced or possibly eliminated.
***Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian.
CU Student H.E.L.P. is administered by CampusDoor. All loans are subject to credit approval.
Lender is Lehman Brothers Bank, FSB. Equal Opportunity Lender. Peoples Advantage FCU is
compensated for the referral of private loan customers to the Lender.
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