| Eligibility: |
Parent
or credit worthy student with a satisfactory credit score and debt to income ratio
Loan is in student's name
|
Parent
of dependent student with no adverse credit history
Loan is in parent's name only
|
| Interest: |
Variable:
6.35%
Rate changes each June 1
|
Federal
rate: Fixed 8.50%*
*New rate for loans disbursed on/after July 1, 2007
|
| Other
fees: |
Tiered guarantee fee structure, added to the balance at repayment, for various credit levels:
0% excellent credit,
3% good credit,
6% fair credit
no origination fee
|
3%
Origination fee 1% Default
fee
|
| Loan
amounts: |
$1000
minimum
Full cost of education minus other financial aid
|
Full
cost of education minus other financial aid. |
| Repayment: |
4-20
years based on principal amount |
10
years |
| Deferment: |
Can
defer principal and interest while the student is in school |
Cannot
defer principal unless parent is also in school. |
