REFINANCE LOAN DISCLOSURES
1Prequalification
The prequalification process is based on review and validation of the information provided during the initial application process and the information obtained from the consumer reporting agency. The prequalification process will not affect the applicant’s credit score. If the applicant passes the prequalification process, they will be required to provide acceptable documentation including loan payoff amounts from their current servicer(s) and/or income verification before the final loan approval. Actual interest rates will be determined once a hard credit pull is conducted. Please be aware that if an applicant intends to refinance federal education loans, they will no longer qualify for potential loan forgiveness through the Department of Education or the income-based repayment option. Please be aware the applicant will also lose special benefits such as public service loan forgiveness and economic hardship programs if they refinance federal education loans.
2Fixed Interest Rates, APRs and Repayment Examples
The current fixed interest rates range from 4.20% to 9.18% in effect as of 8/26/2025. The fixed interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the applicant’s credit history (2) the repayment term selected, and (3) other information provided on the online loan application. If approved, the applicant will be notified of the rate qualified for within the stated range. APRs range from 3.95% (with Auto Pay Discount 3) to 9.16%. Lowest rates are only available for the most creditworthy applicants. The APR reflects the estimated total cost of the loan, including upfront fees, accruing interest and the effect of capitalized interest. The lowest APR example is based on a $10,000 loan disbursed in a single transaction, a 5-year repayment term (60 months), an immediate repayment plan, monthly principal and interest payments of $183.94 and has a 3.95% interest rate which includes a 0.25% interest rate reduction for payments via auto pay 3. The highest APR example is based on a $10,000 loan disbursed in a single transaction, a 15-year repayment term (180 months), an immediate repayment plan, monthly principal and interest payments of $102.50 and has a 9.18% interest rate. The fixed interest rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH reduction benefit.
3Auto Pay Discount - 0.25% Interest Rate Reduction
An interest rate reduction of 0.25% is available for borrowers who make monthly electronic funds transfer (EFT) payments of principal and interest from a savings or checking account. To qualify, the borrower needs to arrange with the loan servicer to automatically deduct monthly principal and interest payments from a bank account. The automatic payment benefit will discontinue and be lost for the remaining repayment period in the event any three payments are returned for insufficient funds over the life of the loan. This benefit may be terminated during deferment and forbearance periods, but can be re-established if the borrower reapplies at the end of the deferment or forbearance period.
4Total and Permanent Disability
In the event a Borrower becomes Totally and Permanently Disabled, the Borrower, or his/her representative, may contact the Servicer by phone or mail to request information regarding the Lender’s Total and Permanent Disability (TPD) discharge. Any Loan that has not previously become a charged off Loan or that is not currently in default may be discharged due to the Borrower’s Total and Permanent Disability, as defined by the Lender’s TPD Terms and Application. The definition of TPD, the application form for a TPD discharge, the required supporting documentation, and other terms, limitations, conditions and requirements for a TPD discharge (“TPD Terms”) can be obtained by contacting the Lender or Servicer by phone or mail. The Servicer must receive a completed TPD Application within the timeframe stated within the application that complies with the requirements set forth by the Lender for a Loan to be discharged. If the Borrower meets the TPD requirements set forth by the Lender, the Servicer shall write down any outstanding principal and accrued interest balance on the Loan to a zero balance. For additional information regarding TPD or to request an application, contact the Loan Servicer.
5Repayment Options
The first payment of principal and interest is due within thirty (30) to sixty (60) days after the date of the last disbursement.
6Qualified Education Loans
Qualified education loans are loans taken out by an individual solely to pay qualified higher education expenses. The loan must be for the individual, their spouse or any dependent claimed on the individual’s tax return as of the time the debt was incurred. The student’s educational expenses must be paid or have incurred within a reasonable period of time before or after the loan was taken out and the education expenses paid by the loan must be for a period of time when the recipient was an eligible student.
7Qualified Higher Education Expenses
Qualified higher education expenses are amounts paid for tuition, fees, books, supplies and other related expenses for an eligible student that are required for enrollment or attendance at an eligible educational institution.