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You must
attend an eligible school and be enrolled in an eligible program. U.S.
citizens enrolled in eligible study abroad programs or studying at
medical schools outside the United States are also eligible.
International students are eligible with a creditworthy cosigner (who
must be a U.S. citizen or permanent resident) and appropriate U.S.
Citizenship and Immigration Service documentation.
You must
meet current credit and other eligibility criteria
1
2% reward is available
during initial in-school and separation period only. If borrower leaves
school but returns later, the
reward will not be available for any subsequent in-school period.
Primary borrower must be of the age of majority in his or her state of
residence (typically 18 years old) and must indicate current Upromise
membership or enroll in Upromise at the time of loan application. To be
eligible to receive the 2% reward, the borrower may not have had two
consecutive scheduled payments past due on the loan for which the
benefit is available. If the borrower has two consecutive scheduled
payments past due, he or she will no longer be eligible for the reward
on that loan. If all conditions are met, primary borrower will earn 2%
of the scheduled payment amount in Upromise rewards into his or her
Upromise account for each on time payment. The 2% reward is not earned
on payment amounts in excess of the scheduled payment. Benefit is
subject to the terms and conditions of the Upromise service (as may be
amended from time-to-time), including without limitation, restrictions
on conversion, transfer and redemption of rewards, reward denomination,
including whether and under what circumstances the rewards have
independent cash value, and terms relating to fees and/or the forfeiture
of rewards. Benefit available on eligible loans first disbursed on or
after June 1, 2010.
2
Benefit for enrolling
in monthly recurring automatic debit payments is available for as long
as monthly payment is successfully deducted from the designated bank
account. Benefit is suspended during periods of forbearance and certain
deferments.
3
The
savings example uses approximated numbers, is for informational purposes
only and is an example of loan terms available through the Smart Option
Student Loan. Savings based on a total payment of $28,058.51 for a
traditional 15-year private student loan where payments are deferred
during school and grace periods and $18,569.30 for the Smart Option
Student Loan which represents total potential savings of $9,489.21.
Example of Smart Option Student Loan terms; one loan made to a freshman
borrower of $10,000 with two disbursements and a 10.55% APR [Interest
rate set at LIBOR + 9.75% (LIBOR of 0.250% as of March 25, 2010) with a
3% disbursement fee]. APR may increase may increase after consummation,
Repayment consists of 51 interest payments ranging from $42.92 to $85.83
per month (in-school period of 45 months plus separation period of 6
months), followed by 84 principal and interest payments of $170.99 per
month. Compare against a traditional private student loan where payments
are deferred during school and grace periods in a similar amount with an
estimated APR of 9.64% and repayment consisting of 180 principal and
interest payments of $155.88 per month (following a 45-month in-school
period and 6-month grace period, after which accrued interest is
capitalized). |
