1 Auto debit discount
Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is stopped or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
2 Cosigner Release
Request for the cosigner to be released can be made by the borrower after 24 consecutive, on-time payments (not later than 15 days after the due date) of principal and interest have been made. The borrower must be current on their payments at the time of the cosigner release request and show the ability to assume full responsibility of the loan(s) by meeting certain credit criteria on their own at the time of the request, including, but not limited to, being a U.S. citizen or having permanent residency in the United States, being the age of majority in their permanent state of residency, providing sufficient proof of income, and having no student loans in default.
3 Interest Rates
Student Loan
Fixed interest rates range from 3.34% APR (with auto debit discount) to 10.50% APR (without auto debit discount).Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.
Variable interest rates range from 1.64% APR (with auto debit discount) to 10.41% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. The variable interest rate is equal to the One-Month London Interbank Offered Rate (“One-Month LIBOR”) plus a margin. The One-Month LIBOR in effect for each monthly period (from the first day of the month through and including the last day of the same month) will be the highest One-Month LIBOR published in The Wall Street Journal “Money Rates” table on the twenty-fifth (25th) day (or if such day is not a business day, the next business day thereafter) of the month immediately preceding such calendar month. The Annual Percentage Rate (APR) for a variable interest rate loan will change monthly on the first day of each month if the One-Month LIBOR index changes. This may result in higher monthly payments. The current One-Month LIBOR index is 0.45% as of April, 1 2022.
The lowest interest rate for each loan type requires automatically withdrawn (“auto debit”) payments, a five-year repayment term for both graduate and undergraduate loans, and the borrower making immediate principal and interest payments. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, and (3) the loan type selected. If approved, applicants will be notified of the rate qualified for within the stated range.
4 Loan Eligibility
School Loan Eligibility: You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your permanent state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. Students and cosigners living, or attending school, in the state of Vermont are not eligible for a student loan from U fi at this time. Student must be enrolled at least half-time in a Title IV program at an eligible school. You must not have defaulted on any student loan. You, or your eligible cosigner, must have an annual income of at least $36,000. Approval subject to credit review. Other credit criteria may apply.
Undergraduate Loan Limits:
- Minimum loan amount: $1,000
- Maximum student loan limits: $125,000
Graduate Loan Limits:
- Minimum loan amount: $1,000
- Maximum student Loan limits:
- Graduate or doctorate degree: $175,000
- MBA or graduate law degree: $175,000
- Graduate health professions degree: $500,000