National Education's Preferred Loan funded by U.S. Bank
National Education's Preferred (Fixed Rate) Loan funded by U.S. Bank
| Student Loan |
National Education's Preferred (Fixed Rate) Loan funded by US Bank |
| Application Fee |
ZERO |
| Origination Fee |
ZERO |
| Reserve Fee |
As low as 2% |
| In-School Repayment Required1 |
NO |
| Interest Rate |
7.99% (7.80% - 8.46% APR)
|
| Borrower Benefit3 |
.50% rate reduction for automatic payment |
| Co-Signer Required |
Not required, but a qualified cosigner may help you receive a better reserve fee on your loan |
| Payment Options |
Immediate or Deferred |
| CoSigner Release |
YES, co-signer release option after 36 consecutive on-time payments and borrower meets minimum credit requirements at the time of the request |
| Prepayment Penalty |
ZERO |
If Federal Loans don't cover the full cost of your education, National Education's Preferred Private Loan can help pay for additional college expenses.
Students must be enrolled and making satisfactory academic progress in a bachelor's degree or post-baccalaureate program at an eligible college or university.
Loan features and benefits*:
- No Application Fees
- Requires no application or administration fees. A reserve fee will be charged based on credit evaluation. The reserve fees will be subtracted from loan proceeds of disbursement but borrowers may elect to pay fee up front.
| Tier |
Interest Rate |
APR |
Reserve fee |
| Tier 1 |
7.99% |
7.80% |
2% |
| Tier 2 |
7.99% |
8.09% |
5% |
| Tier 3 |
7.99% |
8.46% |
9% |
- Cosigner Release Option
- Available to borrowers who make 36 consecutive monthly on-time payments and meet the minimum credit requirements at the time of the request.
- Payment Options
- Students are not required to make payments while in school and for six months after graduation or dropping to less than half-time enrollment.1
- Repayment Term
- Repayment up to 15 years - makes payments affordable.2
- Loan Not Based on Financial Need
- Loans are credit-based. You do not have to demonstrate financial need.
Enhanced Borrower Benefits
- Graduation Benefit4
- Borrowers will be eligible to receive a two percent (2%) principal reduction of the amount borrowed on their National Education Preferred loans at graduation!
- "Good Grades" Benefit4
- Borrowers will also be eligible to receive an additional one percent (1%) principal reduction of the amount borrowed on their National Education Preferred loans if they have a 3.3 overall GPA at graduation!
Additional loan information*:
Borrow up to the cost of education less other financial aid received. This amount will be the lesser of what the borrower requests, program limits or school certified amount.
- Minimum loan amount is $1,000.
- Interest rates are fixed at 7.99%
- .50% interest rate reduction for autopayment.3
- With the help of a qualified cosigner, you may receive a better APR on your college loan.
- Cosigner release options are available.
Note: National Education's Preferred Private Loan program rules and qualifications are subject to change at any time without notice.
*Subject to normal credit approval. Loan approval subject to program guidelines
| 1. |
Interest will continue to accrue during periods of deferment. This deferred interest, if not paid, will be capitalized (added to your principal loan balance, and the interest will accrue on this new balance) at repayment |
| 2. |
.A $10,000 student loan at 7.99% fixed Interest rate and a 2% reserve fee ($200) for a total of $10,200 borrowed, and assuming a 45-month in-school period, a six month grace period (i.e., a 51-month "interim period") and 15 years in repayment, would require a monthly payment of $130.48. The interim APR would be 7.61%; the repayment period APR would be 7.80%. |
| 3. |
The automatic payment is a requirement to be qualified for the interest rate reduction benefit. Auto-payment is set up through your loan servicer. If the auto-payment is cancelled by the borrower, the rate reduction benefit is lost but may be reinstated. If the auto-payment feature is revoked, the rate reduction benefit is lost and cannot be reinstated even if automatic payments are re-established on the loan. |
| 4. |
To be eligible, loan application must be received on or after August 1, 2011 and loan proceeds must be disbursed prior to graduation date. Graduation Perk requires proof of graduation date, and Good Grades Perk requires proof of graduation date and cumulative GPA of 3.30 or higher, which must be submitted by the borrower no later than 12 months after graduation date. 2% principal reduction for Graduation Perk and 1% principal reduction for Good Grades Perk will be credited to the student loan account balance and are based on the original amount financed, excluding loan fees, interest (including accrued and unpaid interest which may be capitalized at repayment) and any loan proceeds returned by school or not disbursed. Borrower cannot be delinquent or in default at the time of request. Loans that are consolidated, refinanced or paid in full prior to redeeming the perk(s) are not eligible. |
National Education's Preferred No Fee (Variable Rate) Loan funded by U.S. Bank
| Student Loan |
National Education's Preferred (No Fee Variable Rate) Loan funded by US Bank |
| Application Fee |
ZERO |
| Origination Fee |
ZERO |
| Reserve Fee |
ZERO |
| In-School Repayment Required1 |
NO |
| Interest Rate3 |
Variable Rate - Prime + 0.2% - Prime + 7.7% (3.27% APR - 10.22% APR)
|
| Borrower Benefit4 |
.50% rate reduction for automatic payment |
| Co-Signer Required |
Not required, but a qualified cosigner may help you receive a better interest rate on your loan |
| Payment Options |
Immediate or Deferred |
| CoSigner Release |
YES, co-signer release option after 36 consecutive on-time payments and borrower meets minimum credit requirements at the time of the request |
| Prepayment Penalty |
ZERO |
If Federal Loans don't cover the full cost of your education, National Education's Preferred Private Loan can help pay for additional college expenses.
Students must be enrolled and making satisfactory academic progress in a bachelor's degree or post-baccalaureate program at an eligible college or university.
Loan features and benefits*:
- No Application Fee
- Requires no application or administration fees.
- Cosigner Release Option
- Available to borrowers who make 36 consecutive monthly on-time payments and meet the minimum credit requirements at the time of the request.
- Payment Option
- Students not required to make payments while in school and for six months after graduation or dropping to less than half-time enrollment1.
- Repayment Term
- Repayment up to 15 years - makes payments affordable2.
- Loan Not Based on Financial Need
- Loans are credit-based. you don't have to demonstrate financial need.
Enhanced Borrower Benefits
- Graduate Benefit5
- Borrowers will be eligible to receive a two percent (2%) principal reduction of the amount borrower on their National Education Preferred loans at graduation!
- "Good Grades" Benefit5
- Borrowers will also be eligible to receive an additional one percent (1%) principal reduction of the amount borrowed on their National Education Preferred loans if they have a 3.3 overall GPA at graduation!
Additional loan information*:
- Borrow up to the cost of education less other financial aid received. This amount will be the lesser of what the borrower requests, program limits or school certified amount.
- Minimum loan amount is $1,000.
- Interest rates are based on borrower or co-signer (if applicable) credit history. Rates are variable over the life of the loan. They are currently:3
| Tier |
Interest Rate |
APR2 |
Fees |
| Tier 1 |
3.45% |
3.39% |
None |
| Tier 2 |
5.20% |
5.05% |
None |
| Tier 3 |
7.00% |
6.71% |
None |
| Tier 4 |
10.95% |
10.22% |
None |
- .50% interest rate reduction for autopayment.4
- With the help of a qualified cosigner, you may receive a better rate on your college loan.
- Cosigner release options are available.
Note: National Education's Preferred Private Loan program rules and qualifications are subject to change at any time without notice.
*Subject to normal credit approval. Loan approval subject to program guidelines.
| 1. |
Interest will continue to accrue during periods of deferment. This deferred interest, if not paid, will be capitalized (added to your principal loan balance, and the interest will accrue on this new balance) at repayment |
| 2. |
A $10,000 student loan at a constant interest rate of 3.45%, assuming a 45-month in-school period, a six month grace period (i.e., a 51-month "interim period") and 15 years in repayment, would require a monthly payment of $81.67. The interim APR would be 3.27%; the repayment period APR would be 3.39%. APR is variable and may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. |
| 3. |
APR may increase or decrease after consummation. Consummation occurs upon disbursement of loan proceeds. The interest rate is variable and can therefore increase and/or decrease over the life of the loan. |
| 4. |
The automatic payment is a requirement to be qualified for the interest rate reduction benefit. Auto-payment is set up through your loan servicer. If the auto-payment is cancelled by the borrower, the rate reduction benefit is lost but may be reinstated. If the auto-payment feature is revoked, the rate reduction benefit is lost and cannot be reinstated even if automatic payments are re-established on the loan.
|
| 5. |
To be eligible, loan application must be received on or after August 1, 2011 and loan proceeds must be disbursed prior to graduation date. Graduation Perk requires proof of graduation date, and Good Grades Perk requires proof of graduation date and cumulative GPA of 3.30 or higher, which must be submitted by the borrower no later than 12 months after graduation date. 2% principal reduction for Graduation Perk and 1% principal reduction for Good Grades Perk will be credited to the student loan account balance and are based on the original amount financed, excluding loan fees, interest (including accrued and unpaid interest which may be capitalized at repayment) and any loan proceeds returned by school or not disbursed. Borrower cannot be delinquent or in default at the time of request. Loans that are consolidated, refinanced or paid in full prior to redeeming the perk(s) are not eligible. |
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