1 To qualify independently, borrowers must meet underwriting guidelines and are subject to credit review and approval. Your co-signer may be removed from your loan after 12 consecutive, on-time principal and interest payments during the repayment period.
2 Academic Credit Score (ACS) is a proprietary scoring model. The ACS model is unique compared to other credit-based scores because it is calculated by using your credit score and adjusting it based on your academic information and progress. If applying with a co-signer, the higher of the borrower’s FICO score and co-signer’s FICO score will be used in the calculation. The academic data that is considered in your ACS is broken into five categories: area of study, academic year, grade point average, full-time or part-time student and co-signer availability. These five categories are weighted before combining the total with your credit score and calculating your ACS.
3 The Annual Percentage Rates (APR) are effective as of December 09, 2023 and are subject to change. The rate for the variable rate loan is based on the Prime Rate, as published in The Wall Street Journal on the first of each month. which is currently 8.50%. If the first day of the month is not a business day, the preceding business day will be used. For example, with a 20 year fixed rate loan for a borrower with a Gold Honors ACS Grade, your monthly payment on each $1,000 borrowed will be $7.20 for payments with automatic deduction from a checking account, and $7.35 for loans without automatic deduction.