Rates & Repayment
A loan as individual as you are.
Everybody's different, so we give you the tools to choose the loan options that work best for you. Once you've completed the online application and you have passed the initial credit review,* you will qualify for a range of loan options and can select the best ones for you.
You can decide. The Custom Choice Loan® gives you that kind of flexibility.
How will you decide on a repayment plan?
What are the current rates?
Competitive Rates
As of:as low as current rate,
Added Benefits
- Competitive rates for students / cosigners with good credit
- Cosigner release****
- Rate reduction for automatic payments*****
- No penalty for early prepayment
Repayment Plan Comparison Chart1
Different plans offer different advantages. What is most important to you?
The more stars, the better the repayment plan meets the objective for most loan
situations.
| Repayment Plan | Start Full Payment Immediately | Pay Interest Only During School |
Student Starter partial interest payment** ($25/mo. interest only while in school) |
Defer all payments until after leaving school† (or ceasing to be enrolled 1/2 time) |
|---|---|---|---|---|
| Payment Begins: | Approximately 45 days after final disbursement | Approximately 45 days after first disbursement2 | Approximately 45 days after first disbursement3 |
180 days after graduation, but no more than 5 years |
| Builds your Credit history the soonest: | ||||
| Lowest Monthly Payment While in school: | ||||
| Lowest Monthly Payment After Graduation: | ||||
| Lowest Total Cost: |
1This comparison provides only a general guide for which plans would better deliver on each of the benefits. The comparison assumes a student is eligible for all repayment plan options. Repayment option and term eligibility is determined based on the requested loan amount. To fully evaluate your options, we offer Customize Your Loan and Compare Your Options steps within the loan application where you can view real-time estimates for loan rates and monthly repayment amounts.
2Principal and interest payment begins 180 days after graduation or ceasing to be enrolled at least ½ time at a Title IV eligible program in an eligible institution, but no more than 5 years after the first disbursement (plus a six month grace period). Making interest only payments while in school will not reduce the balance on the loan.
3Principal and interest payment begins 180 days after graduation or ceasing to be enrolled at least ½ time at a Title IV eligible program in an eligible institution, but no more than 5 years after the first disbursement (plus a six month grace period). Making interest only payments while in school will not reduce the balance on the loan. The Student Starter (partial interest payment) of $25 a month while in school will not necessarily pay all interest due, so the remaining interest will be added to the loan balance.
Repayment Examples1
The examples below show how different options affect the total estimated amount paid on a $10,000 cosigned loan with a 15-year term. We are showing you the range of rates from lowest to highest, however, your rates and available repayment options will be determined based on your (and your cosigner's) credit review and the loan options you choose.
Other Options
If you'd prefer a more predictable monthly payment, you should consider a fixed rate. Our fully deferred repayment plan is also available. Please note that eligibility for repayment terms and options depends on the loan amount requested.
Please wait while the current interest rates are loaded....
($25 Partial Interest Payment)
| Lowest Rate | Highest Rate | |
|---|---|---|
| Amount Requested | $10,000 | $10,000 |
| Interest Rate Type | Variable | Variable |
| Current Interest Rate | x.xx%2 | x.xx%2 |
| APR | x.xx%3 | x.xx%3 |
| Origination Fee |
x.xx%4 $x,xxx.xx |
x.xx%4 $x,xxx.xx |
| Monthly Payment while in School | $xxx.xx5 | $xxx.xx5 |
| Monthly Payment during Repayment | $xxx.xx6 | $xxx.xx6 |
|
Deferment Period (In months) |
xx | xx |
|
Repayment Period (In months) |
xx | xx |
| Estimated Total of Payments | $xx,xxx.xx7 | $xx,xxx.xx7 |
| Lowest Rate | Highest Rate | |
|---|---|---|
| Amount Requested | $10,000 | $10,000 |
| Interest Rate Type | Variable | Variable |
| Current Interest Rate | x.xx%2 | x.xx%2 |
| APR | x.xx%3 | x.xx%3 |
| Origination Fee |
x.xx%4 $x,xxx.xx |
x.xx%4 $x,xxx.xx |
| Monthly Payment while in School | $xxx.xx5 | $xxx.xx5 |
| Monthly Payment during Repayment | $xxx.xx6 | $xxx.xx6 |
|
Deferment Period (In months) |
xx | xx |
|
Repayment Period (In months) |
xx | xx |
| Estimated Total of Payments | $xx,xxx.xx7 | $xx,xxx.xx7 |
| Lowest Rate | Highest Rate | |
|---|---|---|
| Amount Requested | $10,000 | $10,000 |
| Interest Rate Type | Fixed | Fixed |
| Current Interest Rate | x.xx%2 | x.xx%2 |
| APR | x.xx%3 | x.xx%3 |
| Origination Fee |
x.xx%4 $x,xxx.xx |
x.xx%4 $x,xxx.xx |
| Monthly Payment while in School | $xxx.xx5 | $xxx.xx5 |
| Monthly Payment during Repayment | $xxx.xx6 | $xxx.xx6 |
|
Deferment Period (In months) |
xx | xx |
|
Repayment Period (In months) |
xx | xx |
| Estimated Total of Payments | $xx,xxx.xx7 | $xx,xxx.xx7 |
| Lowest Rate | Highest Rate | |
|---|---|---|
| Amount Requested | $10,000 | $10,000 |
| Interest Rate Type | Fixed | Fixed |
| Current Interest Rate | x.xx%2 | x.xx%2 |
| APR | x.xx%3 | x.xx%3 |
| Origination Fee |
x.xx%4 $x,xxx.xx |
x.xx%4 $x,xxx.xx |
| Monthly Payment while in School | $xxx.xx5 | $xxx.xx5 |
| Monthly Payment during Repayment | $xxx.xx6 | $xxx.xx6 |
|
Deferment Period (In months) |
xx | xx |
|
Repayment Period (In months) |
xx | xx |
| Estimated Total of Payments | $xx,xxx.xx7 | $xx,xxx.xx7 |
1. This repayment estimate is based on the variable interest rate type and assumes that all disbursements are made. Your actual loan details may vary from this estimate based on the final options you select and the interest rates in effect at the time your loan application is submitted. The loan terms described are for the 2010-2011 academic year and are subject to change.
2. The Current Interest Rate used in this estimate and in effect as of ranges from to . The variable interest rate is calculated by adding the current One-month LIBOR index (captured on the 25th day of each month, or the next business day thereafter, of the month immediately preceding such calendar month and rounded up to the nearest 1/8th of one percent) to the margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is the Current Index, as published in the "Money Rates" section of The Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your and your cosigner's credit history and will increase or decrease if the One-month LIBOR index changes. The current One-month LIBOR index was on . Effective for applications received on or after , margins range from to depending on your or your cosigner’s credit history and the repayment option and term selected.
3. The Annual Percentage Rate (APR) is the measure of what a loan will cost. It takes into account the rate, fees, length of the loan and the timing of all payments. If you select the Variable Interest Rate type, the APR will increase/decrease if the One-month LIBOR index increases/decreases.
4. Effective for applications on or after 04/26/2011, there are no origination fees charged on variable rate loans.
5. The Monthly Payment while in School is the principal and interest payment that will be made while you are enrolled in school. The Immediate Repayment plan option offers the maximum savings over the life of the loan. In this repayment option, your principal and interest payments will begin approximately 45 days after the final disbursement of funds. With the variable interest rate type, the interest rate will change monthly if the One-month LIBOR index changes. Monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. Minimum monthly payments of the loan's combined principal and interest will be at least $50.
6. The Monthly Payment during Repayment is the combined principal and interest payment amount following deferment (if any). If you select the variable interest rate type, the first year of principal and interest repayment has the same monthly payment each month. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. Minimum monthly payments of the loan's combined principal and interest will be at least $50.
7. For the Immediate Repayment option, the Deferment Period is the time between loan disbursements. Repayment begins approximately 45 days after the final disbursement.
8. The Estimated Total of Payments is the estimated amount you will have paid when you have made all payments.
1. This repayment estimate is based on the variable interest rate type and assumes that all disbursements are made. Your actual loan details may vary from this estimate based on the final options you select and the interest rates in effect at the time your loan application is submitted. The loan terms described are for the 2010-2011 academic year and are subject to change.
2. The Current Interest Rate used in this estimate and in effect as of ranges from to . The variable interest rate is calculated by adding the current One-month LIBOR index (captured on the 25th day of each month, or the next business day thereafter, of the month immediately preceding such calendar month and rounded up to the nearest 1/8th of one percent) to the margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is the Current Index, as published in the "Money Rates" section of The Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your and your cosigner's credit history and will increase or decrease if the One-month LIBOR index changes. The current One-month LIBOR index was on . Effective for applications received on or after , margins for 15 year Student Starter loan range from to depending on your or your cosigner's credit history and the repayment option and term selected.
3. The Annual Percentage Rate (APR) is the measure of what a loan will cost. It takes into account the rate, fees, length of the loan and the timing of all payments. If you select the variable interest rate type, the APR will increase/decrease if the One-month LIBOR index increases/decreases.
4. Effective for applications on or after 04/26/2011, there are no origination fees charged on variable rate loans.
5. The Monthly Payment while in School for the Student Starter (partial interest payment) plan option, will require you to pay the minimum interest only amount of $25 per month while you are in school which will be applied to any accrued and unpaid interest. This option will reduce the amount of interest you pay after graduation and can help you build good bill-paying habits. The interest-only $25 payment begins approximately 45 days after the first loan disbursement and is required throughout the deferment period (for a maximum of five years) and grace period. During the in-school period, the partial interest payments may not cover the entire amount of interest due each month. The accrued and unpaid interest that is not covered by this partial payment will be capitalized (added to the principal balance) as of the last day of the deferment period.
6. The Monthly Payment during Repayment is the combined principal and interest payment amount following deferment (if any). If you select the variable interest rate type, the first year of principal and interest repayment has the same monthly payment each month. After the first year of principal and interest payments, monthly payment amounts are recalculated once each year and reset annually on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Your monthly payment amount may also be recalculated (a) after any deferment or forbearance period, (b) after you ask the servicer to change the monthly payment due date or (c) if the minimum monthly payment is not enough to cover the interest accrued during that month. Minimum monthly payments of the loan's combined principal and interest will be at least $50.
7. The Estimated Total of Payments is the estimated amount you will have paid when you have made all payments.
1. This repayment estimate is based on the fixed interest rate type and assumes that all disbursements are made. Your actual loan details may vary from this estimate based on the final options you select and the interest rates in effect at the time your loan application is submitted. The loan terms described are for the 2010-2011 academic year and are subject to change.
2. Your Interest Rate will be fixed for the life of the loan.
3. The Annual Percentage Rate (APR) is the measure of what a loan will cost. It takes into account the rate, fees, length of the loan and the timing of all payments.
4. Effective for applications on or after 04/26/2011 there are no origination fees charged on the Immediate Repayment option.
5. The Monthly Payment while in School is the principal and interest payment that will be made while you are enrolled in school. The Immediate Repayment plan option offers the maximum savings over the life of the loan. In this repayment option, your principal and interest payments will begin approximately 45 days after the final disbursement of funds. If you choose the fixed rate type, your monthly payment amounts will be fixed for the term of your loan.
6. The Monthly Payment during Repayment is the combined principal and interest payment amount following deferment (if any). If you select a fixed interest rate type, your monthly payment will not change during the repayment term (except following any forbearance granted during the repayment term). Minimum monthly payments of the loan's combined principal and interest will be at least $50.
7. For the Immediate Repayment option, the Deferment Period is the time between loan disbursements. Repayment begins approximately 45 days after the final disbursement.
8. The Estimated Total of Payments is the estimated amount you will have paid when you have made all payments.
1. This repayment estimate is based on the fixed interest rate type and assumes that all disbursements are made. Your actual loan details may vary from this estimate based on the final options you select and the interest rates in effect at the time your loan application is submitted. The loan terms described are for the 2010-2011 academic year and are subject to change.
2. Your Interest Rate will be fixed for the life of the loan.
3. The Annual Percentage Rate (APR) is the measure of what a loan will cost. It takes into account the rate, fees, length of the loan and the timing of all payments.
4. Effective for applications on or after 11/23/2011, there are no origination fees charged on fixed rate loans.
5. The Monthly Payment while in School for the Student Starter (partial interest payment) plan option, will require you to pay the minimum interest only amount of $25 per month while you are in school which will be applied to any accrued and unpaid interest. This option will reduce the amount of interest you pay after graduation and can help you build good bill-paying habits. The interest-only $25 payment begins approximately 45 days after the first loan disbursement and is required throughout the deferment period (for a maximum of five years) and grace period. During the in-school period, the partial interest payments may not cover the entire amount of interest due each month. The accrued and unpaid interest that is not covered by this partial payment will be capitalized (added to the principal balance) as of the last day of the deferment period.
6. The Monthly Payment during Repayment is the combined principal and interest payment amount following deferment (if any). If you select the fixed interest rate type, the monthly payment does not change during the repayment term (except following any forbearance granted during the repayment term). Minimum monthly payments of the loan's combined principal and interest will be at least $50.
7. The Estimated Total of Payments is the estimated amount you will have paid when you have made all payments.
* Passing the initial credit review is based on review of all
the information you and your cosigner (if applicable) provide during the application
process and the information obtained from your credit
report(s). If you pass the initial
credit review, you will need to provide acceptable documentation such as your income verification
and Applicant Self-Certification Form and we will need the certification from your
school before the final loan approval.
** The 15 and 20 year repayment terms are available only for loans of $5,000 or more. For a full repayment example, click here.
*** Student Starter (partial interest payment) plan is available on loans of $5,000 or more. Making interest only payments while in school will not reduce the balance on the loan. For a full repayment example, click here.
**** Request for the cosigner to be released can be made after the first 48 consecutive, on-time payments (not later than ten days after the due date) of principal and interest have been made. The borrower must meet credit criteria at the time of the request. The borrower must also be currently enrolled for automatic deduction of monthly payments from a bank account and must not have used forbearance on the loan prior to the request.
***** To qualify, simply arrange with your 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 is not available for interest payments made during the Deferment Period for the Interest-Only Repayment Option or Student Starter (partial interest payment) Option. This benefit may be terminated during deferment and forbearance periods.
† The deferment period may not exceed 5 years, plus 6 month grace period. Any accrued and unpaid interest will be capitalized (added to your principal loan balance) when repayment of principal and interest begins.
††This APR example assumes a $10,000 loan made in two disbursements with immediate repayment, a monthly principal and interest payment of (there is a minimum monthly payment of $50), a 5-year repayment term (60 months), and a interest rate (in effect as of ). With a 5-year repayment term for immediate repayment, current interest rates can range from to depending on your or your cosigner's credit history and the repayment option selected. If other repayment terms are selected for the immediate repayment option, interest rates may range up to . Other repayment options include interest-only, Student Starter partial interest payment (this repayment option is only available on loans of $5,000 or more), and full deferment. Current fixed interest rates for these options can range from to . Repayment terms and options may vary depending upon the amount borrowed.
^The variable interest rate is calculated by adding the current One-month LIBOR index (captured on the 25th day of each month, or the next business day thereafter, of the month immediately preceding such calendar month and rounded up to the nearest 1/8th of one percent) to the margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is the Current Index, as published in the "Money Rates" section of The Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your and your cosigner's credit history, the repayment option selected and the repayment term selected and will increase or decrease if the One-month LIBOR index changes. The current One-month LIBOR index was on .
^^This APR example assumes a $10,000 loan made in two disbursements with immediate repayment, a monthly principal and interest payment of (there is a minimum monthly payment of $50), a 5-year repayment term (60 months), and a margin. Effective for applications submitted on or after , margins for an immediate repay 5-year repayment term will range from to . If other repayment terms are selected for the immediate repayment option, margins may range up to . Other repayment options include interest-only, Student Starter partial interest payment (this repayment option is only available on loans of $5,000 or more), and full deferment. Margins for these options range from to . Repayment terms and options may vary depending upon the amount borrowed.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these benefits without notice. This loan program may not be available in all jurisdictions.
© 2012 The First Marblehead Corporation. All rights reserved. The lender for this program is SunTrust Bank. Custom Choice Loan is a federally registered service mark of SunTrust Bank and is used with the permission of SunTrust Bank.