Interest Rates and Fees
CampusDoor DirectAdvantage® Student Loan
The examples in the table below are for illustrative purposes only but should help you understand how much a DirectAdvantage Student Loan may cost. The actual rates and fees of your loan may vary from the examples below depending upon your credit history and other underwriting criteria. For all of the examples below, the loan fees are included in the loan amount. The Prime Rate as of July 1, 2008 is 5.00%.
Interest Rate | Loan Fee | Repayment Fee | APR | Monthly Payment |
Prime - 0.5% | 0% | 0% | 4.53% | $63.13 |
Prime + 3.9% | 5% | 0% | 9.43% | $106.86 |
Prime + 4.9% | 5% | 0% | 10.45% | $119.01 |
Prime + 4.9% | 7% | 0% | 10.66% | $119.01 |
Prime + 5.9% | 9% | 0% | 11.92% | $132.00 |
Prime + 7.9% | 9% | 0% | 14.00% | $160.61 |
Please note that the examples above are based on the following assumptions:
- You borrow $10,000 which includes your loan fee;
- Your loan is disbursed in a single disbursement on 1/1/2008;
- You graduate on 11/1/09 (22 months later);
- Interest capitalizes quarterly;
- Your first payment is not due until 11/1/2010;
- You request a repayment period of 300 months (25 years); and
- The Prime Rate remains constant at 5.00% (as of 7/1/2008).
CampusDoor School-Certified Student Loan
The examples in the table below are for illustrative purposes only but should help you understand how much a student loan might cost. The actual rates and fees of your loan may vary from the examples below depending upon your credit history and other underwriting criteria. For all of the examples below, the loan fees are included in the loan amount. The Prime Rate as of July 1, 2008 is 5.00%.
Interest Rate | Loan Fee | Repayment Fee | APR | Monthly Payment |
Prime - 0.5% | 0% | 0% | 4.47% | $62.67 |
Prime + 3.9% | 5% | 0% | 9.20% | $104.23 |
Prime + 4.9% | 5% | 0% | 10.16% | $115.46 |
Prime + 4.9% | 7% | 0% | 10.37% | $115.46 |
Prime + 5.9% | 9% | 0% | 11.55% | $127.34 |
Prime + 7.9% | 9% | 0% | 13.47% | $152.98 |
Please note that the examples above are based on the following assumptions:
- You borrow $10,000 which includes your loan fee;
- Your loan is disbursed in a single disbursement on 1/1/2008;
- You graduate on 11/1/09 (22 months later);
- Interest capitalizes once at repayment;
- Your first payment is not due until 11/1/2010;
- You request a repayment period of 300 months (25 years); and
- The Prime Rate remains constant at 5.00% (as of 7/1/2008).
Please also note that a change in the interest rate may result in a change in your monthly payments. This means that if the Prime Rate increases, the Annual Percentage Rate for your loan will increase and would result in higher monthly payments and/or an increase in the number of scheduled payments.
This information is strictly for illustrative purposes. Your Student Loan Promissory Note and Truth-in-Lending Disclosure Statement will contain the actual terms and conditions of your CampusDoor loan. Upon receipt of your Disclosure Statement, it is up to you to decide whether or not to accept the loan. If you do not accept the proceeds of the loan, you will owe nothing. If you do accept the proceeds of the loan, you are responsible to repay the full amount of all disbursements and applicable interest in accordance with the terms of the Student Loan Promissory Note.