Fixed Rate Application and Solicitation Disclosure


Loan Interest Rate & Fees

New Hampshire Higher Education Loan Corporation
4 Barrell Court
PO Box 2111
Concord, NH 03302


Your interest rate will be between

3.660%
and
7.030%

After the rate is set, your rate will be fixed.

Your Interest Rate (upon approval)
The interest rate you will pay will be determined after you apply. If you are the sole applicant, the rate will be established based on your credit profile and the repayment term you select. If you apply with a cosigner, the rate will be established based on the cosigner’s credit profile and the repayment term you select. If approved, we will notify you of the rates you qualify for within the stated range.

Your Interest Rate during the life of the loan
Your rate is fixed and will remain fixed for the life of the loan. This means that once your rate is determined, the rate will not change. For more information on this rate, see Reference Notes.

The rate will be fixed for the life of the loan.

Loan Fees
Origination Fee: 0.000% 
Late Charges:
 5.000% of the scheduled monthly payment. 
Collection and Default Charges: 
In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.

Loan Cost Example

Repayment of principal and interest begin immediately following the disbursement of loan proceeds. There are no options to immediately defer payments.
Repayment Option
Amount Provided
(amount provided directly to your lender(s) on your behalf)
Interest Rate
(highest possible rate)
Loan Term
(how long you have to pay off the loan)
Total Paid over 20 years
MAKE FULL PAYMENTS
Make principal and interest payments.
$10,000.00 7.030% 20 years
(240 months)

starting after disbursement
$18,811.20

About this example
The loan cost example is based on the highest fixed interest rate currently charged, assumes that all payments are made on the date they are due during the 20 year repayment period. Payments begin following the final disbursement. The actual loan cost will vary depending on the terms of credit for which you are approved.

SEE BACK OF PAGE


Page 2 of 2


Federal Loan Alternatives

There are currently no Federal Loan Alternatives that allow the consolidation of private student loans. Federal Consolidation Loans only allow for the consolidation of Federal student loans.

Next Steps

  1. Find Out About Other Loan Options.
    Visit the Department of Education's website at: https://studentaid.ed.gov/sa/ for more information about consolidation loan options that may be available for federal student loans.

  2. To Apply for this Loan, Complete the Application.
    An Approval Disclosure will be provided to you after you have completed the application process if your loan is approved. The Approval Disclosure will identify the loan terms for which you are approved. The loan terms will be available for 30 days (terms will not change during this period, except as permitted by law.)
REFERENCE NOTES
Fixed Interest Rate
  • The interest rate will be set when the loan is approved and will not increase above that rate before the loan is paid in full. If you are the sole applicant, the interest rate is based upon your credit profile and the repayment term you select. If you apply with a cosigner, the interest rate is based upon your cosigner’s credit profile and the repayment term you select.
Eligibility Criteria
Borrower
  • Must be a U.S. Citizen or Permanent Resident with a valid I-551 card.
  • Must be at least the age of majority or older at the time of application (18 years in most states for refinance loan contract purposes, 19 years in Alabama and Nebraska, 21 years in Puerto Rico and Mississippi).
  • Must be the borrower of all loans being refinanced.
Cosigner
  • A cosigner may be required if borrower's credit score, income or debt-to-income ratio are not within accepted levels.
  • Interest rates are typically higher without a cosigner.
  • Must be a U.S. Citizen or Permanent Resident with a valid I-551 card.
  • Must be at least the age of majority or older at the time of application (18 years in most states for refinance loan contract purposes, 19 years in Alabama and Nebraska, 21 years in Puerto Rico and Mississippi).
Borrower and Cosigner
  • Both borrower and cosigner are subject to credit approval. Additional documentation may be required.
  • Borrower and cosigner must meet any income and other underwriting requirements.
Loans Eligible for Refinancing
  • Loans cannot be in a delinquent status
  • The combined outstanding balance of all loans being included must be a minimum of $7,500.
  • Loans must have been used only for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. higher education institution or used to refinance such loans. Only education loans may be refinanced. All loans included must have been loans issued for attendance at a Title IV, degree-granting higher education institution.
Bankruptcy Limitations
  • If you file for bankruptcy you may still be required to pay back this loan.
Repayment
  • Repayment of principal and interest begins immediately following disbursement of refinance loan proceeds. During periods of enrollment of at least half time at an eligible institution, you may request to make interest-only payments to your servicer. More information about repayment deferral or forbearance options is available in your Promissory Note or through your loan servicer.
Prepayments
  • If you choose to prepay your principal at any time, you will not be charged a prepayment penalty.
More information about loan eligibility and fixed and variable interest rate options, as well as deferral and forbearance options is available in your loan application.

Variable Rate Application and Solicitation Disclosure


Loan Interest Rate & Fees

New Hampshire Higher Education Loan Corporation
4 Barrell Court
PO Box 2111
Concord, NH 03302


Your starting interest rate will be between

3.710%
and
5.460%

After the starting rate is set, your rate will then vary with the market.

Your Interest Rate (upon approval)
The interest rate you will pay will be determined after you apply. If you are the sole applicant, the rate will be established based on your credit profile and the repayment term you select. If you apply with a cosigner, the rate will be established based on the cosigner’s credit profile and the repayment term you select. If approved, we will notify you of the rates you qualify for within the stated range.

Your Interest Rate during the life of the loan
Your rate is variable. This means that your actual rate varies with the market and could be lower or higher than the rate on this form. The variable rate is based upon the 1-Month CME Term SOFR index, which is a reference rate published on the website of the CME Group. For more information on this rate, see Reference Notes.

Although the rate will vary after you are approved, it will never exceed 21.000% (the maximum allowable for this loan).

Loan Fees
Origination Fee: 0.000% 
Late Charges: 5.000% of the scheduled monthly payment.
Collection and Default Charges: 
In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.

Loan Cost Example

Repayment of principal and interest begin immediately following the disbursement of loan proceeds. There are no options to immediately defer payments. 
Repayment Option Amount Provided
(amount provided directly to your lender(s) on your behalf)
Interest Rate
(highest possible starting rate)
Loan Term
(how long you have to pay off the loan)
Total Paid
over 20 years

MAKE FULL PAYMENTS
Make principal and interest payments.
$10,000.00 5.460% 20 years
(240 months)

starting after disbursement
$16,564.80
About this example
The loan cost example is based on the highest starting rate currently charged (using current 1-month SOFR index values), and a 20 year repayment term, and assumes that all payments are made on the date they are due. The actual loan cost will vary depending on the terms of credit for which you are approved and changes to the 1-month SOFR index.
SEE BACK OF PAGE


Page 2 of 2

Federal Loan Alternatives

There are currently no Federal Loan Alternatives that allow the consolidation of private student loans. Federal Consolidation Loans only allow for the consolidation of Federal student loans.

Next Steps
  1. Find Out About Other Loan Options.
    Visit the Department of Education's website at: https://studentaid.ed.gov/sa/ for more information about consolidation loan options that may be available for federal student loans.

  2. To Apply for this Loan, Complete the Application.
    An Approval Disclosure will be provided to you after you have completed the application process if your loan is approved. The Approval Disclosure will identify the loan terms for which you are approved. The loan terms will be available for 30 days (terms will not change during this period, except as permitted by law.)
REFERENCE NOTES
Variable Interest Rate
  • This loan has a variable interest rate that is based on a publicly available index, the 1-Month CME Term SOFR ("SOFR"). Your rate will be calculated each month by adding a "margin" to the SOFR index. Your margin will be between 2.970% and 4.720%.
  • If you are the sole applicant, the interest rate is based upon your credit profile and the repayment term you select. If you apply with a cosigner, the interest rate is based upon your cosigner’s credit profile and the repayment term you select.
  • The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Your rate will never exceed 21.000%.
  • If the Interest Rate increases, your monthly payments will be higher.
Eligibility Criteria
Borrower
  • Must be a U.S. Citizen or Permanent Resident with a valid I-551 card.
  • Must be at least the age of majority or older at the time of application (18 years in most states for refinance loan contract purposes, 19 years in Alabama and Nebraska, 21 years in Puerto Rico and Mississippi).
  • Must be the borrower of all loans being refinanced.
Cosigner
  • A cosigner may be required if borrower's credit score, income or debt-to-income ratio are not within accepted levels.
  • Interest rates are typically higher without a cosigner.
  • Must be a U.S. Citizen or Permanent Resident with a valid I-551 card.
  • Must be at least the age of majority or older at the time of application (18 years in most states for refinance loan contract purposes, 19 years in Alabama and Nebraska, 21 years in Puerto Rico and Mississippi).
Borrower and Cosigner
  • Both borrower and cosigner are subject to credit approval. Additional documentation may be required.
  • Borrower and cosigner must meet any income and other underwriting requirements.
Loans Eligible for Refinancing and/or Consolidation
  • Loans cannot be in a delinquent status.
  • The combined outstanding balance of all loans being included must be a minimum of $7,500.
  • Loans must have been used only for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. higher education institution or used to refinance such loans. Only education loans may be refinanced. All loans included must have been loans issued for attendance at a Title IV, degree-granting higher education institution.
Bankruptcy Limitations
  • If you file for bankruptcy you may still be required to pay back this loan.
Repayment
  • Repayment of principal and interest begins immediately following disbursement of refinance loan proceeds. During periods of enrollment of at least half time at an eligible institution you may request to make interest-only payments to your servicer. More information about repayment deferral or forbearance options is available in your Promissory Note or through your loan servicer.
Prepayments
  • If you choose to prepay your principal at any time, you will not be charged a prepayment penalty.
More information about loan eligibility, and interest rate options, as well as deferral and forbearance options is available in your loan application.




Notice for students attending an institute of higher education in Virginia
Private education loans are one tool that students use to finance their education. Your lender and your institution's Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; studentloan@schev.edu; 804-786-2832. In addition, resources for prospective and current private education loan borrowers are available online at schev.edu/privateloan.