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Bank of Lake Mills
c/o CampusDoor
4900 Ritter Road
Suite 240
Mechanicsburg, PA 17055
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Your interest rate will be between
After the rate is set, your rate will be fixed.
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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. |
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The rate will be fixed for the life of the loan.
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Application or Origination Fee:0.000%.
Late Charges: 5.000% of the past due scheduled monthly payment amount or $5.00, whichever is less.
Returned Payment Fee: $5.00
Collection and Default Charges: In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.
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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 you or your school) |
Interest Rate
(highest possible rate) |
Loan Term
(how long you have to pay off the loan) |
Total Paid over 15 years |
MAKE FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
9.500% |
180 months starting after disbursement |
$18,869.40 |
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About this example
The loan cost example is based on the highest fixed rate currently charged and assumes that all payments are made on the date they are due during the 15 year repayment period. Payments begin following disbursement. The actual loan cost will vary depending on the terms of credit for which you are approved.
SEE BACK OF PAGE
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Page 2 of 2
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| Loan Program |
Current Interest Rates by Program Type |
PERKINS
for Students |
Program not currently available |
STAFFORD
for Students |
6.390%
fixed
Undergraduate Subsidized and Unsubsidized |
| 7.940%
fixed
Graduate and Professional Unsubsidized |
PLUS
for Parents and Graduate/ Professional Students |
8.940%
fixed Federal Direct PLUS Loan |
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You may qualify for Federal education loans. For additional information, contact your undergraduate student's school Financial Aid office or the Department of Education at:https://www.studentaid.gov/ |
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- Find Out About Other Loan Options.
Some schools have school-specific student loan benefits and terms not detailed on this form. Contact the school's financial aid office or visit the Department of Education's website at: http://www.studentaid.gov/ for more information about other loans.
- To Apply for this Loan, Complete the Application and the Self-Certification Form.
You may get the certification form from your dependent undergraduate student's school financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law. The interest rate on this loan is fixed and will not change.)
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Fixed Interest Rate
- This loan has a fixed interest rate that 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.
- Under Oklahoma Statute Title 14A § 3-502(1), a maximum interest rate of 9.99% is established for Oklahoma residents.
Eligibility Criteria
- Borrower must be a United States Citizen or U.S. Permanent Resident or an eligible Non-Citizen.
- Eligible non-citizens must apply with a U.S. Citizen or U.S. Permanent Resident cosigner.
- Borrower must be a biological parent, legally adoptive parent, or step-parent currently married to the biological parent or legally adoptive parent of the dependent undergraduate student.
- Borrower must have attained the age of majority in his or her state of residence or be at least 17 years old and apply with a creditworthy cosigner who is the age of majority in his or her state of residence.
- Cosigner, if applicable, must have attained the age of majority in his or her state of residence.
- Dependent undergraduate student must be enrolled at least half time at an eligible school.
- Both borrower and cosigner are subject to credit approval. Additional documentation may be required.
- The borrower on an individual application and the creditworthy cosigner on a joint application must have current employment with a minimum annual income of at least $30,000 and a debt to income ratio of 43% or less.
- The total EdvestinU© loan debt cannot exceed $200,000 and the total Borrower student loan indebtedness cannot exceed $225,000. The loan being applied for is excluded from the maximum limit.
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 any disbursement of loan proceeds. 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 as well as deferral and forbearance options is available in your loan application and Promissory Note.
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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; 68046-786-2832. In addition, resources for prospective and current private education loan borrowers are available online at schev.edu/privateloan.