Private Education Loan Application and Solicitation Disclosure
Fixed Interest Rate |
Nelnet Bank
210 York Street
York, PA 17403
877.826.5566 |
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Your interest rate will be between
After the rate is set, it will be fixed for the term of the loan.
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Your Interest Rate (upon approval)
The interest rate you pay will be determined after you apply. It will be based upon the repayment option, loan term, and borrower and/or cosigner credit history. If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate During the Life of the Loan
Your rate is fixed. This means that your rate will not change over the life of the loan. |
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The maximum interest rate for this loan will be the fixed rate disclosed to you if you qualify.
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See Reference Notes for more information on the fixed interest rate. |
Application Fee: $0.00
Origination Fee: $0.00. Late Payment Charge: 5.000% of the payment that was not paid in full when due or $25.00, whichever is less. Returned Payment Charge: Non-sufficient funds fee is $20.00 and is charged in lieu of a late payment fee when both are assessed during the same billing cycle.
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The total amount you will pay for this loan will vary depending on when you start to repay it. This example provides estimates based upon four (4) repayment options available to you while enrolled in school.
Repayment Option
(while enrolled at least half-time in school) |
Amount Provided
(amount provided directly to your school) |
Interest Rate
(highest possible fixed rate) |
Loan Term
(how long you have to pay off the loan) |
Total Amount Paid over the Loan Term
(includes original loan amount, associated fees and interest) |
INTEREST ONLY
Make interest payments but defer payments on the principal amount while enrolled at least half-time in school. |
$10,000.00 |
12.740% |
60 months
starting after the deferment period |
$19,593.42 |
FIXED PAY
Make a $25/month payment while enrolled at least half-time in school. Unpaid interest will be charged and added to your loan. |
$10,000.00 |
12.740% |
60 months starting after deferment period. |
$21,069.60 |
DEFER PAYMENTS
Make no payments while enrolled at least half-time in school. Interest will be charged and added to your loan. |
$10,000.00 |
11.460% |
180 months
starting after the deferment period |
$32,106.60 |
MAKE FULL PAYMENTS
Pay both the principal and interest amounts while enrolled in school. |
$10,000.00 |
14.970% |
60 months starting after the first disbursement |
$14,527.80 |
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About this example
This repayment example assumes a $10,000.00 loan, that you remain in school for 4 years and have a 6 month grace period before beginning full interest and principal repayment unless choosing to make payments while in school. The examples are based on the highest fixed rate currently charged and the loan term shown above and includes any associated fees. The loan cost examples assume timely receipt of your payments.
SEE NEXT PAGE
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| Loan Program |
Current Interest Rates by Program Type
(for loans with a first disbursement on or after July 1, 2023 and before July 1, 2024) |
STAFFORD
for Students |
5.500%
fixed
Undergraduate subsidized & unsubsidized |
| 7.050%
fixed
Graduate and Professional unsubsidized |
DIRECT PLUS
for Parents and Graduate/ Professional Students |
8.050%
fixed Federal Direct Loan |
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You may qualify for Federal education loans.
For additional information, contact your school's financial aid office or the Department of Education at: https://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 your school's financial aid office or visit the Department of Education's website at: https://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 school's financial aid office, or complete it online as part of the application process. 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 and the variable interest rate may change based on the market).
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Fixed Interest Rate
- This loan has a fixed Interest Rate.
- Rates are typically higher without a cosigner.
General Program Details
- Cannot have previously defaulted on any student loan.
- Cannot have previously filed for bankruptcy in the past seven years.
- Loans can be made for $1,000.00 up to the total cost of education per academic year (less other financial aid) to cumulative maximum total amounts as follows:
- Associate's Loan: $125,000.00
- Undergraduate Loan: $125,000.00
- Graduate Loan: $175,000.00
- MBA Loan: $175,000.00
- Law Loan: $175,000.00
- Health Professions Loan: $500,000.00
Potential Borrower Benefits
- Automated Clearing House Discount
- 0.25% interest rate reduction is available to borrowers who are making automated payments via ACH. The interest rate reduction may be terminated due to cancellation or multiple instances of insufficient funds. Additional details regarding this benefit are set forth in the Credit Agreement.
- Cosigner release may be available after certain eligibility requirements have been met. See https://nelnetbank.com/ for additional details.
Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
- There is no penalty for early repayment of the loan.
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Eligibility Criteria
Borrower
- Must be enrolled at an eligible educational institution.
- Borrower must be a U.S. Citizen or permanent resident. If a permanent resident, documentation, as approved by U.S. Citizenship and Immigration Services, must be provided.
- At the time of application, borrower must be of sufficient age to enter into a binding contract according to the applicable laws of the borrower's state of residence.
Cosigners
- Cosigner must be a U.S. citizen or have permanent residency status with a valid Social Security number, and be residing in the United States.
- Cosigner must be of sufficient age to enter into a binding contract per the applicable laws of the cosigner's state of residence at the time of application.
More information about terms of repayment, default, and potential borrower benefits are available in your Credit Agreement.
Notwithstanding anything to the contrary within the credit agreement, Nelnet Bank's approval of the credit agreement and application shall not be effective until and unless such time as Nelnet Bank completes both of the following actions: (i) disbursement of the loan proceeds, and (ii) issuance of the final disclosure. Nelnet Bank may elect not to approve the credit agreement or the application in its sole discretion at any time prior to consummation of clauses (i) and (ii) of the preceding sentence.
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Private Education Loan Application and Solicitation Disclosure
Variable Interest Rate |
Nelnet Bank
210 York Street
York, PA 17403
877.826.5566 |
|
Your starting interest rate will be between
After the starting rate is set, your rate will then vary with the market.
|
|
Your Starting Interest Rate (Upon Approval)
The starting interest rate you pay will be determined after you apply. It will be based upon the repayment option, loan term, and borrower and/or cosigner credit history. If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate During the Life of the Loan
Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the SOFR (as published by the Federal Reserve Bank of New York and/or the Wall Street Journal). |
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Although the rate will vary after you are approved, it will never exceed 25.000% (the maximum allowable for this loan).
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See Reference Notes for more information on the variable interest rate. |
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Application Fee: $0.00
Origination Fee: $0.00. Late Payment Charge: 5.000% of the payment that was not paid in full when due or $25.00, whichever is less. Returned Payment Charge: Non-sufficient funds fee is $20.00 and is charged in lieu of a late payment fee when both are assessed during the same billing cycle.
|
The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four (4) repayment options available to you while enrolled in school.
Repayment Option
(while enrolled at least half-time in school) |
Amount Provided
(amount provided directly to your school) |
Interest Rate
(highest possible starting rate) |
Loan Term
(how long you have to pay off the loan) |
Total Amount Paid over the Loan Term
(includes original loan amount, associated fees and interest) |
INTEREST ONLY
Make interest payments but defer payments on the principal amount while enrolled at least half-time in school. |
$10,000.00 |
14.280% |
180 months starting after the deferment period |
$31,249.26 |
FIXED PAY
Make a $25/month payment while enrolled at least half-time in school. Unpaid interest will be charged and added to your loan. |
$10,000.00 |
14.280% |
180 months starting after the deferment period. |
$38,401.20 |
DEFER PAYMENTS
Make no payments while enrolled at least half-time in school. Interest will be charged and added to your loan. |
$10,000.00 |
13.330% |
180 months starting after the deferment period |
$37,454.40 |
MAKE FULL PAYMENTS
Pay both the principal and interest amounts while enrolled in school. |
$10,000.00 |
15.520% |
180 months starting after the first disbursement |
$26,330.40 |
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About this example
This repayment example assumes a $10,000.00 loan, that you remain in school for 4 years and have a 6 month grace period before beginning full interest and principal repayment unless choosing to make payments while in school. The examples are based on the highest starting rate currently charged and the loan term shown above and includes any associated fees. The loan cost examples assume timely receipt of your payments.
SEE NEXT PAGE
|
| Loan Program |
Current Interest Rates by Program Type
(for loans with a first disbursement on or after July 1, 2023 and before July 1, 2024) |
STAFFORD
for Students |
5.500%
fixed
Undergraduate Subsidized & Unsubsidized |
| 7.050%
fixed
Graduate and Professional Unsubsidized |
DIRECT PLUS
for Parents and Graduate/ Professional Students |
8.050%
fixed Federal Direct Loan |
|
You may qualify for Federal
education loans.
For additional information, contact your school's financial aid office or the Department of Education at: https://studentaid.gov/ |
|
- Find Out About Other Loan Options.
Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at:
https://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 school's financial aid office, or complete it online as part of the application process. 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 and the variable interest rate may change based on the market).
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Variable Interest Rate
- This loan has a variable Interest Rate that is based on a publicly available index, the Secured Overnight Financing Rate (SOFR). Your rate will be calculated each month by adding a margin between 1.220% and 10.190% to the SOFR.
- 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.
- Rates are typically higher without a cosigner.
General Program Details
- Cannot have previously defaulted on any student loan.
- Cannot have previously filed for bankruptcy in the past seven years.
- Loans can be made for $1,000.00 up to the total cost of education per academic year (less other financial aid) to cumulative maximum total amounts as follows:
- Associate's Loan: $125,000.00
- Undergraduate Loan: $125,000.00
- Graduate Loan: $175,000.00
- MBA Loan: $175,000.00
- Law Loan: $175,000.00
- Health Professions Loan: $500,000.00
Potential Borrower Benefits
- Automated Clearing House Discount
- 0.25% interest rate reduction is available to borrowers who are making automated payments via ACH. The interest rate reduction may be terminated due to cancellation or multiple instances of insufficient funds. Additional details regarding this benefit are set forth in the Credit Agreement.
- Cosigner release may be available after certain eligibility requirements have been met. See https://nelnetbank.com/ for additional details.
Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
- There is no penalty for early repayment of the loan.
|
Eligibility Criteria
Borrower
- Must be enrolled at an eligible educational institution.
- Borrower must be a U.S. Citizen or permanent resident. If a permanent resident, documentation, as approved by U.S. Citizenship and Immigration Services, must be provided.
- At the time of application, borrower must be of sufficient age to enter into a binding contract according to the applicable laws of the borrower's state of residence.
Cosigners
- Cosigner must be a U.S. citizen or have permanent residency status with a valid Social Security number, and be residing in the United States.
- Cosigner must be of sufficient age to enter into a binding contract per the applicable laws of the cosigner's state of residence at the time of application.
More information about terms of repayment, default, and potential borrower benefits are available in your Credit Agreement.
Notwithstanding anything to the contrary within the credit agreement, Nelnet Bank's approval of the credit agreement and application shall not be effective until and unless such time as Nelnet Bank completes both of the following actions: (i) disbursement of the loan proceeds, and (ii) issuance of the final disclosure. Nelnet Bank may elect not to approve the credit agreement or the application in its sole discretion at any time prior to consummation of clauses (i) and (ii) of the preceding sentence.
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| A.
Private Loan Disclosure |
| 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 https://schev.edu/privateloan. |
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