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Granite Edvance Corporation
3 Barrell Court
Concord, NH 03301
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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 pay will be determined after you apply. If you are the sole applicant, the rate will be established based on your credit profile, the repayment term, and the repayment option you select. If you apply with a cosigner, the rate will be established based on the cosigner's credit profile, the repayment term, and repayment option 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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Loan Fees
Application or Origination Fee: 0.000%
Late Charges: 5.000% of the past due scheduled monthly payment or $5.00, whichever is less.
Returned Payment or Check 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
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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
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MAKE FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
9.500% |
180 months
starting after disbursement |
$19,015.20 |
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About this example
The loan cost example is based on the highest starting rate currently charged and associated fees. 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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| Loan Program |
Current Interest Rates by Program Type |
PERKINS
for Students |
Program not currently available. |
STAFFORD
for Students |
6.390% fixed
Undergraduate Subsidized & Unsubsidized |
| 7.940% fixed
Graduate and Professional Unsubsidized |
PLUS
for Parents and Graduate/ Professional Students |
8.940% fixed Federal Direct Loan
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You may qualify for Federal
education loans.
For additional information, contact your dependent undergraduate student’s school financial aid office or the Department of Education at: 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 dependent undergraduate student’s school 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 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.
Eligibility Criteria
- Borrower must be a U.S. Citizen or 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 also be a New Hampshire resident.
- Borrower must be a parent, step-parent or legally adoptive parent of the dependent undergraduate student.
- Borrower must be at least the age of majority in his or her state of residence (18 in New Hampshire) or be at least 17 years old and apply with a creditworthy cosigner who is the age of majority (18 years in most states, 19 years in Alabama and Nebraska, 21 years in Puerto Rico and Mississippi).
- 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 interest rate will be based on the repayment term selected and the borrower’s credit history on an individual application, and the cosigner’s credit history on a joint application. Applying without a cosigner typically results in a higher rate.
- 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.
- Neither the borrower nor the cosigner (if applicable) may have a Granite Edvance loan debt exceeding $200,000.
- Neither the borrower nor the cosigner (if applicable) may have a total borrower student loan indebtedness exceeding $225,000.
Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
More information about loan eligibility and repayment deferral 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; 804-786-2832. In addition, resources for prospective and current private education loan borrowers are available online at schev.edu/privateloan.