Principal and
interest repayment begins within 45 days.
Repayment
Tools
•
Interest:
Only for 12 months.
•
Forbearance for 12 months.
•
In-school deferment for
24 months for primary borrower enrolling
in another degree program on at least
a half-time basis, or primary borrower
in medical residency/internship.
Repayment
Term
Balances $10,000–$19,000:
15 years.
Balances $20,000–$59,000: 25 years.
Balances $60,000 and above: 30 years.
Borrower
Benefits
•
.25% interest
rate reduction for auto-debit payments.
Co-Signer
Release
Eligible after
48 consecutive on-time monthly payments.
Eligibility
•
Age of majority.
•
U.S. citizen or U.S.
permanent resident.
•
Primary borrower
must be a graduate or currently enrolled
in the final term of a degree program
at an approved post secondary institution.
•
Minimum FICO scores:
○ 660
FICO score minimum for primary borrower
applying with a co-signer.
○ 660
FICO score for students applying
individually and for all co-signers.
•
Maximum debt-to-income
ratio of 45% applies to:
A) Primary
borrower applying individually with
FICO score less than 680 or a loan
amount of $40,000 or more, and...
B) All co-signers on
loans of $40,000 or more.
•
Minimum annual income
of $18,000 for individual borrowers
and co-signer.
