The following examples illustrate three hypothetical first year single disbursement undergraduate student loans in the amount of $10,000 including (i) the Annual Percentage Rate (APR), (ii) estimated monthly payments, and (iii) total cost during the life of the private loan. Variable rate loans are based on a margin between 1.90% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 1.823% which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 3.31% and 12.62%. Fixed rate loans have an APR range between 4.02% and 12.93%.
Your actual student loan interest rate may be different than what is shown in the examples below and will be based on your credit history, selected repayment option, and other factors. The following table shows a 48 month in-school period plus 6 months of grace prior to a full repayment term of either: 60-months (lowest fixed/variable rate), 120-months (highest fixed rate) or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options.