ADDITIONAL IOWA STUDENT LOAN DISCLOSURES
C. Additional Terms and Conditions
2. To Apply for this Loan, Complete the Application and the Self-Certification Form
You may get the self-certification form from your school's financial aid office. If you are approved for this loan, the loan terms will be available for 85 days (terms will not change during this period, except the variable interest rate may change based on adjustments to the index).
REFERENCE NOTES
Variable Interest Rate
• This loan has a variable interest rate that is indexed to the 3-month London Interbank Offered Rate (LIBOR), as published in the “Money Rates” section of The Wall Street Journal, rounded up to the nearest one-eighth of one percent, plus or minus a margin. Your rate is calculated quarterly by adding a margin between 2.75% and 9.00% to the LIBOR.
• Your rate will not increase more than once every three months, but there is no limit on the amount that the rate could increase at one time.
Eligibility Criteria Borrowers
• Students must be enrolled at least half-time in a degree seeking program at an accredited and approved college or university in the U.S.
• Students must be making satisfactory academic progress as defined by school.
Co-signers
• Interest rates are typically higher without a co-signer. Since private loans are credit based, applying with a creditworthy co-signer may increase the likelihood of your approval and may help you qualify for a lower interest rate.
• Must be a U.S. citizen or permanent resident who is at least 18 years of age, 19 in AL and NE, and 21 in MS and PR.
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 or forbearance options are available in your loan application and loan agreement.
Private Education Loan Application and Solicitation Disclosure - CITIASSIST UNDERGRADUATE REVISED APRIL 1, 2012
• Students must be at least 18 years of age, 19 in AL and NE, and 21 in MS and PR, or apply with a creditworthy co-signer.
• Permanent residents and international students are eligible for this loan and must provide applicable immigration documentation.
• International students must apply with a creditworthy U.S. citizen or permanent resident co-signer.
Discover UndergraduateLoan Application& Solicitation Disclosure
Loan Interest Rate & Fees
DISCOVERSTUDENTLOANS
POBOX30947
SALTLAKECITY,UT84130-0947
1-877-728-3030
YourStartingInterestRate(uponapproval)
Thestartinginterestrateyoupay willbedeterminedafteryouapply.Itwill
beequaltothePrimeIndexplusMargin.ThevalueofthePrimeIndex
varieswiththemarketeachquarter.TheMarginisafixedvaluethatisset
atthetimeofyourapplication,basedonyourcredithistoryandother
factorsincludingyourcosignerscredithistory(ifapplicable).Ifapproved,
wewillnotifyyouoftherateyouqualifyforwithinthestatedrange.
YourInterestRateduring theLifeoftheLoan
Yourrateisvariable.Thismeansthatyourratecouldmoveloweror
higherthantheratesonthisform.Thevariablerateisbaseduponthe
PrimeRate(aspublishedintheWallStreetJournal).Formoreinformation
onthisrate,seethereferencenotes.
Althoughtheinterestratewill varyafteryouareapproved,theinterest
ratewillneverexceed18%(themaximumallowableforthisloan).
LateCharge: 5%oftheamountofthepastduepayment,or$5,
whicheverisgreater.
ReturnedCheckCharge: Upto$10.
LoanFeesand Charges
Application Fee:
Thetotalamountyouwillpayforthisloanwillvarydependinguponwhenyoustarttorepayit.Thisexample
providesestimatesbaseduponthree(3)differentrepaymentoptionsavailabletoyouwhileenrolledinschool.
About thisexample
Therepaymentexampleassumesthatyouremaininschoolfor4yearsandhavea6monthgraceperiodbefore
beginningrepayment.Itisbasedonthehigheststartingratecurrentlychargedandassociatedfees.Youalways
havetheoptiontomakepaymentsaheadofschedulewithoutpenalty.Bymakingpaymentsaheadofschedule you
can reducethetotalcostofyourloan.
Yourstartinginterestratewillbebetween
3.25% and 9.50%
Afterthestartingrateisset,yourratewillthen
varywiththemarket.
RepaymentOption AmountProvided InterestRate LoanTerm TotalPaidover
15years (Whileenrolledinschool) (Directlytoyourschool) (Highestpossible
startingrate)
(Howlongyou
havetopayoff
theloan)
(Includesassociated
fees)
1.DEFERPAYMENTS
Makenopaymentswhileenrolledinschoolat
leasthalf-time(automaticin-schooldeferment).
Interestwillbechargedandaddedtoyourloan.
$10,000 9.50%
2.PAYONLYTHEINTEREST
Makeinterestpaymentsbutdeferpaymentson
theprincipalamountwhileenrolledinschoolat
leasthalf-time.
3.MAKEFULLPAYMENTS
Payboththeprincipalandinterestamounts
(requiredwhileenrolledinschoollessthan
half-time).
Federal Loan Alternatives
LoanProgram CurrentInterestRatesbyProgramType
PERKINS
UndergraduateUnsubsidized&Graduate
YoumayqualifyforFederal
educationloans.
Foradditionalinformation,contactyour
schoolsfinancialaidofficeorthe
DepartmentofEducationat:
www.federalstudentaid.ed.gov
Next Steps
1. FindOutaboutOtherLoanOptions
Someschoolshaveschool-specificstudentloanbenefitsandtermsnotdetailedonthisForm.Contactyour
schoolsfinancialaidofficeor visittheDepartmentofEducationswebsiteat:www.federalstudentaid.ed.gov
formoreinformationaboutotherloans.
2. FollowTheseSteps toApplyforThisLoan
A)Completetheapplicationandconsideraddingacosigner.Acosignermayimproveyourchancesfor
approvalandmayloweryourinterestrate.
B) SignyourPromissoryNote.LogintoyouraccountatDiscoverStudentLoans.comtosignitelectronically,or
mailyourPromissoryNotetous withyouroriginalsignature.
C)Verifyyourcosigner(ifyouhaveacosigner)hascompletedandsignedtheCosignerAddendum.Your
cosignercanlogintotheiraccountatDiscoverStudentLoans.comtosignitelectronicallyormailittous
withtheiroriginalsignature.
D)CompleteandsigntheSelf-CertificationForm.LogintoyouraccountatDiscoverStudentLoans.comtosign
itelectronically,ormailyourSelf-CertificationFormtouswithyouroriginalsignature.Youmaygetthe
Self-CertificationFormfromyourschool'sfinancialaidoffice.
E) Obtainschoolcertification.Inmostcases,wewillcontactyourschoolandrequestschoolcertificationon
yourbehalf.Yourloanamountwillbethelesserof:theamountyourequest,theamountcertifiedbyyour
school,ortheamountweapprove.
Ifyouareapproved forthisloan,theloantermswillbeavailablefor30days(termswillnotchangeduringthis
period, exceptaspermittedbylawandthevariableinterestratemaychangebasedonthemarket).
REFERENCENOTES
VariableInterestRate
Thisloanhasavariableinterestratethatisbasedona
publiclyavailableindex.ThePrimeIndexadjustsquarterlyon
eachJan1,Apr1,Jul1andOct1,anditisthehighestprime
ratelistedintheMoneyRatessectionoftheWallStreet
JournalonthefirstFridayofthelastmonthofthepreceding
quarter.Yourratewillbecalculatedeachquarterbyaddinga
marginbetween 0.00%and 6.25%tothePrimeIndex.
FormoreinformationandthemostrecentvalueofthePrime
Index,visit
DiscoverStudentLoans.com/policies/prime-index-and-apr.aspx
Theratewillnotincreasemorethanonceaquarter,butthere
isnolimitontheamountthattheratecouldincreaseatone
time.
BorrowerEligibilityCriteria
Mustbeenrolledataneligibleschool.
MustbeaUScitizen,permanentresident,or
internationalstudentwithaSocialSecuritynumber.
Mustbe16yearsorolderatthetimeyouapply.
Mustpassacreditcheck.
CosignerEligibilityCriteria
Ratesaretypicallyhigherwithoutacosigner.
MustbeaUScitizenorpermanentresident.
Mustbe18yearsorolderatthetimeofloan
application.
Mustpassacreditcheck.
SchoolDisbursement
Yourschoolwillreceivethefunds,credityourschool
account,andforwardanyremainingamounttoyou.
BankruptcyLimitations
Ifyoufileforbankruptcy,youmaystillberequiredto
paybackthisloan.
Moreinformationaboutloaneligibilityand
repaymentdeferralorforbearanceoptionsis
availableinyourPromissoryNote,on
DiscoverStudentLoans.com,orbycallingusat
1-877-728-3030.
201112UGL DiscoverStudentLoansaremadebyDiscoverBank
V201111
Your starting interest rate will be between
and
After the starting rate is set, your rate will then vary with the market
About this example
The repayment example assumes that you remain in school for years and have a 6-month separation period before beginning repayment. It is based on the highest starting rate currently charged and associated fees. Please note that monthly principal and interest payments after the separation period ends and the interest rate on your loan are higher for the “Fixed Payment” and “Defer Payment” Repayment Options. So long as you do so prior to finalizing this loan, you can change your repayment option election by calling 877-279-7172. Principal and interest repayment terms vary from 5 to 15 years and are based upon the borrower’s cumulative outstanding Sallie Mae-serviced private student loan balance and the student’s school-certified academic grade level.
SEE BACK OF PAGE
[Date of disclosure] Rev. #:_________________
Smart Option Student Loan Application and Solicitation Disclosure
Page 1 of 2
P.O. Box 9435
Wilkes-Barre, PA 18773-9435 (877) 279-7172
Loan Interest Rate & Fees
Your Starting Interest Rate (upon approval)
The starting interest rate you pay will be determined after you apply.
It will be based upon your credit history, which repayment option you choose, and other factors. 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 one-month LIBOR Rate (as published by the Reuters on its Reuters Screen LIBOR01). For more information on this rate, see the reference notes.
Loan Fees
Application fee: XXX. Disbursement fee: The fees that we charge to make this loan are XXX to XXX of total loan amount. Late charge: 5% of the amount of the past due payment, or $5, whichever is greater.
Returned check charge: up to $20. Fee when you begin repaying the loan:XXX of loan balance.
Loan Cost Examples
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 three (3) different repayment options available to you while enrolled in school.
Repayment Options Amount Provided Interest Rate Loan Term Total Paid over (while enrolled in school and during the (amount provided (highest possible (how long you have life of loan separation period of six (6) billing cycles thereafter) directly to you or starting rate) to pay off the loan) (includes
your school) associated fees)
INTEREST PAYMENT $10,000 years
Make interest payments but defer payments starting after the
on the principal amount while enrolled in in school period
school and during separation.
FIXED PAYMENT $10,000 years
Make fixed payments of $25 each month starting after the
while enrolled in school and during separation. in school period
Interest will be charged and unpaid interest will be added to your loan.
DEFER PAYMENT $10,000 years
Make no payments while enrolled in school starting after the
and during separation. Interest will be charged in school period
and added to your loan.
01
SALLIE MAE BANK
2.250% 10.125%
There is no limit on the amount the interest rate can increase.
$0 0% 0%
0%
7 $17,318.65
9.125%
9.625% 10 $21,045.03
10.125% 12 $24,503.03
4
[Date of disclosure] Rev. #:_________________
Smart Option Student Loan Application and Solicitation Disclosure
Page 2 of 2
Federal Loan Alternatives
Next Steps
1. 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 web site at: www.federalstudentaid.ed.gov for more information about other loans.
2. 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. 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).
REFERENCE NOTES
Variable Interest Rate
• This loan has a variable interest rate that is based on a publicly avail-able index, the one-month London Interbank Offered Rate (LIBOR).
Your rate will be calculated each month by adding a margin between XXXXXX and XXXXXXX to the LIBOR.
• 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.
Eligibility Criteria Borrower
• You must attend an eligible school, be an undergraduate student, or attending an eligible associate, graduate or technical/trade program at least half-time. In some circumstances, the Smart Option Student Loan is available to less-than-half-time students and students enrolled in a continuing education program.
• Must have attained the age of majority in your state of residence at the time of loan application. Otherwise, a cosigner is required.
Cosigners
• A cosigner is not required, but may help you qualify and/or receive a lower interest rate.
• Must have attained the age of majority in their state of residence at the time of loan application.
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 or forbearance options is available in your loan application and Promissory Note.
You may qualify for Federal education loans.
For additional information, contact your school’s financial aid office or the Department of Education at:
www.federalstudentaid.ed.gov Loan program Current Interest Rates by Program Type
PERKINS
for Students 5% fixed
3.4% fixed Undergraduate subsidized STAFFORD
for Students
6.8% fixed Undergraduate unsubsidized and Graduate
PLUS Federal Direct Loan
for Parents and Graduate/ 7.9% fixed Professional Students
01
+2.00% +9.875%
Your starting interest rate will be between
and
After the starting rate is set, your rate will then vary with the market
About this example
The repayment example assumes that you remain in school for years and have a 6-month separation period before beginning repayment. It is based on the highest starting rate currently charged and associated fees. Please note that monthly principal and interest payments after the separation period ends and the interest rate on your loan are higher for the “Fixed Payment” and “Defer Payment” Repayment Options. So long as you do so prior to finalizing this loan, you can change your repayment option election by calling 877-279-7172. Principal and interest repayment terms vary from 5 to 15 years and are based upon the borrower’s cumulative outstanding Sallie Mae-serviced private student loan balance and the student’s school-certified academic grade level.
SEE BACK OF PAGE
[Date of disclosure] Rev. #:_________________
Smart Option Student Loan Application and Solicitation Disclosure
Page 1 of 2
P.O. Box 9435
Wilkes-Barre, PA 18773-9435 (877) 279-7172
Loan Interest Rate & Fees
Your Starting Interest Rate (upon approval)
The starting interest rate you pay will be determined after you apply.
It will be based upon your credit history, which repayment option you choose, and other factors. 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 one-month LIBOR Rate (as published by the Reuters on its Reuters Screen LIBOR01). For more information on this rate, see the reference notes.
Loan Fees
Application fee: XXX. Disbursement fee: The fees that we charge to make this loan are XXX to XXX of total loan amount. Late charge: 5% of the amount of the past due payment, or $5, whichever is greater.
Returned check charge: up to $20. Fee when you begin repaying the loan:XXX of loan balance.
Loan Cost Examples
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 three (3) different repayment options available to you while enrolled in school.
Repayment Options Amount Provided Interest Rate Loan Term Total Paid over (while enrolled in school and during the (amount provided (highest possible (how long you have life of loan separation period of six (6) billing cycles thereafter) directly to you or starting rate) to pay off the loan) (includes
your school) associated fees)
INTEREST PAYMENT $10,000 years
Make interest payments but defer payments starting after the
on the principal amount while enrolled in in school period
school and during separation.
FIXED PAYMENT $10,000 years
Make fixed payments of $25 each month starting after the
while enrolled in school and during separation. in school period
Interest will be charged and unpaid interest will be added to your loan.
DEFER PAYMENT $10,000 years
Make no payments while enrolled in school starting after the
and during separation. Interest will be charged in school period
and added to your loan.
01
SALLIE MAE BANK
2.250% 10.125%
There is no limit on the amount the interest rate can increase.
$0 0% 0%
0%
12 $21,469.79
10.125%
10.125% 12 $23,548.34
10.125% 12 $24,503.03
4
[Date of disclosure] Rev. #:_________________
Smart Option Student Loan Application and Solicitation Disclosure
Page 2 of 2
Federal Loan Alternatives
Next Steps
1. 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 web site at: www.federalstudentaid.ed.gov for more information about other loans.
2. 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. 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).
REFERENCE NOTES
Variable Interest Rate
• This loan has a variable interest rate that is based on a publicly avail-able index, the one-month London Interbank Offered Rate (LIBOR).
Your rate will be calculated each month by adding a margin between XXXXXX and XXXXXXX to the LIBOR.
• 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.
Eligibility Criteria Borrower
• You must attend an eligible school, be an undergraduate student, or attending an eligible associate, graduate or technical/trade program at least half-time. In some circumstances, the Smart Option Student Loan is available to less-than-half-time students and students enrolled in a continuing education program.
• Must have attained the age of majority in your state of residence at the time of loan application. Otherwise, a cosigner is required.
Cosigners
• A cosigner is not required, but may help you qualify and/or receive a lower interest rate.
• Must have attained the age of majority in their state of residence at the time of loan application.
• Must have attained the age of majority in their state of residence at the time of loan application.