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Go where life leads you.
UNDERSTANDING YOUR
STUDENT LOAN REPAYMENT.
The Axiom Campus Funds
private student loan offers competitive interest
rates, flexible repayment options and no prepayment
penalty. You can also use our
borrower benefits*
to lower your interest rate by up to 1%. Take advantage of
these great repayment features to
help you better manage your loan payments after
graduation.
It is very important to
make sure that what you borrow to pay for college
and your career goals match up. Your student
loan payment should NEVER EXCEED 8% to 10% of your
gross monthly salary. It is very important plan
ahead, make budgets and stick to it.
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Interest Rates
Interest rates range from Prime minus 0.5% up to Prime plus 7.9%.
Interest is capitalized once at repayment. Fees range from as low as 0% up to 9% depending on
creditworthiness. Fees will be added to the loan balance, not
deducted from the loan amount.
Click here for APR Example.
Repayment
Your payments are deferred
while you are enrolled in school at least half-time.
Repayment begins after a 12 month grace period after
graduation, or a 6-month grace period after enrollment drops below half-time. Interest will continue to accrue during the grace
period.
You can choose from two
convenient repayment options, with a $50 minimum
monthly payment, and up to 25 years to repay your
loan, depending on your loan balance.
Select a
repayment that works for you:
- Level Repayment. You make equal monthly payments over the term of the loan. This
repayment allows
you to pay the least amount of interest.
-
Graduated Repayment. Your payments start at a smaller amount and
gradually increase over the loan
term. This can lengthen
your loan term and increase the amount of interest paid over the
life of the loan.
Money-saving
Borrower Benefits*
You can lower your interest rate by up to 1% -
-
0.50% interest rate reduction by having loan payments
automatically deducted directly from a bank account.
-
0.50% interest rate reduction after the first 48 months of
consecutive, on-time payments.
* Borrower benefits terms
and conditions are subject to change.
1ANNUAL
PERCENTAGE RATE EXAMPLES:
The examples below are for
illustrative purposes only but should help you
understand how much a student loan may cost. The actual
rates and fees of your loan may vary from the examples
below depending upon your credit history and other
underwriting criteria. The first example represents a
"typical" transaction and assumes a loan fee of 7% and
an interest rate of Prime +2.5%. The second example
represents a "well-qualified applicant" transaction and
assumes a loan fee of 0% and an interest rate of Prime -
0.5%. A "well-qualified applicant" is an applicant with
a strong credit profile according to current Lender
underwriting guidelines accompanied by a creditworthy
cosigner. Both examples make the following assumptions:
you borrow $10,000 which includes your loan fee; your
loan is disbursed in two disbursements, one on September
1 and one on January 2; you are in school for 22 months
after the first disbursement; your grace period is 12
months; you request a repayment period of 300 months (25
years); interest capitalizes once at repayment; and the
Prime Rate, which is 5.25% as of April 1, 2008, remains
constant.
Typical transaction: With a loan fee of 7% and an
interest rate of Prime +2.5%, your ANNUAL PERCENTAGE
RATE will be 8.27% with an approximate monthly payment
of $92.12.
Well-qualified applicant transaction: With a loan fee of
0% and an interest rate of Prime -0.5%, your ANNUAL
PERCENTAGE RATE will be 4.72% with an approximate
monthly payment of $64.68.
Please note that the Annual Percentage Rate will vary
and is indexed to the Prime Rate as published in the
Wall Street Journal. In addition, any increases in the
interest rate will result in an increase in the amount
of your monthly payments.
In all cases, interest rates and loan fees vary and are
based upon borrower and/or cosigner (where applicable)
credit profile, and other underwriting criteria.
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