student loan comparison

Document Sample
student loan comparison Powered By Docstoc
					Edamerica Student Loans
   Compare Federal Stafford Loan, Federal Graduate PLUS and Xtra Credit Private Loan
                                        dera                                         Federal Graduate
                                                                                       dera Graduate
                                                                                                                                          Xtr Cre
                                                                                                                                          Xtra Credit
                                  Staf ord Loans
                                  Stafford Loans                                       PLUS Loans
                                                                                       PLUS Loans
                                                                                                                                            ivat Loan
                                                                                                                                          Private Loan
  Origination Fee                           0%                                       3% (required by Dept. of Ed)                                  0%

   Guarantor Fee                            0%                                                     0%                                              0%

                                                                           • Fixed at 7.25%, immediately at
   Interest Rate                     Fixed at 6.8%                           disbursement, with rates as low as                           Prime - 0.5% to
                                                                             6.75% with Quick Pay*                                          Prime + 4%
                                                                           • Federal rate is fixed at 8.5%

  Annual Loan Limit                $18,500, of which                                    Cost of attendance                              Cost of attendance
                            up to $8,500 may be subsidized                            less other financial aid                        less other financial aid

Aggregate Loan Limit                    $138,500                                                 None                                             None

   Grace Period                         6 months                                      Available upon request                                      None

                        • Automatic standard repayment up                  • Automatic standard repayment up to
                            to 10 years                                        10 years
Standard Repayment      • Other flexible repayment options                 • Other flexible repayment options                              Repayment up
       Term                 available, including extended                      available, including extended                                to 20 years
                            repayment for borrowers with                       repayment for borrowers with
                            balances over $30,000                              balances over $30,000

                        • 1% interest rate reduction                       • 1.25% interest rate reduction at
                            at graduation                                      disbursement
                        •   0.25% interest rate reduction for              •   0.50% Quick Pay interest rate
                                                                                                                                   • 0% fees
                            auto debit                                         reduction
                                                                                                                                   • No pre-payment penalty
Incentives/Benefits**   •   1% rebate after the first 12 on-               •   Benefit repair option available after
                            time payments                                      24 months of on-time payments                       • Credit check only (no
                        •   1% rebate after the next 12 on-                                                                           employment verification)
                                                                           •   Automatic in-school deferment
                            time payments                                      while enrolled at least half time
                        •   Benefit repair option available                •   Combined billing with Federal
                            after 24 months of on-time                         Stafford Loan when both are
                            payments                                           borrowed with Edamerica
                        •   Combined billing with Federal                  •   Consolidation available
                            GradPLUS Loan when both are                    •   Life-of-loan servicing
                            borrowed with Edamerica
                        •   Consolidation available
                        •   Life-of-loan servicing

                        *Edamerica GradPLUS borrowers receive an immediate 1.25% interest rate reduction that is maintained with continuous on-time payments. Additional
                        0.50% interest rate reduction effective when borrower makes automated payments (e.g., auto-debit, online) and has a valid e-mail address on file.
                        **Benefits and incentives subject to change. Please contact lender for details.

                                          800.337.1009 • • Lender Code: 831453