Undergraduates - Alternative Loan - Group 6 Private - Undergrad

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					                                                                                                                                The Art Institutes
                                                                                                                              Private Loan Overview
 We strongly recommend that you utilize available federal, institutional and state (if any) aid, Federal Stafford loans, and, if you are a dependent student, the Parent Loan for Undergraduate Students, prior to
                                                   utilizing any private loans. You have a right to apply for a loan with any lender that provides these loans.
                                                              Please carefully read your master promissory note to ensure that you fully understand your borrower obligations.


                  Eli Lilly Federal Credit Union - Student                                                                                                                           Sallie Mae Smart Option Student
LENDER:           Choice Private Student Loan (500415) Fifth Third Bank (508780)*                                                PNC (809921)                                        Loan (900951)*                                   Wells Fargo (807176)
                                                           HEMAR Insurance Corp of America
Guarantor         Reliamax Surety                          (HEMAR)                                                               PNC                                                 Sallie Mae                                       Wells Fargo Alternative Loans (WELL)
              • Student Choice Private Loan is a convenient                    No prepayment penalty; creditworthy cosigners                                                         No prepayment penalty; creditworthy
              Line of Credit (up to $75,000) which can be                      may help students get a better rate; borrower                                                         cosigners may help students get a better
              used over multiple years. With one application                   may be able to deduct the interest they pay on                                                        rate; borrower may be able to deduct the
              we will qualify you for a LOC for the remainder                  qualified student loans; 24/7 online account      If you've exhausted all your Federal loan           interest they pay on qualified student loans;
              of your college carreer.                                         management; eligible for Sallie Mae's Upromise    options, or need money for unexpected               24/7 online account management; eligible         The Collegiate Loan is for undergraduate
              • Allows for fully deferred payments while in                    Loan Link to help students and families pay       expenses, the PNC Solution Loan is a key            for Sallie Mae's Upromise Loan Link to help      students seeking a certified private loan product.
              school.                                                          down student loans                                alternative for meeting the costs of a college      students and families pay down student           If you've received all the federal loans you're
                                                                                                                                 education. PNC Bank is committed to helping                                                          eligible for and still don't have enough, you can
Loan Features • Flexible repayment options available.                                                                                                                                loans. Effective for loans initiated on or
              • Funds are granted and held by a not-for-                                                                         students and their families make the adventure      after June 28, 2010, a new fixed $25/month       use a Wells Fargo Collegiate Loan to borrow up
              profit credit union. Credit Union membership is                                                                    of college attainable and manageable. No            in-school repayment option is available.         to the entire cost of your education. Students
              required for student and co-borrower prior to                                                                      payments while enrolled at least half-time. No                                                       are able to apply via the web or phone and can
              loan disbursal.                                                                                                    prepayment penalties. Easy online application                                                        electronically sign the promissory note.
              •Reduce your interest rate by 0.25% during full                                                                    at www.pnconcampus.com.
              repayment when you enroll in automatic
              payments.

                                                                 Borrowers may apply for cosigner release after                  Co-signer Release from loan after 48 on-time
                                                                 successful completion of their education. The                   payments and valid credit check.
                                                                 release of a cosigner is at the sole discretion of
                                                                 Sallie Mae. The borrower must have a
               Borrowers are eligible for cosigner release after satisfactory history of making principal and                                                                        Cosigner release is available just 12 months
Co- Singer     48 months of on-time payments using auto          interest payments and meet underwriting                                                                             after the student graduates and makes 12 Co-signer Release from loan after 24 on-time
Release        payments. Borroweres must apply and be            guidelines when the request for cosigner release                                                                    consecutive payments of full principal and   payments and valid credit check
               credit approved.                                  is processed. The borrower’s account must                                                                           interest.
                                                                 remain current until the request for release is
                                                                 processed and the borrower must be a U.S.
                                                                 citizen or permanent resident at the time the
                                                                 cosigner release is processed
                                                                 Yes, up to 180 days after the end of the                        Can be used to cover past due balances owed.        Yes, up to 180 days after the end of the      Can be used to cover past due balances for up
Used to cover                                                    enrollment period. Borrower must be enrolled at                 The last disbursement on a loan must occur          enrollment period. Borrower must be           to 12 months from their last date of attendance.
               N/A
prior balances                                                   least half time and working toward degree or                    within 90 days after the loan term end date that    enrolled at least half time and working       No other criteria required.
                                                                 recently graduated.                                             is certified on the application.                    toward degree or recently graduated.
                                                                 Convenience of having all your student loans in                 PNC provides combined billing of its federal and    Yes, Sallie Mae provides combined billing for
combined                                                                                                                                                                                                                           provides combined billing of its federal and
               N/A                                               one place and receiving one monthly bill when                   private student loans, serviced exclusively by      federal and private student loans owned
billing                                                                                                                                                                                                                            private students loans products.
                                                                 your Stafford loans are serviced by Sallie Mae                  AES / PHEAA.                                        and serviced by Sallie Mae.
number of                                                        Credit pull is good for 120 days and the loan                   Credit pulls remain valid for 90 days. The loan                                                   Credit pull is good for 180 days and the loan
               Credit pull is good for 90 days and first                                                                                                                             There is a 180-day credit validity period
days credit                                                      needs to be certified within that timeframe.                    also needs to have been certified within that                                                     needs to be certified within that timeframe.
               disbursement must occur within that                                                                                                                                   during which the first disbursement must
pull remains                                                     However the loan can disburse beyond that                       time frame; however the loan can disburse                                                         However the loan can disburse beyond that
               timeframe.                                                                                                                                                            occur
good                                                             point.                                                          beyond that point.                                                                                point.
                                                                                                                                                                                     Accrued interest during the in-school period
interest          Interest is capitalized once at repayment and                Interest is capitalized after any periods of      Interest is capitalized once at repayment and       and separation period is capitalized once at Interest is capitalized once at repayment and
capitalized       after any periods of forbearance.                            forbearance.                                      after any periods of forbearance.                   repayment, and after any periods of           after any periods of forbearance.
                                                                                                                                                                                     forbearance.
Web Site         http://www.elfcuartinstitutein.studentchoice.org/index.html   www.53EducationLending.com                                    www.pnconcampus.com                     www.salliemae.com                             https://www.wellsfargo.com/student/undergrad/collegiate/
                                                                                                                                                                                     1-888-2-SALLIE
Phone             Customer Service 800-621-2105                                800-222-7192                                      Customer Service 1-800-762-1001                                                                   Customer Service 1-800-658-3567
                                                                                                                                                                                     (1-888-272-5543)
                                                                                                                                 Customer services representatives are available
                                                                                                                                                                                 Mon-Thu: 7 am - 8 pm CT                              8am to 9pm Monday through Friday 8am to
Hours             7:30 am - 4:30 pm EST                                        8 am - 6 pm EST                                   Monday-Thursday 8 am - 9 p.m. and Friday 8
                                                                                                                                                                                 Fri: 7 am - 7 pm CT                                  12pm Saturday (Central Time)
                                                                                                                                 a.m. -6 p.m. eastern standard time
                                                                       Qualified borrowers will have access to Sallie
                                                                       Mae Smart Option Student Loans with variable                                                                   Qualified borrowers will have access to
                                                                                                                                                                                      Sallie Mae Smart Option Student Loans with
                 Loans have a variable rate that may adjust quarterly. interest rates, which are subject to change               Loans have a variable rate that may change quarterly                                               Interest Rate are variable and ranging from
                                                                                                                                                                                      variable interest rates, which are subject to
Interest Rate    Rate based on the Prime Rate. Margins range from monthly based on a one-month libor scale;                      based on the one-month LIBOR. Margins range from                                                   Prime plus 0.00% to Prime Plus 5.99%. Based
                                                                       ranging from Libor plus 7.0% to Libor plus 14%;                                                                change monthly based on a one-month libor
                 4.50% to 9.50%.                                                                                                 4% to 10.75%.                                                                                      on students and or cosigners credit history
                                                                       with One creditworthy individual and a one-                                                                    scale; ranging from Libor plus 2.5% to Libor
                                                                       month libor scale ranging from Libor plus 7.0%                                                                 plus 10.875%;
                                                                       to Libor plus 13%; with Two creditworthy
                 Origination fees as low as 0%. No                                                                               Origination fees as low as 0%. No                                                                    Absolutely No Origination, Disbursement, or
Fees                                                                   5% disbursement fee / No repayment fee                                                                        No Disbursement or Repayment fees.
                 Disbursement or Repayment fees.                                                                                 Disbursement or Repayment fees.                                                                      Repayment Fees.
                                                                                                                                 Borrower must be at least 18 years of age (19       Borrowers must be enrolled or accepted for
                                                                                                                                 in Nebraska and Alabama, 21 in Puerto Rico &        enrollment at an eligible school either full
                                                                                                                                 Mississippi.) Mississippi residents under the age   time, half time, or less than half time, and
                  Must be a U.S Citizen or Permanent Resident.                 You must meet credit criteria, must be making     of 21 may borrow with written consent from a                                                         Borrower can be attending school full time, half-
                                                                                                                                                                                     have attained the age of majority in their
                  Based on school certification and approved                   progress toward a degree/program of study.        parent or guardian.                                                                                  time, or less than half time and qualify for the
                                                                                                                                                                                     state of residence; otherwise a creditworthy
Eligibility       credit. Minimum age is 18 in all states except,              Minimum age is 18 in all states except, Alabama Student must be enrolled at an eligible                                                                Collegiate Loan. This loan can also be used to
                                                                                                                                                                                     U.S. citizen or permanent resident cosigner
                  Alabama (19), Mississippi (21), Nebraska (19)                (19), Mississippi (21), Nebraska (19) and in      institution and carry a half-time credit load.                                                       pay for a past due balance for up to 1 year from
                                                                                                                                                                                     is required. Borrowers must satisfy the
                  and in Puerto Rico (21).                                     Puerto Rico (21).                                 Enrollment is verified after an application is                                                       last date of attendance.
                                                                                                                                                                                     credit requirements and execute the
                                                                                                                                 submitted, as part of the loan approval             appropriate application and promissory
                                                                                                                                 process.                                            note.
                                                                                                                                 All loans are subject to credit approval
                                                                                                                                 Minimum $1000; Maximum 100% of the total
                                                                               Aggregate limit is the cost of education minus                                                        Borrow up to the cost of attendance              There's no annual maximum — you can borrow
                                                                                                                                 Cost of Education per academic year minus
Loan Amount       Minimum $1000, Aggregate Maximum $75,000                     any financial aid                                                                                     (minimum $1,000) as certified by your            up to the cost of education (tuition, rent, books,
                                                                                                                                 other financial aid. An aggregate lifetime
                                                                                                                                                                                     school, less other financial aid received.       etc.) minus other financial aid.
                                                                                                                                 maximum of $250,000.
                                                                               Interest only repayment will begin within 28-60
                                                                               days after first disbursement. Full principal and                                                     Required payments while in school; student
Start Date of     Payments begin six months after you leave                                                                      There is a 12-month grace period after                                                          Payments begin six months after you leave
                                                                               interest repayment will begin following your                                                          will receive first bill approximately 28-60
Repayment         school or graduate.                                                                                            graduation before loan repayment begins.                                                        school or graduate.
                                                                               graduation or dropping to less than half time                                                         days after the first disbursement
                                                                               status and a six month separation period.
                                                                                                                                                                                     Either an interest-only payment or a $25
                                                                                                                                                                                     fixed monthly payment will begin within 28-
                  Repayment: 20 years on loan amounts less than                                                               Take up to 20 years to repay (Up to 25 years           60 days after first disbursement. Full
                                                                               Repayment terms may range from 60 months to
                  $40,000 (Up to 25 years for loan amounts                                                                    for loan amounts above $40,000) Repayment              principal and interest repayment will begin
                                                                               180 months and excludes the interest-only
Repayment         greater than $40,000) Repayment Options:                                                                    Options: Immediate repayment, deferred                 following your graduation or dropping to    15 year repayment term
                                                                               payments made while the student borrower is in
                  Immediate repayment, deferred principal and                                                                 principal and interest, interest only (deferred        less than half time status and a six month
                                                                               school, separation, or military deferment.
                  interest, interest only (deferred principal).                                                               principal). Minimum monthly payment of $25.            separation period. Loan repayment term
                                                                                                                                                                                     ranges from 5 to 15 years, based on loan
                                                                                                                                                                                     balance and year in school
               If student changes schools they will need to
             apply for new line of credit. The original loc will Required interest only payments while in school;                                                                    School certification required; borrower must
   Other
                  remain deferred as long as the student         student will receive first bill approximately 28-60                                                                 meet Satisfactory Academic Progress          The Collegiate Loan requires school certification.
Requirements
              continues in a degree seeking program at the days after the first disbursement;                                                                                        standards as defined by the school.
                               new school.                                                                                                                                                                                            With Wells Fargo Private Loans, students are
                                                                                                                                 • 0.25% Interest rate reduction for automatic                                                        rewarded for achieving their education goal.
                                                                                                                                 payment deductions from any checking or                                                              This benefit cannot be taken away for late
                                                                                                                                 savings account                                                                                      payments. Available for Private Loans:
                                                                                                                                 • No disbursement or repayment fees                                                                  • Wells Fargo Student Graduation Benefit
                  Check free rate reduction of 0.25% available if                                                                                                                                                                     program interest rate reduction of 0.50% at
                                                                                                                                 • The student borrower may apply for Co-
                  payments made through an automated                                                                                                                                                                                  repayment upon verification of graduation
                                                                                                                                 Borrower Release after 48 consecutive, timely
                  clearinghouse or ACH during full repayment. Co-                                                                                                                                                                     • 0.25% interest rate reduction when Wells
                                                                                                                                 payments, with no periods of forbearance.
                  signer release available on request. Credit                                                                                                                                                                         Fargo automatically withdraws payments from a
                                                                                                                                 • PNC provides combined billing of its federal
                  worthy borrower will be eligible after 48 months                                                                                                                                                                    personal checking or savings account at
                                                                   0.25 percentage point interest rate reduction is              and private student loans, serviced exclusively     0.25% interest rate reduction is available
                  of on-time payments using autopayment.                                                                                                                                                                              repayment
                                                                   available for automatic debit (1). 0.25                       by AES / PHEAA.     PNC Bank reserves the           for automatic debit (1). Students receive
                                                                                                                                 right to modify, expand or discontinue the                                                           •Life of Loan Servicing - one point of contact
Borrower                                                           percentage point interest rate reduction is                                                                       2% of their scheduled in-school monthly
                                                                                                                                 discount terms do this program at anytime.                                                           from application through final payment.
Benefits                                                           available if the borrower provides a valid e-mail                                                                 payment as a reward in their UPromise
                                                                                                                                                                                                                                      • Combined billing of Federal Stafford, Federal
                                                                   address and elects to receive all servicing                                                                       account when they pay on time, effective
                                                                                                                                                                                                                                      Graduate PLUS, and Wells Fargo Private Loans.
                                                                   communications via e-mail. (6)                                                                                    for loans disbursed after June 1, 2010.
                                                                                                                                                                                                                                      • Free Wells Fargo College Checking® account,
                                                                                                                                                                                                                                      Online Banking, and Bill Pay.
                                                                                                                                                                                                                                      Your borrower benefits, rates and fees are
                                                                                                                                                                                                                                      locked in for that loan period at the time of the
                                                                                                                                                                                                                                      first disbursement of that loan. There is no
                                                                                                                                                                                                                                      guarantee that you will continue to be eligible
                                                                                                                                                                                                                                      for future loans or receive the same benefits,
                                                                                                                                                                                                                                      rates and fees for subsequent loans. Borrower
                                                                                                                                                                                                                                      benefits are subject to change at any time prior
               International students are eligible with a credit International students are eligible with a credit                                                                                                                    to disbursement of the loan
Available to                                                                                                       International students not eligible at this time. Both
               worthy co-borrower who is a U.S. citizen or       worthy cosigner (must be a U.S. Citizen or                                                               Yes, however all foreign citizen student                    International students are eligible and require a
Foreign                                                                                                            student borrower and co-borrower must be U.S.
               permanent resident and who has resided in the permanent resident and U.S. Citizenship &                                                                    borrowers must obtain a cosigner who is                     U.S. Citizen cosigner.
Students       U.S. for the previous two years).                 Immigration Service (USCIS) documents
                                                                                                                   citizen or permanent resident.
                                                                                                                                                                          either a U.S. citizen or permanent resident
For Students applying for Stafford and private loan products, we recommend they only borrow the amount needed to cover the direct costs of their education
*If your federal loans are sold by the lender, you will probably lose the combined billing benefit.

Information is as of September 30, 2010 and is subject to change.

Sallie Mae Smart Option Student Loan pricing is effective for loans approved on or after March 23, 2009 and is subject to change
(1)- The automatic debit benefit is available for as long as the borrower's monthly payment amount is successfully deducted from the
borrower's bank account. Borrowers can elect to make payments via automatic debit through Sallie Mae's online account management
system. This benefit lowers the borrower's interest rate but does not change the amount of the monthly payment. This benefit is suspended
during periods of forbearance and certain deferments.

				
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