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Undergraduate Alternative Private Loans Group Private

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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.

                                                                                                                      Sallie Mae Smart Option Student
LENDER:           Fifth Third Bank (508780)*                        PNC (809921)                                      Loan (900951)*                  Wells Fargo (807176)
                  HEMAR Insurance Corp of America
Guarantor         (HEMAR)                                           PNC                                               Sallie Mae                                   Wells Fargo Alternative Loans (WELL)
              No prepayment penalty; creditworthy cosigners                                                    No prepayment penalty; creditworthy
              may help students get a better rate; borrower If you've exhausted all your Federal loan options, cosigners may help students get a better            The Collegiate Loan is for undergraduate
              may be able to deduct the interest they pay on or need money for unexpected expenses, the        rate; borrower may be able to deduct the            students seeking a certified private loan
              qualified student loans; 24/7 online account   PNC Solution Loan is a key alternative for        interest they pay on qualified student              product. If you've received all the federal loans
              management; eligible for Sallie Mae's          meeting the costs of a college education. PNC loans; 24/7 online account management;
                                                                                                                                                                   you're eligible for and still don't have enough,
Loan Features Upromise Loan Link to help students and        Bank is committed to helping students and their eligible for Sallie Mae's Upromise Loan
                                                                                                                                                                   you can use a Wells Fargo Collegiate Loan to
              families pay down student loans                families make the adventure of college attainable Link to help students and families pay
                                                                                                                                                                   borrow up to the entire cost of your education.
                                                             and manageable. No payments while enrolled at down student loans. Effective for loans
                                                                                                                                                                   Students are able to apply via the web or phone
                                                             least half-time. No prepayment penalties. Easy initiated on or after June 28, 2010, a new
                                                                                                                                                                   and can electronically sign the promissory note.
                                                             online application at www.pnconcampus.com.        fixed $25/month in-school repayment
                                                                                                                      option is available
               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
               satisfactory history of making principal and                                                           Cosigner release is available just 12
Co- Singer     interest payments and meet underwriting                                                                months after the student graduates and       Co-signer Release from loan after 24 on-time
Release        guidelines when the request for cosigner                                                               makes 12 consecutive payments of full        payments and valid credit check
               release is processed. The borrower’s account                                                           principal and interest.
               must 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        The last disbursement on a loan must occur          enrollment period. Borrower must be          to 12 months from their last date of attendance.
prior balances at least half time and working toward degree       within 90 days after the loan term end date that is enrolled at least half time and working      No other criteria required.
               or recently graduated.                             certified on the application                        toward degree or recently graduated.
                                                                  PNC provides combined billing of its federal and
                  Convenience of having all your student loans in                                                     Yes, Sallie Mae provides combined billing
combined                                                          private student loans, serviced exclusively by                                                   provides combined billing of its federal and
                  one place and receiving one monthly bill when                                                       for federal and private student loans
billing                                                           AES / PHEAA.                                                                                     private students loans products.
                  your Stafford loans are serviced by Sallie Mae                                                      owned and serviced by Sallie Mae.
                                                                    Credit pulls remain valid for 90 days. The loan
number of         Credit pull is good for 120 days and the loan     also needs to have been certified within that                                               Credit pull is good for 180 days and the loan
                                                                                                                      There is a 180-day credit validity period
days credit       needs to be certified within that timeframe.      time frame; however the loan can disburse                                                   needs to be certified within that timeframe.
                                                                                                                      during which the first disbursement must
pull remains      However the loan can disburse beyond that         beyond that point.                                                                          However the loan can disburse beyond that
                                                                                                                      occur
good              point.                                                                                                                                        point.

                                                                                                                      Accrued interest during the in-school
interest          Interest is capitalized after any periods of      Interest is capitalized once at repayment and     period and separation period is              Interest is capitalized once at repayment and
capitalized       forbearance.                                      after any periods of forbearance.                 capitalized once at repayment, and after     after any periods of forbearance.
                                                                                                                      any periods of forbearance.
Web Site          www.53EducationLending.com                                    www.pnconcampus.com                   www.salliemae.com                            https://www.wellsfargo.com/student/undergrad/collegiate/
                                                                                                                      1-888-2-SALLIE
Phone             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             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
                  interest rates, which are subject to change                                                            Sallie Mae Smart Option Student Loans
                  monthly based on a one-month libor scale;         Loans have a variable rate that may change quarterly                                           Interest Rate are variable and ranging from
                                                                                                                         with variable interest rates, which are
Interest Rate     ranging from Libor plus 6.75% to Libor plus       based on the one-month LIBOR. Margins range from                                               Prime plus 0.00% to Prime Plus 5.99%. Based
                                                                                                                         subject to change monthly based on a
                  14%; with One creditworthy individual and a       4% to 10.75%.                                                                                  on students and or cosigners credit history
                                                                                                                         one-month libor scale; ranging from Libor
                  one-month libor scale ranging from Libor plus                                                          plus 2.5% to Libor plus 10.875%;
                  6.75% to Libor plus 13%; with Two
                  creditworthy individuals
                                                                Origination fees as low as 0%. No Disbursement                                                     Absolutely No Origination, Disbursement, or
Fees              5% disbursement fee / No repayment fee                                                          No Disbursement or Repayment fees.
                                                                or Repayment fees.                                                                                 Repayment Fees.
                                                                Borrower must be at least 18 years of age (19 Borrowers must be enrolled or accepted
                                                                in Nebraska and Alabama, 21 in Puerto Rico &      for enrollment at an eligible school either
                                                                Mississippi.) Mississippi residents under the age full time, half time, or less than half time,
                  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-
                                                                                                                  and have attained the age of majority in
                  progress toward a degree/program of study.    parent or guardian.                                                                                time, or less than half time and qualify for the
                                                                                                                  their state of residence; otherwise a
Eligibility       Minimum age is 18 in all states except,       Student must be enrolled at an eligible                                                            Collegiate Loan. This loan can also be used to
                                                                                                                  creditworthy U.S. citizen or permanent
                  Alabama (19), Mississippi (21), Nebraska (19) institution and carry a half-time credit load.                                                     pay for a past due balance for up to 1 year from
                                                                                                                  resident cosigner is required. Borrowers
                  and in Puerto Rico (21).                      Enrollment is verified after an application is                                                     last date of attendance.
                                                                                                                  must satisfy the credit requirements and
                                                                submitted, as part of the loan approval process. execute the appropriate application and
                                                                All loans are subject to credit approval.         promissory note.
                                                              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 other
Loan Amount   any financial aid                                                                                (minimum $1,000) as certified by your               up to the cost of education (tuition, rent, books,
                                                              financial aid. An aggregate lifetime maximum of
                                                                                                               school, less other financial aid received.          etc.) minus other financial aid.
                                                              $250,000.
              Interest only repayment will begin within 28-60                                                  Required payments while in school;
Start Date of days after first disbursement. Full principal   There is a 12-month grace period after           student will receive first bill                     Payments begin six months after you leave
Repayment     and interest repayment will begin following     graduation before loan repayment begins.         approximately 28-60 days after the first            school or graduate.
              your graduation or dropping to less than half                                                    disbursement
              time status and a six month separation period.
                                                                                                               Either an interest-only payment or a $25
                                                                                                               fixed monthly payment will begin within
                                                              Take up to 20 years to repay (Up to 25 years for 28-60 days after first disbursement. Full
              Repayment terms may range from 60 months                                                         principal and interest repayment will
                                                              loan amounts above $40,000) Repayment
              to 180 months and excludes the interest-only                                                     begin following your graduation or
Repayment                                                     Options: Immediate repayment, deferred                                                               15 year repayment term
              payments made while the student borrower is                                                      dropping to less than half time status and
                                                              principal and interest, interest only (deferred
              in school, separation, or military deferment.
                                                              principal). Minimum monthly payment of $25. a six month separation period. Loan
                                                                                                               repayment term ranges from 5 to 15
                                                                                                               years, based on loan balance and year in
                                                                                                               school
              Required interest only payments while in                                                         School certification required; borrower
     Other    school; student will receive first bill                                                          must meet Satisfactory Academic                     The Collegiate Loan requires school
Requirements approximately 28-60 days after the first                                                          Progress standards as defined by the                certification.
              disbursement;                                                                                    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
                                                                   • The student borrower may apply for Co-                                                        program interest rate reduction of 0.50% at
                                                                   Borrower Release after 48 consecutive, timely                                                   repayment upon verification of graduation
                                                                   payments, with no periods of forbearance.                                                       • 0.25% interest rate reduction when Wells
                                                                   • PNC provides combined billing of its federal                                                  Fargo automatically withdraws payments from a
                                                                                                                                                                   personal checking or savings account at
                  0.25 percentage point interest rate reduction is and private student loans, serviced exclusively by 0.25% interest rate reduction is available
                                                                   AES / PHEAA.     PNC Bank reserves the right to for automatic debit (1). Students receive       repayment
                  available for automatic debit (1). 0.25
                                                                   modify, expand or discontinue the discount                                                      •Life of Loan Servicing - one point of contact
Borrower          percentage point interest rate reduction is                                                         2% of their scheduled in-school monthly
                                                                   terms do this program at anytime.                                                               from application through final payment.
Benefits          available if the borrower provides a valid e-                                                       payment as a reward in their UPromise
                                                                                                                                                                   • Combined billing of Federal Stafford, Federal
                  mail 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                                                        Yes, however all foreign citizen student   to disbursement of the loan
Available to   worthy cosigner (must be a U.S. Citizen or        International students not eligible at this time. Both borrowers must obtain a cosigner who is
                                                                                                                                                                 International students are eligible and require a
Foreign        permanent resident and U.S. Citizenship &
                                                                 student borrower and co-borrower must be U.S. citizen
                                                                                                                        either a U.S. citizen or permanent       U.S. Citizen cosigner.
Students       Immigration Service (USCIS) documents
                                                                 or permanent resident.
                                                                                                                        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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