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.