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Program rules and qualifications may be modified or discontinued at any time without notice.
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Subject to normal credit approval. Loan approval subject to program guidelines. APR may increase or decrease after consummation.
Consummation occurs upon disbursement of loan proceeds. The Variable Rate shall be equal to the highest Prime Rate as published in
The Wall Street Journal in the Money Rates section plus a margin of .95% to 8.95%, rounded to the nearest one-tenth of
one percent (0.10%). The Variable Rate can change, and will be effective for the first day of any calendar month for a change in the
Current Index that took place on the 15th day of the previous month. This interest rate is effective as of
09/01/2010, and assumes a Prime Rate value of 3.25%. The interest rate is
variable and can therefore increase and/or decrease over the life of the loan.
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The automatic payment is a requirement to be qualified for the interest rate reduction benefit. Auto-payment is set up through your loan servicer. If the auto-payment is cancelled by the borrower, the rate reduction benefit is lost but may be reinstated. If the auto-payment feature is revoked, the rate reduction benefit is lost and cannot be reinstated even if automatic payments are re-established on the loan.
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Interest will continue to accrue during periods of deferment. This deferred interest, if not paid, will be added to your loan balance.
Interest is capitalized once at repayment and at the end of deferment.
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