* Please be aware that due to current conditions in the student loan market in particular and in the financial sector in general, NextStudent is not currently able to accept any new applications for NextStudent Private Loans. However, you may be able to apply for a private student loan from one of our trusted partners. Click here for more information.
Repayment Structure
Immediate Repayment
Amount Requested
$10,000.00
Origination Fee2
6.0%
($638.30)Principal Amount of Loan at Disbursement
$10,638.30
Deferment Period
0 Months
Principal Amount of Loan at Repayment3
$10,638.30
Monthly Principal & Interest Payment4
$90.05
Repayment Period
240 Months
APR5
9.01%
Total Finance Charge6
$11,612.00
The repayment examples on this page apply only to those NextStudent Private Loans for which the Lender was RBS Citizens, N.A.
Important Information:
Since federal student loans generally offer more attractive terms than private student loans, you should always use your federal financing options first. You should only consider taking out a private student loan if you find that, even after your federal loans and grants, your school costs still exceed your available scholarships and financial aid. In that case, a private student loan could provide the remaining money you need.
In order to provide you with a student loan, it will be necessary for us to share the information you’re providing here with certain third parties, such as a lender or servicer. Any personal information you provide to us on this form may be shared with a third party as outlined in our privacy policy, for the purposes of providing you either with a student loan or with other products or services.
1 This repayment example assumes a variable interest rate for the Next Student K-12 Loan equal to the LIBOR Index plus a margin of 5.05%. The interest rate used in this example and in effect as of 04/01/2008 is 8.16%. The LIBOR Index equals the one-month LIBOR published in the “Money Rates” section of the Wall Street Journal on the first business day of the preceding calendar month. LIBOR means the London Interbank Offered Rate. The interest rate and APR will increase during the life of the loan if the LIBOR Index increases. RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender is the lender for the Next Student K-12 Loan. The loan terms described are for the 2007-2008 academic year and are subject to change.
2 This repayment example assumes an origination fee of 6.0% of the total loan amount (the requested loan amount plus the origination fee) will be added to and financed with the requested loan amount at disbursement.
3 Principal at repayment is the principal amount of the loan at disbursement (the requested loan amount plus the origination fee).
4 Repayment of principal and interest begins within 30-60 days of disbursement. Monthly payments of principal and interest will be fixed for the first year and then recalculated once each year based on the interest rate applicable at the time of the calculation and reset on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Minimum monthly payments will be at least $25.
5 Annual Percentage Rate (APR) is a measure of what a loan will cost. It takes into account the rate, fees, length of the loan, and the timing of all payments. The APR will increase if the LIBOR Index increases.
6 Finance charge is the dollar amount the credit will cost and includes interest paid over the life of the loan, plus the origination fee, if any.
The lender for the NextStudent Alternative Private Student Loan described above was RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender. RBS Citizens, N.A. may sell your student loan to a third party. RBS Citizens, N.A. will only sell your student loan if the third party agrees to honor all of RBS Citizens, N.A.'s promises to you, including all promised benefits that you will receive or might become eligible for during the loan repayment period.