Private Undergraduate Loan Rates, Fees and Terms

DTC Status For loans to be disbursed directly to the borrower

The interest rate on NextStudent Private Undergraduate Loans varies monthly, based on the LIBOR Index plus a margin.  The LIBOR Index is the one-month London Interbank Offered Rate published in the Wall Street Journal on the first business day of the preceding calendar month.

For a repayment example click here

The LIBOR Index May 1, 2008 = 2.70%.

Terms

The NextStudent Private Undergraduate Loan offers three repayment options.

• Immediate repayment –Principal and interest payments begin 30-60 days after disbursement. 
• Interest only – Principal is deferred and interest is paid only for up to four years (up to 5 years for borrowers enrolled in 5 year programs) while continuously enrolled at least half time in school at least half time. Interest payments begin 30-60 days after disbursement.  Principal payments begin 30-60 days after graduation or ceasing to be enrolled at least half-time.
• Deferred principal and interest – Principal and interest are deferred for up to four years while the student is continuously enrolled at least half time in school. Payment begins 6 months after graduation or ceasing to be enrolled at least half-time.

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