Application and Solicitation Disclosure

Transcription

1 Student Loan Application Send to Printer Representative's Information Brand : Representative ID: We respect your privacy and security. Application and Solicitation Disclosure ABOUT SSL CERTIFICATES View Printer-Friendly Application and Solicitation Disclosure Page Private Education Loan Application and Solicitation Disclosure SunTrust Bank One Cabot Road, 2nd Floor Medford, MA Loan Interest Rate & Fees Your starting interest rate will be between 2.850% and 9.990% After the starting rate is set, your rate will then vary with the market Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based on your credit history and other factors (presence of cosigner, cosigner credit history, if applicable, repayment option, repayment loan term, loan amount). If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the One-Month LIBOR Rate (as published in The Wall Street Journal). ). For more information on this rate, see the Reference Notes. The rate will vary after you are approved and there is no limit on the amount the interest rate can increase. Loan Fees Late Charge: 5% of the monthly payment if not made on or before the 10th day after its due date. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four repayment options that may be available to you while enrolled in school. Repayment file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

2 Student Loan Application Option (while enrolled in school) Amount Provided (amount provided directly to you or your school) Interest Rate Loan Term (highest (how long you Total possible starting rate) have to pay off thepaid loan) DEFER PAYMENTS 20 Years Make no payments while starting 1. enrolled in school. Interest will $10, % after the $32, be charged and added to your deferment loan. period PAY ONLY THE INTEREST 20 Years Make interest payments but starting 2. defer payments on the principal $10, % after the $24, amount while enrolled in deferment school. period PAY PARTIAL INTEREST Make partial interest payments 20 Years of $25, but defer payments on starting 3. principal and remaining interest $10, % after the $30, while enrolled in school. Unpaid interest will be added to your loan. MAKE FULL PAYMENTS 4. Pay both the principal and interest amounts. deferment period 20 Years starting $10, % with the first $19, payment About this example This repayment example assumes that you remain in school for 45 months and have a 6 month grace period before entering repayment. It is based on the highest starting rate currently charged. Depending on your loan amount and other factors, repayment may last up to 20 years, starting with the initial principal and interest payment. Federal Loan Alternatives Loan Current Interest Rates by Program program Type PERKINS 5% for Students fixed Undergraduate subsidized STAFFORD for Students PLUS for Parents and Graduate/Professional Students 3.4% fixed Graduate & 6.8% Undergraduate fixed unsubsidized 7.9% Federal Direct Loan fixed You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at: file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

3 Student Loan Application Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Applicant Self-Certification Form. You may obtain the Applicant Self-Certification form from your school's financial aid office or as part of this application process. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). REFERENCE NOTES Variable Interest Rate: This loan has a variable interest rate that is based on the One- Month London Interbank Offered Rate (LIBOR) index which is published in the "Money Rates" section of The Wall Street Journal (Eastern Edition) and will be equal to the One-Month LIBOR rate published on the 25th day (or if such 25th day is not a business day, the next business day thereafter) of the month immediately preceding such calendar month, rounded up to the nearest oneeighth of one percent (0.125%). This loan has a Variable Rate. The Variable Rate is determined by (1) your (or your cosigner's, if applicable) credit history, (2) the Repayment Option you choose and (3) the Repayment Term you choose. Your interest rate will be calculated each month by adding your margin (which can range from 2.60% to 9.74%, depending upon your or your cosigner's credit history) to the current One-Month LIBOR index. Your interest rate may increase or decrease monthly if the One- Month LIBOR index changes, which will affect your monthly payment. The interest rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Interest rates are typically higher without a cosigner. Eligibility Criteria: If you are no longer enrolled, or will not be enrolled within the next month, you may be offered only the "Make Full Payments" option. Borrower: Must be enrolled at an eligible school at least half-time. Must be of the legal age of majority or at least 17 years of file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

4 Student Loan Application age with a cosigner who is the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Cosigner: All cosigners must be the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Bankruptcy Limitations: If you (borrower or cosigner) file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and credit agreement. ADDITIONAL IOWA STUDENT LOAN DISCLOSURES A. Co-signer Requirements A co-signer is required for this student loan if you do not meet our credit requirements on your own, for example, credit history, income and/or employment requirements. B. Repayment of Loan Information Immediate Repayment - First payment of principal and interest begins days after the final disbursement of the Loan. Interest Only - Interest payments begin days after the first disbursement of the Loan, and Principal and interest payments begin the month after the Deferment End Date. The Deferment End Date will be the date you first graduate or cease to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. Partial Interest - Partial interest payments of $25.00 begin days after the first disbursement of the Loan, and principal and interest payments begin the month after the Deferment End Date. The Deferment End Date will be the date you first graduate or cease to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

5 Student Loan Application Disbursement Date. Full Deferral - First payment of principal and interest begins days after the Deferment End Date. The Deferment End Date will be 6 months after you graduate or cease for any other reason to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. You can prepay your loan in whole or part at any time without penalty. C. Additional Terms and Conditions Your loan is subject to all of the terms and conditions of your Credit Agreement. Please read your Credit Agreement carefully, it may include terms under which the interest rate on the loan may change. To obtain a copy of your Credit Agreement, please write to SunTrust Bank, P.O. Box , Boston, MA D. Consequences of Loan Default There are serious consequences if you default on this loan. For example, under normal circumstances, student loans are not dischargeable in bankruptcy. In order to discharge a loan in bankruptcy, the borrower must prove undue hardship in an adversary proceeding before the bankruptcy court. Additional consequences of default on this loan include: Lender may report the late payment history to credit reporting agencies, which will adversely affect your credit rating and ability to get more credit Interest will continue to accrue on the outstanding principal balance Lender may take legal action Borrower may become ineligible for further loans from the lender Full amount of the loan may become due immediately E. Lender Contact Information SunTrust Bank P.O. Box Boston, MA Private Education Loan Application and Solicitation Disclosure SunTrust Bank One Cabot Road, 2nd Floor Medford, MA Loan Interest Rate & Fees file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

6 Student Loan Application Your interest rate will be between 3.400% and % After the rate is set, it will be fixed for the entire term of the loan. Your Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based on your credit history and other factors (presence of a cosigner, cosigner credit history, if applicable, repayment option, repayment loan term, loan amount). If approved, we will notify you of the rate you receive within the stated range. Your Interest Rate during the life of the loan Your rate is fixed. This means that your interest rate will never change during the life of your loan. For more information on this rate, see the Reference Notes. Your rate will never change after you are approved. Loan Fees Late Charge: 5% of the monthly payment if not made on or before the 10th day after its due date. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four repayment options that may be available to you while enrolled in school. Repayment Interest Amount Provided Option Rate (amount provided (while (highest directly to you or enrolled in possible your school) school) DEFER PAYMENTS Make no payments while 1. enrolled in school. Interest will be charged and added to your loan. PAY ONLY THE INTEREST Make interest payments but 2. defer payments on the principal amount while enrolled in school. PAY PARTIAL INTEREST Make partial interest payments of $25, but defer payments on 3. principal and remaining interest while enrolled in school. Unpaid interest will be added to your loan. MAKE FULL PAYMENTS 4. Pay both the principal and interest amounts. Loan Term (how long you have to pay off the loan) starting rate) 20 Years starting $10, % after the deferment period Total Paid (includes associated fees) $45, Years starting $10, % after the $31, deferment period 20 Years starting $10, % after the deferment period $41, Years $10, % starting with the $25, first payment file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

7 Student Loan Application About this example This repayment example assumes that you remain in school for 45 months and have a 6 month grace period before entering repayment. It is based on the highest starting rate currently charged. Depending on your loan amount and other factors, repayment may last up to 20 years, starting with the initial principal and interest payment. Federal Loan Alternatives Loan Current Interest Rates by Program program Type PERKINS 5% for Students fixed Undergraduate subsidized STAFFORD for Students PLUS for Parents and Graduate/Professional Students 3.4% fixed Graduate & 6.8% Undergraduate fixed unsubsidized 7.9% Federal Direct Loan fixed You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at: Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Applicant Self-Certification Form. You may obtain the Applicant Self-Certification form from your school's financial aid office or as part of this application process. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). REFERENCE NOTES Fixed Interest Rate: This loan has a Fixed Interest Rate. The Fixed Interest Rate is determined by (1) your (or your cosigners, if applicable) credit history, (2) the Repayment Option you choose and (3) the Repayment Term you choose. Your interest rate will not change during the life of your loan. Interest rates are typically higher without a cosigner. file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

8 Student Loan Application Eligibility Criteria: If you are no longer enrolled, or will not be enrolled within the next month, you may be offered only the "Make Full Payments" option. Borrower: Must be enrolled at an eligible school at least half-time. Must be of the legal age of majority or at least 17 years of age with a cosigner who is the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Cosigner: All cosigners must be the legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states 19 years of age in Alabama 19 years of age in Nebraska if you are a ward of the state 21 years of age in Mississippi and Puerto Rico Bankruptcy Limitations: If you (borrower or cosigner) file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and credit agreement. ADDITIONAL IOWA STUDENT LOAN DISCLOSURES A. Co-signer Requirements A co-signer is required for this student loan if you do not meet our credit requirements on your own, for example, credit history, income and/or employment requirements. B. Repayment of Loan Information Immediate Repayment - First payment of principal and interest begins days after the final disbursement of the Loan. Interest Only - Interest payments begin days after the first disbursement of the Loan, and Principal and interest payments file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

9 Student Loan Application begin the month after the Deferment End Date. The Deferment End Date will be the date you first graduate or cease to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. Partial Interest - Partial interest payments of $25.00 begin days after the first disbursement of the Loan, and principal and interest payments begin the month after the Deferment End Date. The Deferment End Date will be the date you first graduate or cease to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. Full Deferral - First payment of principal and interest begins days after the Deferment End Date. The Deferment End Date will be 6 months after you graduate or cease for any other reason to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. You can prepay your loan in whole or part at any time without penalty. C. Additional Terms and Conditions Your loan is subject to all of the terms and conditions of your Credit Agreement. Please read your Credit Agreement carefully, it may include terms under which the interest rate on the loan may change. To obtain a copy of your Credit Agreement, please write to SunTrust Bank, P.O. Box , Boston, MA D. Consequences of Loan Default There are serious consequences if you default on this loan. For example, under normal circumstances, student loans are not dischargeable in bankruptcy. In order to discharge a loan in bankruptcy, the borrower must prove undue hardship in an adversary proceeding before the bankruptcy court. Additional consequences of default on this loan include: Lender may report the late payment history to credit reporting agencies, which will adversely affect your credit rating and ability to get more credit Interest will continue to accrue on the outstanding principal balance Lender may take legal action Borrower may become ineligible for further loans from the lender Full amount of the loan may become due immediately E. Lender Contact Information SunTrust Bank P.O. Box Boston, MA file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

10 Student Loan Application All rights reserved. This work contains copyrighted materials owned by The First Marblehead Corporation. file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:21:54 PM]

11 Wells Fargo Collegiate Loan Loan Interest Rate & Fees Your interest rate will be between % % and After the rate is set, it will be fixed for the entire term of the loan. Application and Solicitation Disclosure Education Financial Services P.O. Box 5185 Sioux Falls, SD FAX: Your Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors including cosigner credit and your/cosigner's relationship with the Bank. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan. Your rate is fixed. This means that your interest rate will never change during the life of your loan. For more information on this rate, see the Reference Notes. Loan Fees Loan Cost Examples Your rate will not change after you are approved. Application Fee: $ Origination Fee: The fee that we charge to make this loan is %. Loan Guarantee Fee: % Repayment Fee: % Late Charge: % of the amount of the past due payment, or $ , whichever is greater. Returned check charge: $ The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon three (3) different repayment options available to you while enrolled in school. Repayment Option Amount Provided (amount provided directly to you or your school) Interest Rate (highest possible rate) Loan Term (how long you have to pay off the loan) Total Paid over 15 years (includes associated fees) 1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will be charged and added to your loan $ 10, % 15 years starting after the deferment period $ 39, PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school $ 10, % 15 years starting after the deferment period $ 30, MAKE FULL PAYMENTS Pay both the principal and interest amounts while enrolled in school $ 10, % 15 years starting after your first payment $ 23, About this example The repayment example assumes that you remain in school for 4 years and have a 6 month grace period before beginning repayment of the 15 year repayment term. It is based on the highest rate currently charged and associated fees. Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. ( ) Page 1 of 4

12 Federal Direct Loan Alternatives Loan Program PERKINS For Students Federal Direct Loan STAFFORD For Students Federal Direct Loan PLUS For Parents and Graduate/ Professional Students Next Steps Current Interest Rates by Program Type 5.00% fixed 3.40% fixed Undergraduate Subsidized 6.80 % fixed Undergraduate Unsubsidized; Graduate Subsidized & Unsubsidized 7.90% fixed You may qualify for Federal education loans. For additional information on student loan options, contact your school s financial aid office or the Department of Education at: 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms that are not detailed on this form. Contact your school s financial aid office or visit the Department of Education s website at for more information about other loans. 2. To Apply For This Loan, Complete the Application and the Borrower Self-Certification Form. You may get the certification form from your school s financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market). Reference Notes Your Interest Rate Wells Fargo Relationship Discount - The Wells Fargo Relationship Discount will apply if the borrower or any cosigner has and maintains a Qualified Relationship with the Bank. Please ask the Bank about what constitutes a "Qualified Relationship" if you have any questions about this feature. Further Relationship Discount details are set forth in the Loan Request/Consumer Credit Agreement. Eligibility Criteria Borrower: Must be enrolled as an undergraduate or graduate student at an eligible school, and seeking a degree, certificate, or license. Must be a U.S. Citizen, permanent resident alien without conditions, or an international student who is a temporary resident alien with a current U.S. address and with proper evidence of eligibility. For permanent and temporary resident aliens, a U.S. citizen cosigner is required. Must have a cosigner, unless you qualify on your own by meeting credit, debt to income, and employment requirements. Must be at the age of majority or older at the time of the application. The age of majority is 18 years old in all states except Alabama and Puerto Rico. The age of majority in Alabama is 19. The age of majority in Puerto Rico is 21. Cosigner: Most students will need a cosigner for this loan to meet underwriting requirements. Rates are typically higher without a cosigner; however, cosigners are not required for qualifying student borrowers. Must be at the age of majority or older at the time of the application. The age of majority is 18 years old in all states except Alabama and Puerto Rico. The age of majority in Alabama is 19. The age of majority in Puerto Rico is 21. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan request/consumer credit agreement. Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. ( ) Page 2 of 4

13 Wells Fargo Collegiate Loan Loan Interest Rate & Fees Your starting interest rate will be between and % % After the starting rate is set, your rate will then vary with the market. Application and Solicitation Disclosure Education Financial Services P.O. Box 5185 Sioux Falls, SD FAX: Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors including cosigner credit and your/cosigner's relationship with the Bank. If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan. Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the Prime Rate (a publicly available interest rate we use to set the variable rate). Loan Fees Loan Cost Examples There is no maximum interest rate on this loan. Application Fee: $ Origination Fee: The fee that we charge to make this loan is %. Loan Guarantee Fee: % Repayment Fee: % Late Charge: % of the amount of the past due payment, or $ , whichever is greater. Returned check charge: $ The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon three (3) different repayment options available to you while enrolled in school. Repayment Option Amount Provided (amount provided directly to you or your school) Interest Rate (highest starting possible rate) Loan Term (how long you have to pay off the loan) Total Paid over 15 years (includes associated fees) 1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will be charged and added to your loan $ 10, % 15 years starting after the deferment period $ 28, PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school $ 10, % 15 years starting after the deferment period $ 23, MAKE FULL PAYMENTS Pay both the principal and interest amounts while enrolled in school $ 10, % 15years starting after your first payment $ 19, About this example The repayment example assumes that you remain in school for 4 years and have a 6 month grace period before beginning repayment of the 15 year repayment term. It is based on the highest starting rate currently charged and associated fees. Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. ( ) Page 3 of 4

14 Federal Direct Loan Alternatives Loan Program PERKINS For Students Federal Direct Loan Stafford For Students Federal Direct Loan PLUS For Parents and Graduate/ Professional Students Next Steps Current Interest Rates by Program Type 5.00% fixed 3.40% fixed Undergraduate Subsidized 6.80 % fixed Undergraduate Unsubsidized; Graduate Subsidized & Unsubsidized 7.90% fixed You may qualify for Federal education loans. For additional information on student loan options, contact your school s financial aid office or the Department of Education at: 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms that are not detailed on this form. Contact your school s financial aid office or visit the Department of Education s website at for more information about other loans. 2. To Apply For This Loan, Complete the Application and the Borrower Self-Certification Form. You may get the certification form from your school s financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). Reference Notes Variable Interest Rate This loan has a variable interest rate, that is based on a publicly available index, the Prime Rate. Your rate will be calculated each month by adding a margin between 0.250% and % to the Prime Rate. The Index (which is equal to the Prime Rate) is subject to a contractual minimum of %. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Wells Fargo Relationship Discount The Wells Fargo Relationship Discount will apply if the borrower or any cosigner has and maintains a Qualified Relationship with the Bank. Please ask the Bank about what constitutes a "Qualified Relationship" if you have any questions about this feature. Further Relationship Discount details are set forth in the Loan Request/Consumer Credit Agreement. Eligibility Criteria Borrower: Must be enrolled as an undergraduate or graduate student at an eligible school, and seeking a degree, certificate, or license. Must be a U.S. Citizen, permanent resident alien without conditions, or an international student who is a temporary resident alien with a current U.S. address and with proper evidence of eligibility. For permanent and temporary resident aliens, a U.S. citizen cosigner is required. Must have a cosigner, unless you qualify on your own by meeting credit, debt to income, and employment requirements. Must be at the age of majority or older at the time of the application. The age of majority is 18 years old in all states except Alabama and Puerto Rico. The age of majority in Alabama is 19. The age of majority in Puerto Rico is 21. Cosigner: Most students will need a cosigner for this loan to meet underwriting requirements. Rates are typically higher without a cosigner; however, cosigners are not required for qualifying student borrowers. Must be at the age of majority or older at the time of the application. The age of majority is 18 years old in all states except Alabama and Puerto Rico. The age of majority in Alabama is 19. The age of majority in Puerto Rico is 21. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan request/ consumer credit agreement. Wells Fargo Education Financial Services is a division of Wells Fargo Bank, N.A Wells Fargo Bank, N.A. Equal Opportunity Lender Rev. ( ) Page 4 of 4

15 The PNC Solution Loan for Undergraduates Application and Solicitation Disclosure PNC Bank, National Association 2600 Liberty Avenue Suite 200 Pittsburgh, PA Loan Interest Rate & Fees Your starting interest rate will be between 3.570% and % After the starting rate is set, your rate will then vary with the market. Your Starting Interest Rate (upon approval) The starting Interest Rate you pay will be determined after you apply. The rate will be established by your credit history (and your cosigner s if applicable). If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is variable. This means that your actual rate varies with the market and could be lower or higher than the rate on this form. The variable rate is based upon the average of the LIBOR rates published in the "Money Rates" section of The Wall Street Journal on the first business day of each of the three (3) immediately preceding calendar months. For more information on this rate, see Reference Notes. Although the rate will vary after you are approved, it will never exceed 18% (the maximum allowable for this loan). Loan Fees Origination Fee 0%. Late Charges: 5% of the past due amount or $5.00, whichever is less. Collection and Default Charges: In the event of a default, the borrower may incur additional collection charges as permitted under applicable law. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon three (3) repayment options available to you while enrolled in school. Repayment Option (while enrolled in school) 1. DEFER PAYMENTS Make no payments while enrolled in school. Interest will accrue and unpaid accrued interest will be added to your principal balance when you enter repayment. Amount Provided (amount provided directly to you or your school) Interest Rate (highest possible starting rate) Loan Term (how long you have to pay off the loan) $10, % 180 months starting after the deferment period Total Paid over 180 months (includes associated fees) $31, PAY ONLY THE INTEREST Make interest payments but defer payments on the principal amount while enrolled in school. 3. MAKE FULL PAYMENTS Make principal and interest payments while enrolled in school. $10, % 180 months starting after the deferment period $10, % 180 months starting after the final disbursement $25, $21, About this example The repayment example assumes you remain in school for forty-eight (48) months and have a six (6) month grace period prior to entering repayment. The repayment example is based on the highest starting rate currently charged and associated fees. SEE BACK OF PAGE

16 Federal Loan Alternatives Loan Program PERKINS for Students STAFFORD for students PLUS for Parents and Graduate/ Professional Students Current Interest Rates by Program Type 5.000% fixed 3.400% fixed Undergraduate subsidized 6.800% fixed Undergraduate unsubsidized & Graduate 7.900% fixed You may qualify for Federal education loans. For additional information, contact your school s financial aid office or the Department of Education at: Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Self-Certification Form. You may get the certification form from your school's financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market). REFERENCE NOTES Variable Interest Rate The variable interest rate is based upon the LIBOR index plus a margin of 3.300% to % based on creditworthiness, and is adjusted quarterly. The rate will not increase more than once a quarter, but there is no limit on the amount that the rate could increase at one time. Your rate will never exceed %. Eligibility Criteria Borrower and cosigner, if applicable, must be US citizens or permanent resident aliens. Borrower must be at least the age of majority in his or her state of residence or be at least 17 years old and apply with a creditworthy cosigner who is the age of majority. Borrower must be enrolled at least half time and in an eligible program. Both borrower and cosigner, if applicable, are subject to credit approval. Additional documentation may be required. Applying without a cosigner typically results in a higher rate and/or fees. The borrower on an individual application and the cosigner on a joint application must have an employment history of at least two years. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.

17 Student Loan Application Send to Printer Representative's Information Brand : Representative ID: We respect your privacy and security. Application and Solicitation Disclosure ABOUT SSL CERTIFICATES View Printer-Friendly Application and Solicitation Disclosure Page Private Education Loan Application and Solicitation Disclosure Union Federal Savings Bank 1565 Mineral Spring Avenue North Providence, RI Loan Interest Rate & Fees Your starting interest rate will be between 2.870% and 9.260% After the starting rate is set, your rate will then vary with the market Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based on your credit history and other factors (presence of cosigner, cosigner credit history, if applicable, repayment option, repayment loan term, loan amount). If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the LIBOR Rate (as published in the The Wall Street Journal ). For more information on this rate, see the Reference Notes. Although the rate will vary, it will never exceed 21% (the maximum allowable by law for this loan) Loan Fees Late Charge: $25.00 or 5% (whichever is less) of the overdue payment if not made on or before the 10th day after its due date. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four repayment options available to you while enrolled in school. RepaymentAmount Option Provided Interest Rate Loan Term Total Paid file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:20:46 PM]

18 Student Loan Application (while enrolled in school)* (amount provided directly to your school) (highest possible starting rate) (how long you have to pay off the loan) (includes associated fees) DEFER PAYMENTS 15 Years Make no payments while starting 1. enrolled in school. Interest will $10, % after the $25, be charged and added to your deferment loan. period PAY ONLY THE INTEREST 15 Years Make interest payments but starting 2. defer payments on the principal $10, % after the $20, amount while enrolled in deferment school. period PAY PARTIAL INTEREST Make partial interest payments 15 Years of $25, but defer payments on starting 3. principal and remaining interest $10, % after the $23, while enrolled in school. Unpaid interest will be added to your loan. MAKE FULL PAYMENTS 4. Pay both the principal and interest amounts. deferment period 15 Years starting $10, % with the first $16, payment About this example This repayment example assumes that you remain in school for 45 months and have a 6 month grace period before entering repayment. It is based on the highest starting rate currently charged. Depending on your loan amount and other factors, repayment may last up to 15 years, starting with the initial principal and interest payment. *If you are no longer enrolled, or will become unenrolled within the next month, you may be offered only the "Make Full Payments" option. Federal Loan Alternatives Loan Current Interest Rates by Program program Type PERKINS 5% for Students fixed Undergraduate subsidized STAFFORD for Students PLUS for Parents and Graduate/Professional Students 3.4% fixed Graduate & 6.8% Undergraduate fixed unsubsidized 7.9% Federal Direct Loan fixed You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at: file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:20:46 PM]

19 Student Loan Application Next Steps 1. Find Out About Other Loan Options. Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at: for more information about other loans. 2. To Apply for this Loan, Complete the Application and the Applicant Self-Certification Form. You may obtain the Applicant Self-Certification form from your school's financial aid office or as part of this application process. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market). REFERENCE NOTES Variable Interest Rate: This loan has a variable interest rate that is based on a publicly available index, the London Interbank Offered Rate (LIBOR). Your rate will be calculated each calendar quarter by adding a margin of between 2.60% to 8.99% to the average of the one-month LIBOR rates published in The Wall Street Journal (Eastern Edition) on the first business day of each of the three (3) immediately preceding calendar months, rounded to the nearest one-hundredth of one percent (0.01%). Your interest rate may increase or decrease quarterly if the One- Month LIBOR index changes, which will affect your monthly payment. Your interest rate will not increase more than once a quarter, but there is no limit on the amount that the rate could increase at one time. Your rate will never exceed 21.0%. Interest rates are typically higher without a cosigner. Eligibility Criteria: Borrower must be: Enrolled at an eligible school at least half-time. Borrower and cosigner must be 18 years of age or the age of majority in your state of permanent residence. The legal age of majority, unless Borrower: (1) is at least 17 years of age on the application date and (2) has applied with a cosigner who is the legal age of majority. Cosigner must be: The legal age of majority. Age of majority is determined by your state of permanent residence: 18 years of age in most states, 19 years of age in Nebraska (for wards of the state) and Alabama, and 21 years of age in Mississippi and Puerto Rico. file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:20:46 PM]

20 Student Loan Application Bankruptcy Limitations: If you (borrower or cosigner) file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and credit agreement. ADDITIONAL IOWA STUDENT LOAN DISCLOSURES A. Co-signer Requirements A co-signer is required for this student loan if you do not meet our credit requirements on your own, for example, credit history, income and/or employment requirements. B. Repayment of Loan Information Immediate Repayment - First payment of principal and interest begins days after the final disbursement of the Loan. Interest Only - Interest payments begin days after the first disbursement of the Loan, and Principal and interest payments begin the month after the Deferment End Date. The Deferment End Date will be the date you first graduate or cease to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. Partial Interest - Partial interest payments of $25.00 begin days after the first disbursement of the Loan, and principal and interest payments begin the month after the Deferment End Date. The Deferment End Date will be the date you first graduate or cease to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. Full Deferral - First payment of principal and interest begins days after the Deferment End Date. The Deferment End Date will be 6 months after you graduate or cease for any other reason to be enrolled at least half-time in the School (or another Title IV eligible school), but no more than 66 months after the first Disbursement Date. You can prepay your loan in whole or part at any time without penalty. C. Additional Terms and Conditions Your loan is subject to all of the terms and conditions of your Credit Agreement. Please read your Credit Agreement carefully, it may include terms under which the interest rate on the loan may change. To obtain a copy of your Credit Agreement, please write to file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:20:46 PM]

21 Student Loan Application Union Federal Savings Bank, P.O. Box , Boston, MA D. Consequences of Loan Default There are serious consequences if you default on this loan. For example, under normal circumstances, student loans are not dischargeable in bankruptcy. In order to discharge a loan in bankruptcy, the borrower must prove undue hardship in an adversary proceeding before the bankruptcy court. Additional consequences of default on this loan include: Lender may report the late payment history to credit reporting agencies, which will adversely affect your credit rating and ability to get more credit Interest will continue to accrue on the outstanding principal balance Lender may take legal action Borrower may become ineligible for further loans from the lender Full amount of the loan may become due immediately E. Lender Contact Information Union Federal Savings Bank P.O. Box Boston, MA All rights reserved. This work contains copyrighted materials owned by The First Marblehead Corporation. file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:20:46 PM]

22 Student Loan Application Send to Printer Representative's Information Brand : Representative ID: We respect your privacy and security. Application and Solicitation Disclosure ABOUT SSL CERTIFICATES View Printer-Friendly Application and Solicitation Disclosure Page Private Education Loan Application and Solicitation Disclosure Union Federal Savings Bank 1565 Mineral Spring Avenue North Providence, RI Loan Interest Rate & Fees Your starting interest rate will be between 2.870% and 9.260% After the starting rate is set, your rate will then vary with the market Your Starting Interest Rate (upon approval) The starting interest rate you pay will be determined after you apply. It will be based on your credit history and other factors (presence of cosigner, cosigner credit history, if applicable, repayment option, repayment loan term, loan amount). If approved, we will notify you of the rate you qualify for within the stated range. Your Interest Rate during the life of the loan Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the LIBOR Rate (as published in the The Wall Street Journal ). For more information on this rate, see the Reference Notes. Although the rate will vary, it will never exceed 21% (the maximum allowable by law for this loan) Loan Fees Late Charge: $25.00 or 5% (whichever is less) of the overdue payment if not made on or before the 10th day after its due date. Loan Cost Examples The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon four repayment options available to you while enrolled in school. RepaymentAmount Option Provided Interest Rate Loan Term Total Paid file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:20:46 PM]

23 Student Loan Application (while enrolled in school)* (amount provided directly to your school) (highest possible starting rate) (how long you have to pay off the loan) (includes associated fees) DEFER PAYMENTS 15 Years Make no payments while starting 1. enrolled in school. Interest will $10, % after the $25, be charged and added to your deferment loan. period PAY ONLY THE INTEREST 15 Years Make interest payments but starting 2. defer payments on the principal $10, % after the $20, amount while enrolled in deferment school. period PAY PARTIAL INTEREST Make partial interest payments 15 Years of $25, but defer payments on starting 3. principal and remaining interest $10, % after the $23, while enrolled in school. Unpaid interest will be added to your loan. MAKE FULL PAYMENTS 4. Pay both the principal and interest amounts. deferment period 15 Years starting $10, % with the first $16, payment About this example This repayment example assumes that you remain in school for 45 months and have a 6 month grace period before entering repayment. It is based on the highest starting rate currently charged. Depending on your loan amount and other factors, repayment may last up to 15 years, starting with the initial principal and interest payment. *If you are no longer enrolled, or will become unenrolled within the next month, you may be offered only the "Make Full Payments" option. Federal Loan Alternatives Loan Current Interest Rates by Program program Type PERKINS 5% for Students fixed Undergraduate subsidized STAFFORD for Students PLUS for Parents and Graduate/Professional Students 3.4% fixed Graduate & 6.8% Undergraduate fixed unsubsidized 7.9% Federal Direct Loan fixed You may qualify for Federal education loans. For additional information, contact your school's financial aid office or the Department of Education at: file:///c /Users/KIZAT/Desktop/Student%20Loan%20Application.htm[4/16/2012 1:20:46 PM]