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Last Updated: 01/23/15

Earnest Operations LLC Refinance Education Loan Variable Rate Application & Solicitation Disclosure

Loan Rates & Estimated Total Costs

Your starting interest rate (excluding the optional 0.25% autopay discount) will be between:

%minVariable% – %maxVariable%

After your 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. 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 rates on this form. The variable rate is based upon the 1 month London Interbank Offered Rate (LIBOR) Rate (as published in the Wall Street Journal). For more information on this rate, see the Reference Notes.

Although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans).

Loan Fees

  • Late Charge: If a payment is late, you will not have to pay a penalty.
  • Prepayment: If you pay off early, you will not have to pay a penalty.
  • Returned payment charge: If your payment is returned, you will be charged up to $8.
  • Florida Stamp Tax: Florida residents are required by state law to pay a documentary stamp tax, calculates as 0.35% of the principal loan amount.

Loan Cost Examples

This example provides an estimate based on payment beginning immediately upon loan disbursement.

Repayment Option Amount Provided Interest Rate Loan Term Total of Payments

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 4.75% 5 Years $11,254.10

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 5.25% 10 Years $12,876.01

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 5.75% 15 Years $14,949.69

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 6.00% 20 Years $17,198.37

About This Example

The repayment examples are based on the loan amounts and loan terms shown in the above table. They are based on the highest starting rate currently charged and associated fees. The examples assume that the borrower begins repayment one month after disbursement.

Next Steps

1. Find Out About Federal Loan Consolidation Options.

Federal Student loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with private consolidation loans such as this one. For more information about Federal Loan Consolidation options, see https://studentaid.ed.gov/repay-loans/consolidation.

2. To Apply For This Loan, Complete Your Application Online.

If you are approved, we will ask you to contact your existing student lender and inquire about your ten-day repayment schedule. 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 indece, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.94% and 5.49% to the one month LIBOR. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is ten years or less or 9.95% if your loan term is more than ten years.

Autopay Discount

If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, the Variable Rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

Eligibility Criteria

  • You must be at the age of majority or older at the time you apply.
  • You are a United States citizen or permanent resident alien without conditions and with proper evidence of eligibility.
  • You must reside in a state in which Earnest Operations LLC is authorized to lend.

Repayment Options

This EARNEST OPERATIONS LLC Refinance Education Loan does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the federal student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period and that accrued interest will be capitalized at the end of this deferment period.

Things To Consider Before You Consolidate

  • There may be a difference in the features, benefits and protections provided to you with your new loan compared to the loans that you are refinancing. You should consider these differences carefully.
  • If you are consolidating any Federal Student Loans with us, you will not be able to take advantage of Federal Student Loan repayment or hardship options. For more information about Federal Student Loan benefits which you will not be entitled to if you refinance your loans with us, see: https://studentaid.ed.gov/repay-loans/understand/plans. You should also review your forthcoming loan agreement for important disclosures about the consequences of refinancing federal student loans in this Earnest Operations LLC Refinance Education Loan.
  • If you currently have any private education loans these may not be included in a Federal Direct Consolidation Loan.
  • You may also lose certain protections under the Federal Trade Commission’s Trade Regulation Rule Concerning Preservation of Claims and Defenses.
  • The Servicemembers Civil Relief Act provides that interest rate reductions are available only if the loan is entered into before you began your active military service.

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 are available in your loan application and loan agreement.

Last Updated: 01/23/15

Earnest Operations LLC Refinance Education Loan Fixed Rate Application & Solicitation Disclosure

Loan Rates & Estimated Total Costs

Your starting interest rate (excluding the optional 0.25% autopay discount) will be between:

%minFixed% – %maxFixed%

After your starting rate is set, your rate will then remain fixed for the term of the loan.

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. 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, upon approval, your interest will never change during the life of your loan. For more information on this rate, see the Reference Notes.

Loan Fees

  • Late Charge: If a payment is late, you will not have to pay a penalty.
  • Prepayment: If you pay off early, you will not have to pay a penalty.
  • Returned payment charge: If your payment is returned, you will be charged up to $8.
  • Florida Stamp Tax: Florida residents are required by state law to pay a documentary stamp tax, calculates as 0.35% of the principal loan amount.

Loan Cost Examples

This example provides an estimate based on payment beginning immediately upon loan disbursement.

Repayment Option Amount Provided Interest Rate Loan Term Total of Payments

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 6.25% 5 Years $11,669.27

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 6.75% 10 Years $13,780.22

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 7.25% 15 Years $16,434.60

Make Full Payment

Pay both the principal & interest amounts.
$10,000.00 7.75% 20 Years $19,707.78

About This Example

The repayment examples are based on the loan amounts and loan terms shown in the above table. They are based on the highest starting rate currently charged and associated fees. The examples assume that the borrower begins repayment one month after disbursement.

Next Steps

1. Find Out About Federal Loan Consolidation Options.

Federal Student loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with private consolidation loans such as this one. For more information about Federal Loan Consolidation options, see https://studentaid.ed.gov/repay-loans/consolidation.

2. To Apply For This Loan, Complete Your Application Online.

If you are approved, we will ask you to contact your existing student lender and inquire about your ten-day repayment schedule. 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

Your loan has a fixed interest rate that will not vary during the term of the loan.

Autopay Discount

If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, the Variable Rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

Eligibility Criteria

  • You must be at the age of majority or older at the time you apply.
  • You are a United States citizen or permanent resident alien without conditions and with proper evidence of eligibility.
  • You must reside in a state in which Earnest Operations LLC is authorized to lend.

Repayment Options

This EARNEST OPERATIONS LLC Refinance Education Loan does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the federal student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period and that accrued interest will be capitalized at the end of this deferment period.

Things To Consider Before You Consolidate

  • There may be a difference in the features, benefits and protections provided to you with your new loan compared to the loans that you are refinancing. You should consider these differences carefully.
  • If you are consolidating any Federal Student Loans with us, you will not be able to take advantage of Federal Student Loan repayment or hardship options. For more information about Federal Student Loan benefits which you will not be entitled to if you refinance your loans with us, see: https://studentaid.ed.gov/repay-loans/understand/plans. You should also review your forthcoming loan agreement for important disclosures about the consequences of refinancing federal student loans in this Earnest Operations LLC Refinance Education Loan.
  • If you currently have any private education loans these may not be included in a Federal Direct Consolidation Loan.
  • You may also lose certain protections under the Federal Trade Commission’s Trade Regulation Rule Concerning Preservation of Claims and Defenses.
  • The Servicemembers Civil Relief Act provides that interest rate reductions are available only if the loan is entered into before you began your active military service.

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 are available in your loan application and loan agreement.