Student Loan Rate Disclosures
Last updated: 04/01/2022
Private Education Loan Application & Solicitation Disclosure – Fixed Rate
Loan Interest Rate & Fees
Your starting interest rate will be between
After the starting rate is set, your rate will not change
CREDITOR
One American Bank
c/o Earnest Operations LLC
535 Mission St., Suite 1663, San Francisco, CA 94105
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, which repayment option you choose, 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 your rate will not increase or decrease for the life of the loan. For more information on this rate, see the reference notes.
LOAN FEES
- Origination Fees
- We do not charge origination fees.
- Late Charge
- If a payment is late, you will not have to pay a penalty.
- Prepayment Charge
- If you pay off early, you will not have to pay a penalty.
- Returned Payment Charge
- If your payment is returned, you will not have to pay a penalty.
- Florida Stamp Tax
- For Florida residents a Florida documentary stamp tax is required by law, calculated as $.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
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 4 repayment options available to you while enrolled in school.
| Repayment Option (while enrolled in school and during the corresponding separation period started below) |
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) |
Total Paid over Life of Loan (includes associated fees) |
|---|---|---|---|---|
| Deferred Repayment Make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Interest will be charged and added to your loan (as allowed by law). |
$10,000 | 13.03% | 15 years starting after the separation period |
$34,874.28 |
| Fixed Repayment Make fixed payments of $25 each month while enrolled in school and during the separation period of 9 billing periods thereafter. |
$10,000 | 13.03% | 15 years starting after the separation period |
$33,915.55 |
| Interest Repayment Make interest payments but defer payments on the principal amount while enrolled in school and during the separation period of 9 billing periods thereafter. |
$10,000 | 13.03% | 15 years starting after the separation period |
$28,186.67 |
| Principal and Interest Repayment Make principal and interest monthly payments starting while you are in school. You can make larger payments during the repayment period. More information about repayment deferral or forbearance options is available in your Credit Agreement. |
$10,000 | 13.03% | 15 years starting after your first payment |
$22,827.79 |
About this example
The repayment example assumes you remain in school up to 4 years, and accounts for the corresponding separation period stated above. It is based on the highest starting rate currently charged and associated fees. The example assumes payments are made on the date they are due.
Federal Loan Alternatives
| Loan program | Current interest rates by program type* |
|---|---|
| Stafford For students |
4.99% fixed Undergraduate subsidized and unsubsidized. 6.54% fixed Graduate or Professional. |
| PLUS For parents and graduate/professional students. |
7.54% fixed Federal direct loan. |
*These interest rates are determined by federal law and are fixed for the life of the loan. The federal loan interest rates may change in the future, but only for new federal loans. Federal law may also change in the future. To learn more, go to https://studentaid.gov/understand-aid/types/loans/interest-rates.
You may qualify for Federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: https://studentaid.ed.gov
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: www.studentaid.ed.gov 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).
Reference Notes
- Fixed Interest Rate
- This loan has a fixed interest rate and will not increase or decrease for the life of the loan.
Eligibility Criteria
Borrower
- You must attend an eligible school pursuing an undergraduate or graduate program full time.
- Must have attained the age of majority in your state of residence at the time of loan application.
Cosigner
- A cosigner is not required for U.S. Citizens and Permanent Residents, but may help you qualify and/or receive a lower interest rate
- Must have attained the age of majority in their state of residence at the time of loan application.
Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Private education loans are one tool that students use to finance their education. Your lender and your institutionʹs Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; [email protected]; 804‐786‐2832. In addition, resources for prospective and current private education loan borrowers are available online at http://schev.edu/privateloan.
Private Education Loan Application & Solicitation Disclosure – Variable Rate
Loan Interest Rate & Fees
Your starting interest rate will be between
After the starting rate is set, your rate will then vary with the market
CREDITOR
One American Bank
c/o Earnest Operations LLC
535 Mission St., Suite 1663, San Francisco, CA 94105
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, which repayment option you choose, 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 be lower or higher than rates on this form. The variable rate is based upon the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York on the twenty-fifth day, or the next business day, of the preceding calendar month, and using the daily interest rate based on actual days in the year and rounding up plus a margin and will change on the 1st of each month. For more information on this rate, see the reference notes.
never exceed 36% (the maximum allowable for this loan).
LOAN FEES
- Origination Fees
- We do not charge origination fees.
- Late Charge
- If a payment is late, you will not have to pay a penalty.
- Prepayment Charge
- If you pay off early, you will not have to pay a penalty.
- Returned Payment Charge
- If your payment is returned, you will not have to pay a penalty.
- Florida Stamp Tax
- For Florida residents a Florida documentary stamp tax is required by law, calculated as $.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
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 4 repayment options available to you while enrolled in school.
| Repayment Option (while enrolled in school and during the corresponding separation period started below) |
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) |
Total Paid over Life of Loan (includes associated fees) |
|---|---|---|---|---|
| Deferred Repayment Make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Interest will be charged and added to your loan (as allowed by law). |
$10,000 | 11.69% | 15 years starting after the separation period |
$31,462.16 |
| Fixed Repayment Make fixed payments of $25 each month while enrolled in school and during the separation period of 9 billing periods thereafter. |
$10,000 | 11.69% | 15 years starting after the separation period |
$30,584.74 |
| Interest Repayment Make interest payments but defer payments on the principal amount while enrolled in school and during the separation period of 9 billing periods thereafter. |
$10,000 | 11.69% | 15 years starting after the separation period |
$26,173.03 |
| Principal and Interest Repayment Make principal and interest monthly payments starting while you are in school. You can make larger payments during the repayment period. More information about repayment deferral or forbearance options is available in your Credit Agreement. |
$10,000 | 11.69% | 15 years starting after your first payment |
$21,290.40 |
About this example
The repayment example assumes you remain in school up to 4 years, and accounts for the corresponding separation period stated above. It is based on the highest starting rate currently charged and associated fees. The example assumes payments are made on the date they are due.
Federal Loan Alternatives
| Loan program | Current interest rates by program type* |
|---|---|
| Stafford For students |
4.99% fixed Undergraduate subsidized and unsubsidized. 6.54% fixed Graduate or Professional. |
| PLUS For parents and graduate/professional students. |
7.54% fixed Federal direct loan. |
*These interest rates are determined by federal law and are fixed for the life of the loan. The federal loan interest rates may change in the future, but only for new federal loans. Federal law may also change in the future. To learn more, go to https://studentaid.gov/understand-aid/types/loans/interest-rates.
You may qualify for Federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: https://studentaid.ed.gov
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: www.studentaid.ed.gov 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).
Reference Notes
- Variable interest rate
- Your loan has a variable Interest Rate that is based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York on the twenty-fifth day, or the next business day of the preceding calendar month, and using the daily interest rate based on actual days in the year and rounding up. Your rate is calculated each month by adding a margin between 0.57% and 11.07% to the one-month SOFR.
- 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.
Eligibility Criteria
Borrower
- Student is enrolled in school full-time for College Freshmen, Sophomores and Juniors. At least half-time for College Seniors and Graduate students.
- Must have attained the age of majority in your state of residence at the time of loan application or apply with an eligible cosigner.
Cosigner
- A cosigner is not required for U.S. Citizens and Permanent Residents, but may help you qualify and/or receive a lower interest rate.
- Must have attained the age of majority in their state of residence at the time of loan application.
Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Private education loans are one tool that students use to finance their education. Your lender and your institutionʹs Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; [email protected]; 804‐786‐2832. In addition, resources for prospective and current private education loan borrowers are available online at http://schev.edu/privateloan.