Student Loan Rate Disclosures
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
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
- Earnest does 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). Not available for residents of AL, AZ, CA, FL, KY (loans of $15,000 or less), MA, MD, MI, ND, NY, PA, WA. |
$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 |
4.53% fixed Undergraduate subsidized and unsubsidized. 6.08% fixed Graduate or Professional. |
| PLUS For parents and graduate/professional students. |
7.08% 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 http://studentaid.ed.gov/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 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
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 move lower or higher than the rates on this form. The variable rate is based upon the one-month London Interbank Offered Rate (LIBOR) (as published on the Wall Street Journal’s website). For more information on this rate, see the reference notes.
Although the rate will vary after you are approved, it will not exceed the maximum listed below for the state in which you are applying.
| For residents of Mississippi: | 14% |
| For residents of North Carolina, Nebraska, New Jersey, New York: | 16% |
| For residents of Arkansas: | 17% |
| For residents of Florida, Maine, South Carolina, Vermont, Wisconsin, West Virginia: | 18% |
| For residents of Massachusetts: | 20% |
| For residents of Colorado, Iowa, Kansas, Louisiana, Rhode Island, Wyoming: | 21% |
| For residents of Minnesota: | 21.75% |
| For residents of Arizona, District of Columbia, Kentucky, Maryland, Pennsylvania, Tennessee: | 24% |
| For residents of Indiana, Michigan, Ohio, Oklahoma, Washington: | 25% |
| For residents of Montana, Oregon, South Dakota: | 36% |
| For residents of Georgia: | 60% |
| For residents of Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, Utah: | No maximum rate |
LOAN FEES
- Origination Fees
- Earnest does 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). Not available for residents of AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, WA. |
$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 |
4.53% fixed Undergraduate subsidized and unsubsidized. 6.08% fixed Graduate or Professional. |
| PLUS For parents and graduate/professional students. |
7.08% 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
http://studentaid.ed.gov/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 one-month London Interbank Offered Rate (LIBOR), which is currently 2.41%. Your rate is calculated each month by adding a margin between 1.79% and 9.88% to the one-month LIBOR.
- 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
- 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.