Repayment Examples and Calculators
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Here are some examples of what your monthly payments would be for various college loans. These examples are based on a $10,000 loan amount for the Citizens Bank Undergraduate, Graduate, and MedAdvantage Loans, and a $5,000 loan amount for the Citizens Bank Continuing Education Loan.
Citizens Bank Undergraduate Loan
The interest rate margins for the Citizens Bank Undergraduate Loan vary, depending on the credit-worthiness of the borrower and co-signer, if any, and the repayment option selected, from the LIBOR Index1 plus 2.80% to the LIBOR Index plus 5.45%. The interest rate is as low as the LIBOR Index plus a margin of 2.80% for immediate and interest-only repayment and 2.99% for deferred repayment. The interest rate used in this example and in effect as of 01/01/08 is 7.82% for immediate and interest only repayment and 8.01% for deferred repayment. APR for a Citizens Bank Undergraduate Loan is 7.82% for immediate and interest only repayment and 7.65% for deferred repayment.2 In this example, the student would make 240 monthly payments of $82.53 for immediate and interest only repayment and $110.58 for deferred repayment.
Citizens Bank Graduate Loan
The interest rate margins for a credit-worthy Citizens Bank Graduate Loan vary, depending on the creditworthiness of the borrower or co-signer, if any, and the repayment option selected from the LIBOR Index1 plus 3.10% to the LIBOR Index plus 5.60%. The interest rate is as low as the LIBOR Index plus a margin of 3.15% for the credit-worthy and 4.25% for credit-ready programs. The interest rate used in this example and in effect as of 01/01/08 is 8.17% for credit-worthy and 9.27% for credit-ready. APR for a Citizens Bank Graduate Loan is 8.05% for a credit-worthy and 9.57% for a credit-ready3. In this example, the student would make 240 monthly payments of $98.59 for credit-worthy and $113.30 for credit-ready.
Citizens Bank Continuing Education Loan
The interest rate used in this example and in effect as of 01/01/08 is 8.52%. The variable interest rate is equal to the LIBOR Index1 plus a margin of 3.50%. APR for a Citizens Bank Continuing Education Loan is as low as 9.22%4. In this example, the student would make 240 monthly payments of $52.44.
Citizens Bank MedAdvantage Loan
The interest rate margins for a credit-worthy Citizens Bank MedAdvantage Loan vary, depending on the credit-worthiness of the borrower or co-signer, if any, and the repayment option selected from 3.10% to 5.60%. The interest rate is as low as the LIBOR Index1plus a margin of 3.15%. APR for a Citizens Bank MedAdvantage Loan is as low as 7.80% for credit-worthy and 9.16% for credit-ready5. The interest rate used in this example and in effect as of 01/01/08 is 8.17% for credit-worthy and 8.77% for credit-ready. In this example, the student would make 240 monthly payments of $112.44 for credit-worthy and $131.06 for credit-ready.
1 LIBOR stands for the London Interbank Offered Rate. The LIBOR Index is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The interest rate and APR will increase during the life of the loan if the LIBOR Index increases. The loan terms above are for the 2007-2008 academic year and are subject to change.
2 Annual Percentage Rate (APR) computation assumes student borrows $10,000; all payments are deferred for 48 months; a 20 year repayment term; and no origination fee. The origination fee for the credit-worthy Citizens Bank Undergraduate Loan varies from 0.00% to 9.50% of the total loan amount depending on the credit-worthiness of the borrower and co-borrower and whether or not there is a credit-worthy co-borrower. Deferred interest is capitalized at the time the loan enters repayment. In this example the borrower would make 240 payments of $82.53 for immediate and interest-only repayment and $110.58 for deferred repayment.
3 Annual Percentage Rate (APR) computation assumes student borrows $10,000; all payments are deferred for 24 months; a 20 year repayment term; and no origination fee. The origination fee for the credit-worthy Citizens Bank Graduate Loan varies from 0.00% to 9.50% of the total loan amount depending on the credit-worthiness of the borrower and co- borrower and whether or not there is a credit-worthy co-borrower. Deferred interest is capitalized at the time the loan enters repayment. In this example the borrower would make 240 payments of $98.59 for credit-worthy and $113.30 for credit-ready.
4 Annual Percentage Rate (APR) computation assumes the student borrows $5,000; all payments are deferred for 18 months; a 20 year repayment term; and an origination fee of 6.50%. The origination fee for the Citizens Bank Continuing Education Loan varies from 6.50% to 10.50% of the total loan amount (the requested loan amount plus the origination fee), depending on the credit-worthiness of the borrower and co-borrower and whether of not there is a credit-worthy co-borrower, and will be added to and financed with the requested loan amount at disbursement. Based on TERI’s historical experience, we believe that a majority of approved applicants will qualify for the 6.50% origination fee. Deferred interest is capitalized at the time the loan enters repayment. In this example the borrower would make 240 payments of $52.44.
5 Annual Percentage Rate (APR) computation assumes the student borrows $10,000; all payments are deferred for 48 months; a 20 year repayment term; and no origination fee for the credit-worthy option and 3.00% for the credit-worthy option. The origination fee for the credit-worthy Citizens Bank MedAdvantage Loan varies from 0.00% to 9.50% of the total loan amount depending on the credit-worthiness of the borrower and co-borrower and whether of not there is a credit-worthy co-borrower. If applying as credit-ready on your own signature, an origination fee of 6.00% of the total loan amount will be added to and financed with the requested loan amount at disbursement, and a second origination fee of 3.00% will be assessed on and added to the outstanding loan amount (including capitalized interest) at the time the loan enters repayment. Deferred interest is capitalized at the time the loan enters repayment. In this example the borrower would pay $112.44 for credit-worthy and $131.06 for credit-ready.
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