Citizens Bank Student Loan Interest Rates
Effective April 1, 2004
|
Loan Type
|
Interest Rate1
|
APR
|
|
Undergraduate
|
LIBOR Index + 4.65%2
|
8.26%3
|
|
Graduate
|
LIBOR Index + 4.65%2
|
8.40%4
|
|
Continuing Education
|
LIBOR Index + 4.95%5
|
8.75%6
|
1 The LIBOR Index is based on the one-month LIBOR rates as published in the "Money Rates" section of the Wall Street Journal. The Index for each calendar quarter will equal the average of the one-month LIBOR rates published on the first business day of each of the three (3) immediately preceding calendar months. LIBOR means the London Interbank Offered Rate.
2 The interest rate margins for the Undergraduate and Graduate Loan vary, depending on the credit-worthiness of the borrower or co-signer, if any, from 4.65% to 7.25%. Based on TERI's historical experience, we believe that a majority of approved applicants will qualify for the 4.65% margin.
3 Annual Percentage Rate (APR) computation assumes student borrows $10,000; all payments are deferred for 48 months; a 20 year repayment term; and an origination fee of 6.50%. The LIBOR Index in effect as of 7/1/04 is 3.03%. If the LIBOR Index increases, the APR will increase. The loan terms described on this website are for the 2005-2006 academic year and are subject to change.
4 Annual Percentage Rate (APR) computation assumes student borrows $10,000; all payments are deferred for 24 months; a 20 year repayment term; and an origination fee of 6.5%. The LIBOR Index in effect as of 7/1/05 is 3.03%. If the LIBOR Index increases, the APR will increase. The loan terms described on this website are for the 2005-2006 academic year and are subject to change.
5 The interest rate margins for the Continuing Education Loan vary, depending on the credit-worthiness of borrower or co-signer, if any, from 4.95% to 7.25%. Based on TERI's historical experience, we believe that a majority of approved applicants will qualify for the 4.95% margin.
6 Annual Percentage Rate (APR) computation assumes student borrows $5,000; all payments are deferred for 18 months; a 20 year repayment term; and an origination fee of 6.5%. The LIBOR Index in effect as of 7/1/05 is 3.03%. If the LIBOR Index increases, the APR will increase. The loan terms described on this website are for the 2005-2006 academic year and are subject to change.
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