Annual Percentage Rate:
All of our loans have a variable interest rate. APRs currently range from % APR to % APR3. Where your APR falls in that range depends on several factors:
- Your and, if applicable, your cosigner's credit histories
- The repayment option and loan term you chose
- The amount of money you're requesting, along with other information from your application.
When you sign up to auto-pay your loan.2
Repayment Term Length7
The raise^ private student loan comes with three different repayment term options: 5-, 7- and 10-years, meaning you have 5, 7, or 10 years to repay the full amount of principal and accrued interest.
- Pay your loan off earlier and pay less in accrued interest with a 5-year repayment term.
- Or you can have a lower monthly payment and more time to pay your loan back with a 10-year repayment term.
With our loans, you have two repayment options, so you can choose the one that best suits your situation.1 Remember, choosing a repayment plan is important and could make a big difference in the overall cost of your loan. Interest begins accruing when the first payment is sent to your school.
With immediate repayment, you start making monthly principal and interest payments within 30-60 days following the final disbursement of your funds to your school.
Explore Your Options.
Use our comparison tool to see how different terms and repayment options affect your
payments and overall costs.1
Select different options to see how they may affect a loan.
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First Marblehead Education Resources, Inc. © 2016
raise^ is a trademark of First Marblehead Education Resources, Inc.
The lender on the raise^ private student loan program is First Marblehead Education Resources, Inc. 1 Cabot Road, Suite 200, Medford, MA 02155 NMLS number 957936. The NMLS Consumer Access page is: http://www.nmlsconsumeraccess.org/.
Before applying for a raise^ private student loan, First Marblehead Education Resources, Inc. recommends comparing all aid alternatives including grants, scholarships, and both federal and private student loans.
To qualify, an applicant must be a U.S. citizen or permanent resident, enrolled at least half time in an eligible school, at least 18 years old (or the applicable state age of majority), and meet First Marblehead Education Resources, Inc.’s underwriting requirements. Certain restrictions and limitations may apply. First Marblehead Education Resources, Inc. reserves the right to change or discontinue these programs without notice. All loans are subject to approval. The raise^ private student loan program is available only to students with a permanent residence in Alabama, Arizona, Colorado, Florida, Georgia, Indiana, Maryland, Massachusetts, Michigan, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, South Carolina, or Tennessee and cosigners in any state except Wisconsin.
First Marblehead Education Resources, Inc. may sell your raise^ private student loan to a third party. All borrower benefits set forth in your credit agreement that are not subject to the discretion of First Marblehead Education Resources, Inc. must be honored by any potential purchaser provided you qualify for such benefits.
1 Any applicant who applies for the loan the month of, the month prior to, or the month after their graduation date, as stated on the application or certified by the school, will only be offered the immediate repayment option.
2 0.25% interest rate reduction applies when full payments (including both principal and interest) are automatically drafted from a bank account. Interest rate reduction(s) will remain on the account unless (1) the automatic deduction of payments is stopped (including during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan.
3 The variable interest rate currently ranges from % – % (APR % – %). The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index (published on the 25th day, or the next business day thereafter, of the month immediately preceding such calendar month, and rounded up to the nearest 1/8th of one percent) to your margin. Margins currently range from %-%. The current One-month LIBOR index is % on . LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). The interest rate will be determined after you apply. The variable interest rate and Annual Percentage Rate (APR) depend upon (1) the student’s and cosigner's (if applicable) credit histories, (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. If approved, applicants will be notified of the rate qualified for within the stated range. The variable interest rate will increase or decrease if the One-month LIBOR index changes, but will never exceed 16%. Rates and terms effective for applications received on or after . Interest will begin to accrue as of the first disbursement date.
4 The legal age for entering into contracts is 18 years of age in every state except Alabama (19 years old), Nebraska (19 years old, only for wards of the state), and Mississippi and Puerto Rico (21 years old).
5 Make interest only payments while student is enrolled at least half time in a Title IV eligible school. Principal payments will begin the earlier of six months from the date on which the student graduates or falls below half time at a Title IV eligible school, but no later than 66 months from the first disbursement date. Interest will begin to accrue as of the first disbursement date.
6 The initial credit review is based on all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report (and any cosigner’s credit report). If you pass the initial credit review, documentation will be requested to verify your identity and annual income. A signed Loan Packet, including the Credit Agreement, Approval Disclosure and Applicant Self-Certification Form is required before a final loan decision is made. Your school will be required to certify the loan amount for the upcoming academic year/semester prior to disbursement.
7 Payment examples (all assume a 45-month deferment period and a six month grace period before entering repayment): 5 year term: $10,000 loan disbursed over two transactions with interest only repayment a 5-year repayment term (60 months) and a % APR would result in a monthly principal and interest payment of ; 7 year term: $10,000 loan disbursed over two transactions with interest only repayment a 7-year repayment term (84 months) and a % APR would result in a monthly principal and interest payment of ; 10 year term: $10,000 loan disbursed over two transactions with interest only repayment a 10-year repayment term (120 months) and a % APR would result in a monthly principal and interest payment of .
8 Length of grace period may be shorter than six months for students enrolled in school for longer than 60 months. The immediate repayment option does not have a grace period.
9 Making interest only payments while in school will not reduce the principal balance of the loan. Interest will begin to accrue as of the first disbursement date.