NEA Student Loan Refinance Program

NEA Student Loan Refinance Program

Terms & Conditions

1. The NEA Private Student Loan Refinance Program is supplied by College Avenue Student Loans, LLC. College Ave Student Loans merchandise are made accessible by both Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are topic to particular person approval and adherence to underwriting pointers. Program restrictions, different phrases, and circumstances apply.

2. Amount equal to 0.5% of the preliminary loan stability to be credited on the debtors assertion inside 60 days of closing of the loan. For instance, if the consolidated loan equaled $20,000, the member profit equals $100, with a most of $599.99.

3. $5,000 is the minimal requirement to refinance. The most loan quantity is $300,000 for these with medical, dental, pharmacy or veterinary doctorate levels, and $150,000 for all different undergraduate or graduate levels. The minimal compensation interval is 5 years, whereas the utmost compensation interval is 15 years. Borrowers ought to seek advice from their credit settlement for particular phrases and circumstances. This informational compensation instance makes use of typical loan phrases for a refi borrower with a Full Principal & Interest Repayment and a 10-year compensation time period, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 month-to-month funds of $434.11 whereas within the compensation interval, for a complete quantity of funds of $52,092.61. Loans won’t ever have a full principal and curiosity month-to-month fee of lower than $50. Your precise charges and compensation phrases could range.

4. The 0.25% auto-pay rate of interest discount applies so long as the borrower or cosigner, if relevant, enrolls in auto-pay and authorizes our loan servicer to routinely deduct your month-to-month funds from a legitimate bank account through Automated Clearing House (“ACH”). The fee discount applies for so long as the month-to-month fee quantity is efficiently deducted from the designated bank account and is suspended during times of forbearance and sure deferments. Variable charges could improve after consummation.

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