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Educational Loan Pricing
| Unsecured Loans |
| |
Experion Range Credit Score |
Origination Fee |
APR |
A+ |
720-850 |
3.00% |
Prime+4% |
A |
680-719 |
4% |
Prime+5% |
B |
640-679 |
5% |
Prime+6% |
C |
600-639 |
6% |
Prime+7% |
D |
550-599 |
7% |
Prime+10% |
E |
<550 |
10% |
Prime+12% |
As of 5/19/2008 Prime Interest Rate was 5%
| Home Equity Secured Option (up to 90% Loan to Value ratio) |
| |
Experion Range Credit Score |
Origination Fee |
APR |
A+ |
720-850 |
1.50% |
Prime-.25% |
A |
680-719 |
2% |
Prime |
B |
640-679 |
3% |
Prime+1% |
C |
600-639 |
4% |
Prime+3% |
D |
550-599 |
6% |
Prime+5% |
E |
<550 |
10% |
Prime+7% |
Terms and Conditions
- Payment, deferred, interest accrues for up to 60 months, or un-enrolled from school
- APR tied to Prime Rate, adjusted quarterly
- Debt to Income ration less that 50% of a general guideline.
- Opening a mandatory checking account at RUSA FCU provides .25% rate discount provided monthly payments are transferred from this account.
- Graduate with a GPA of 3.0-3.49, offer .25% discount off of rate when loan goes to repayment.
- Graduate with a GPA of 3.5-4.00, offer .5% discount off of rate when loan goes to repayment.
- Origination fees to be taken out of loan proceeds.
- All distributions made payable to Rutgers University
- Cosigners strongly recommended for under graduate borrowers.
- Borrowers need to provide evidence of current enrollment each semester, and apply for increase in LOC.
- Annual Maximum draws $20K, subject to verification from Financial Aid
- Home equity, secured loans may be tax deductible, consult your tax advisor
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