Private Education Loan Application and Solicitation Disclosure
PRIMARY APPLICANT: |
CREDITOR: |
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First Technology Federal Credit Union |
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P.O. Box 2100 |
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Beaverton, OR 97075 |
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Loan Interest Rate & Fees |
Your interest rate will be between | Your Interest Rate (upon approval) | ||||
8.60% | and | 18.00% | The interest rate you pay will be determined after you apply. It will depend on your creditworthiness, the type of loan you choose, and other factors. If approved, we will notify you of the rate you qualify for within the stated range. | ||
After the rate is set, your rate will not vary. | |||||
Loan Fees | Your Interest Rate during the life of the loan | ||||
Late Payment Fee: $15. Returned Payment Fee: $28 | Your rate is fixed. This means that your rate will not change. | ||||
Loan Cost Examples
The total amount you will pay for this loan will vary depending upon which option you choose. These examples provide estimates based upon fifteen (15) different repayment options available to you. Note that the interest rate and loan term vary based on the repayment option.
Repayment Option (after disbursement) |
Amount Provided (amount provided directly to the holder(s) of your existing student loans(s)) |
Interest Rate (highest possible rate) |
Loan Term (how long you have to pay off the loan) |
Total Paid over Loan Term (includes associated fees) |
1. PAY INTEREST ONLY FOR 10 YEARS Make interest payments but defer payments on the principal amount for 120 months. | $10,000 | 18% | 15 years starting when your loan is first disbursed | $33,236.06 |
2. MAKE A 50% BALLOON PAYMENT Make 179 principal and interest payments to repay 50% of your loan amount and one final principal and interest payment to repay the remaining 50% of your loan amount. | $10,000 | 18% | 15 years starting when your loan is first disbursed | $32,929.20 |
3. PAY INTEREST ONLY FOR 9 YEARS Make interest payments but defer payments on principal amount for 108 months. | $10,000 | 18% | 15 years starting when your loan is first disbursed | $32,621.61 |
4. PAY INTEREST ONLY FOR 8 YEARS Make interest payments but defer payments on principal amount for 96 months. | $10,000 | 18% | 15 years starting when your loan is first disbursed | $32,054.98 |
5. PAY INTEREST ONLY FOR 7 YEARS Make interest payments but defer payments on principal amount for 84 months. | $10,000 | 18% | 15 years starting when your loan is first disbursed | $31,534.29 |
6. PAY INTEREST ONLY FOR 6 YEARS Make interest payments but defer payments on the principal amount for 72 months. | $10,000 | 18% | 15 years starting when your loan is first disbursed | $31,057.44 |
7. MAKE FULL PAYMENTS Pay both principal and interest amounts. | $10,000 | 14.70% | 15 years starting when your loan is first disbursed | $24,833.96 |
8. MAKE A 40% BALLOON PAYMENT Make 179 principal and interest payments to repay 60% of your loan amount and one final principal and interest payment to repay the remaining 40% of your loan amount. | $10,000 | 18.00% | 15 years starting when your loan is first disbursed | $32,050.93 |
9. PAY INTEREST ONLY FOR 5 YEARS Make interest payments but defer payments on the principal amount for 60 months. | $10,000 | 18.00% | 15 years starting when your loan is first disbursed | $30,628.51 |
10. PAY INTEREST ONLY FOR 4 YEARS Make interest payments but defer payments on the principal amount for 48 months. | $10,000 | 18.00% | 15 years starting when your loan is first disbursed | $30,235.35 |
11. PAY INTEREST ONLY FOR 3 YEARS Make interest payments but defer payments on the principal amount for 36 months | $10,000 | 18.00% | 15 years starting when your loan is first disbursed | $29,856.20 |
12. PAY INTEREST ONLY FOR 2 YEARS Make interest payments but defer payments on the principal amount for 24 months | $10,000 | 18.00% | 15 years starting when your loan is first disbursed | $30,804.62 |
13. PAY INTEREST ONLY FOR 1 YEAR Make interest payments but defer payments on the principal amount for 12 months. | $10,000 | 18.00% | 15 years starting when your loan is first disbursed | $29,262.59 |
14. PAY FULL PAYMENTS Pay both principal and interest amounts. | $10,000 | 13.20% | 10 years starting when your loan is first disbursed | $18,062.89 |
15. PAY FULL PAYMENTS Pay both principal and interest amounts. | $10,000 | 12.10% | 7 years starting when your loan is first disbursed | $14,876.26 |
16. PAY FULL PAYMENTS Pay both principal and interest amounts. | $10,000 | 10.95% | 5 years starting when your loan is first disbursed | $13,032.05 |
About these examples
These repayment examples are for purposes of comparison only. They are based on the highest rate currently charged and associated fees. The minimum loan amount is $5,000 for repayment option 16, $7,000 for repayment option 15, $10,000 for repayment options 9-14, and $20,000 for repayment options 1-8.
Federal Loan Alternatives
Loan program | Current Interest Rates by Program Type |
DIRECT CONSOLIDATION LOAN for Students and Parents | Weighted average of interest rates on loans being consolidated, rounded up to the nearest one-eighth of 1% - fixed rate |
If you are only refinancing one or more federal loans, you may qualify for a Federal education loan. For additional information, contact your school’s financial aid office or the Department of Education at:
www.federalstudentaid.ed.gov
Next Steps |
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Find Out About Other Loan Options. |
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Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school’s financial aid office or visit the Department of Education’s web site at: www.federalstudentaid.ed.gov for more information about other loans. |
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2. |
To Apply for this Loan, Complete the Application. |
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If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). |
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REFERENCE NOTES
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Fixed Interest Rate
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Bankruptcy Limitations
More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement. |
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Eligibility Criteria
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Cosigners
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Acknowledgment
By signing below, I acknowledge receipt of a copy of this disclosure.
Signature of Primary Applicant: | Date: |
Signature of Cosigner Applicant (if any): | Date: |