APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principle due to the capitalization of interest or presence of a cosigner. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One–Month London Interbank Offered Rate ("LIBOR") as of the last business day of the previous month plus your applicable margin. Lowest rate requires application with a cosigner and 0.50 percentage point interest rate reduction for Autopay benefit. Private Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic payment benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic payment. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic payment once all disbursements on the loan have been made and the loan is considered to be fully disbursed. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. APR’s provided include a 0.50 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account (Autopay).