Payment examples (all assume a 45-month deferment period, a six month grace period before entering repayment and a 0.25% interest rate discount for making ACH payments upon entering repayment (see footnote 3)): 5 year term: $10,000 loan disbursed over two transactions with interest only repayment, a 5-year repayment term (60 months), and a 7.267% APR would result in a monthly principal and interest payment of $198.48; 7 year term: $10,000 loan disbursed over two transactions with interest only repayment, a 7-year repayment term (84 months), and a 7.726% APR would result in a monthly principal and interest payment of $153.14; 10 year term: $10,000 loan disbursed over two transactions with interest only repayment, a 10-year repayment term (120 months), and a 7.882% APR would result in a monthly principal and interest payment of $120.01.
The lender on the raise^ private student loan program is Cognition Lending 200 Clarendon Street, 3rd Floor, Boston, MA 02116. NMLS number 957936. The NMLS Consumer Access page is: http://www.nmlsconsumeraccess.org. Loans made in California are made pursuant to California Finance Lenders Law license 60DBO 57.
