EdvestinU Refinance Disclosures

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EdvestinU Refinance Loan

 

Granite Edvance and EdvestinU student loan products may be funded by Bank of Lake Mills, member FDIC, or Granite Edvance Corporation (NMLS ID# 1527348 www.nmlsconsumeraccess.org). Granite Edvance and EdvestinU are brand names of products offered by Granite Edvance Corporation.

 

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 principal due to the capitalization of interest or presence of a cosigner.

 

Variable APR rates may increase or decrease depending on fluctuations in the 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. Once the repayment period commences, the borrower may enroll in automatic debit. The interest rate reduction for authorizing our servicer to automatically debit 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 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Granite Edvance In-School Loan Products

 

Granite Edvance and EdvestinU student loan products are offered and originated by Granite Edvance Corporation. NMLS ID#1527348

 

The Granite Edvance Student Loan requires the borrower to be a resident of NH or a resident of an eligible state attending college in New Hampshire.

 

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 30-day Average SOFR index. Monthly interest rate accrual is based on the published 30-day Average SOFR Index as of the second to last business day of the previous month plus your applicable margin. If the 30-day Average SOFR Index is negative, it will be deemed to be equal to zero.

 

Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for automatic debit. 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 debit benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic debit. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit once the initial disbursement on the loan has been made. The interest rate reduction for authorizing our servicer to automatically debit 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 0.25 percent interest rate reduction for authorizing our loan servicer to automatically debit your payments each month from your bank account.

 

Loans are funded by Granite Edvance Corporation NMLS ID# 1527348 www.nmlsconsumeraccess.org. Granite Edvance and EdvestinU® are brand names of Granite Edvance Corporation.