Private Education Refinance Loan Application and Solicitation Disclosure
Page 1 of 3
Loan Interest Rate & Fees - Fixed
 Nelnet Bank
210 York StreetSuite 200
York, PA 17403
(877) 826-5566
Your interest rate will be between

5.240%
and
7.390%

After the rate is set, your rate will remain fixed for the life of the loan.

Your Interest Rate (upon approval)
The interest rate you pay will be determined after you apply. It will be based upon the loan repayment term you select and the borrower and/or cosigner credit history. If approved, we will notify you of the rate you qualify for within the stated range.

Your Interest Rate during the life of the loan
Your rate is fixed. This means that your rate will not change over the life of the loan.

The maximum interest rate for this loan will be the fixed rate disclosed to you if you qualify.

Loan Fees

Application Fee: $0.00
Origination Fee: $0.00
Late Payment Charge: 5.000% of the payment that was not paid in full when due of $25, whichever is less, if the borrower fails to make any part of the payment within 15 days of when it is due.  
Returned Item Fee: $20.00. This fee will be charged in lieu of a late payment fee when both would be assessed during the same billing cycle.

Loan Cost Examples
The total amount you will pay for this loan will vary depending on the interest rate, the selected loan term, and the actual amount required to pay off the loans you selected for refinance. This example provides estimates based upon four (4) different repayment terms which may be available to you, depending on total loan amount.

Repayment Option
 Amount Provided
(amount provided directly to other lenders/servicers)		 Interest Rate
(highest possible starting rate)		 Loan Term
(how long you have to pay off the loan)		 Total Paid
(includes associated fees)
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 6.990% 5 years
(60 months) starting after your first payment		 $11,980.20
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 6.990% 7 years
(84 months) starting after your first payment		 $12,783.12
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 7.190% 10 years
(120 months) starting after your first payment		 $14,175.60
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 7.390% 15 years
(180 months) starting after your first payment		 $16,725.60

About this example
The repayment examples are based on a $10,000 loan, with the highest starting interest rate currently charged and associated fees. Loan enters repayment immediately following disbursement.

SEE NEXT PAGE

Page 2 of 3

Federal Loan Alternatives
Loan Program Current Interest Rates by Program Type
Federal Direct Fixed interest rate, which is the weighted average rate of the interest rates on Federal loans being consolidated, rounded up to the nearest 1/8th of 1%.
Next Steps
  1. Find Out About Other Loan Options.
    Federal education loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with non-federal refinancing loans such as this one. For more information about Federal Loan Consolidation options, visit the Department of Education's website at https://studentaid.gov/manage-loans/consolidation .

  2. To Apply for this Loan, Complete the Application.
    If you are approved for this loan, the terms will be available for 30 days (terms will not change during this period, except as permitted by law).
REFERENCE NOTES
Fixed Interest Rate
  • This loan has a fixed interest rate.
  • Rates are typically higher without a cosigner.
General Program Details
  • Proceeds from this loan will be made payable directly to the other lenders and/or loan servicers.
  • The minimum loan amount is $5,000.
  • Maximum loan amounts are as follows:
    • $125,000 if you have a bachelor's degree;
    • $175,000 if you have a graduate degree, MBA, or graduate law degree;
    • $500,000 if you have a graduate health professions degree
Prepayments
  • There is no penalty for early repayment of the loan.
Bankruptcy Limitations
  • If you file for bankruptcy you may still be required to pay back this loan.
 Eligibility Criteria
Borrower
  • Must be a U.S. citizen or permanent resident or, if not, must have a Cosigner who is a U.S. citizen or permanent resident.
  • At the time of application, borrower must be of sufficient age to enter into a binding contract according to the applicable laws of borrower's state of residence. Otherwise, borrower may be able to apply with a creditworthy cosigner who is at least of sufficient age to enter a binding contract per the applicable laws of the cosigner's state of residence at the time of application.

Cosigner
  • Must be a U.S. citizen or permanent resident with a valid Social Security number, and be residing in the U.S.
Potential Borower Benefits
  • Automated Clearing House Discount:
    • 0.25% interest rate reduction is available to qualified borrowers who are making payments via ACH. Details regarding this benefit are set forth in the Credit Agreement.
More information about loan eligibility and repayment modifications options is available in your loan application and Credit Agreement.
Nelnet Bank Graduate Refinance Loan 
Private Education Refinance Loan Application and Solicitation Disclosure
Loan Interest Rate & Fees - Variable
 Nelnet Bank
210 York Street
Suite 200
York, PA 17403
(877) 826-5566
Your starting interest rate will be between

6.240%
and
8.840%

After the starting rate is set, your rate will then vary with the market.

Your Starting Interest Rate (upon approval)
The starting interest rate you will pay will be determined after you apply. It will be based upon the loan repayment term you select and borrower and/or cosigner credit history. If approved, we will notify you of the rate you qualify for within the stated range.

Your Interest Rate during the life of the loan
Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the SOFR (as published by the Federal Reserve Bank of New York and/or the Wall Street Journal).

Although the rate will vary after you are approved, it will never exceed 25.000% (the maximum allowable for this loan).

Loan Fees

Application Fee: $0.00
Origination Fee: 0.000% 
Late Payment Charges: 5.000% of payment that was not paid in full when due of $25, whichever is less, if the borrower fails to make any part of the payment within 15 days of when it is due.
Returned Payment Charge:  Non-sufficient fee is $20 and will be charged in lieu of a late payment fee when both would be assessed during the same billing cycle.
Loan Cost Example
The total amount you will pay for this loan will vary depending on the interest rate, the selected term, and the actual amount required to pay off the loans you selected for refinance. This example provides estimates based upon four (4) different repayment terms which may be available to you, depending on the total loan amount. 
Repayment Option
 Amount Provided
(amount provided directly to other lenders/servicers)		 Interest Rate
(highest possible starting rate)		 Loan Term
(how long you have to pay off the loan)		 Total Paid
(includes associated fees)
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 8.190% 5 years
(60 months) starting after your first payment		 $12,343.80
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 8.320% 7 years
(84 months) starting after your first payment		 $13,362.72
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 8.480% 10 years
(120 months) starting after your first payment		 $15,020.40
MAKE FULL PAYMENTS
Pay both the principal and interest		 $10,000.00 8.840% 15 years
(180 months) starting after your first payment		 $18,282.60
About this example
All examples are based on a $10,000 loan, with the highest starting interest rate currently charged and associated fees. Loans enter repayment immediately following disbursement.
SEE BACK OF PAGE

Page 2 of 2

Federal Loan Alternatives
Loan Program Current Interest Rates by Program Type
Federal Direct Fixed interest rate, which is the weighted average rate of the interest rates on Federal loans being consolidated, rounded up to the nearest 1/8th of 1%.
Next Steps
  1. Find Out About Other Loan Options.
    Federal education loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with non-federal refinancing loans such as this one. For more information about Federal Loan Consolidation options, visit the Department of Education's website at https://studentaid.gov/manage-loans/consolidation .

  2. To Apply for this Loan, Complete the Application.
    If you are approved for this loan, the terms will be available for 30 days (terms will not change during this period, except as permitted by law).
REFERENCE NOTES
Variable Interest Rate
  • This loan has a variable interest rate, that is based on a publicly available index, the Secured Overnight Financing Rate (SOFR). Your rate will be calculated each month by adding a margin between 0.990% and 3.590% to the SOFR.
  • The rate will not increase more than once per month, but there is no limit on the amount that the rate could increase at one time.
  • Rates are typically higher without a cosigner.
General Program Details
  • Proceeds from this loan will be made payable directly to the other lenders and/or loan servicers.
  • The minimum loan amount is $5,000.
  • Maximum loan amounts are as follows:
    • $125,000 if you have a bachelor's degree;
    • $175,000 if you have a graduate degree, MBA, or graduate law degree;
    • $500,000 if you have a graduate health professions degree
Prepayments
  • There is no penalty for early repayment of the loan.
Bankruptcy Limitations
  • If you file for bankruptcy you may still be required to pay back this loan.
 Eligibility Criteria
Borrower
  • Must be a U.S. citizen or permanent resident or, if not, must have a Cosigner who is a U.S. citizen or permanent resident.
  • At the time of application, borrower must be of sufficient age to enter into a binding contract according to the applicable laws of borrower's state of residence. Otherwise, borrower may be able to apply with a creditworthy cosigner who is at least of sufficient age to enter a binding contract per the applicable laws of the cosigner's state of residence at the time of application.

Cosigner
  • Must be a U.S. citizen or permanent resident with a valid Social Security number, and be residing in the U.S.
Potential Borower Benefits
  • Automated Clearing House Discount:
    • 0.25% interest rate reduction is available to qualified borrowers who are making payments via ACH. Details regarding this benefit are set forth in the Credit Agreement.
More information about loan eligibility and repayment modifications options is available in your loan application and Credit Agreement.

Notice for students attending an institute of higher education in Virginia

Private education loans are one tool that students use to finance their education. Your lender and your institution's Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; studentloan@schev.edu; 804-786-2832. In addition, resources for prospective and current private education loan borrowers are available online at schev.edu/privateloan.