‘Tis the season for New Year’s resolutions — and we’re doing our best to accomplish ours right away.
We’re getting into the spirit of the New Year by making improvements to our T.H.E. loan programs. As we told you last month, our Grad PLUS terms just got better, and now we’re pleased to announce better pricing for private loans — and more access to them — for undergrads.
For starters, when the cosigners for undergraduate students have excellent credit, the student will be rewarded with better pricing: as low as LIBOR plus 3%, with a 1% repayment bonus, for a net effective repayment interest rate of LIBOR plus 2% (please visit www.theloanprogram.org for terms and conditions).
For some schools and programs the undergraduate student’s score can qualify for this rate. Based on our past credit experiences and industry-published data, we expect that one out of every five borrowers will benefit from this generous credit policy.
To increase access to private loans for both undergraduate and graduate students, we will add a pricing tier to accommodate cosigners with marginal credit scores. Our premier graduate programs will not be affected by this change.