| Servicer |
U.S. Bank |
| Phone |
(800) 242-1200 |
| Website |
www.usbank.com/nofeeapp |
| Borrower |
Student with creditworthy cosigner. A cosigner is not required if the student has a minimum of 25 months of credit history on at least 1 non-student loan tradeline. |
| Loan Minimum |
$1,000 |
| Loan Maximum |
Cost of attendance minus financial aid |
| Aggregate Limit |
$120,000 from all student loan programs |
| Loan Fees |
None |
| Current Interest Rate |
5.00% to 8.95% |
| Interest Determination |
Variable, Prime + 0%, Prime + 1.95%, or Prime + 3.95% based on credit history |
| Interest Capitalization |
Once at repayment, and at the end of each forbearance or deferment |
| Repayment Terms |
Up to 15 years on a Standard Repayment Plan. May be longer if utlizing the Graduated or Income Sensitive Plans. |
| Borrower Benefits |
- 0.5% interest rate reduction for auto-pay
- No payments required while the student is in school. (Luther recommends making a minimum of interest-only payments while the student is enrolled)
- Cosigner release option after 36 on-time monthly payments and a satisfactory FICO score and debt-to-income ratio
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