Act^® Education Loans : Graduate Student Loans

Graduate programs are often expensive no matter how well you plan ahead. Graduate school financial aid often falls short, especially federal student aid. Regardless of the reason why you may need extra money for graduate studies, we are pleased to offer you the Act^® Education Loan Program for Graduate Students specially created for graduate students and families with financial need. With a fast and easy application process and competitive interest rates, our goal is to make education possible without administrative hassles.

Extra Benefits of the Act^® Education Loan Program for Graduate Students:

• Funds are sent directly to you - you get your loan proceeds faster!
• Our private student loans are credit-based, and do not require you to go through the FAFSA financial aid qualification process.
• Our private student loan programs are accepted at all TERI-approved* schools, without the hassle of determining which federal financial aid program your school belongs to.

Apply now for the Graduate Student Loan Program!

Act^® Education Loans - Graduate Loan Program Details

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Advantages

• Competitive interest rates (see below)
• Easy application process
• No application fees or other out-of-pocket fees
• Funding in as few as 5 business days from receipt of completed application
• Preliminary approval in as little as 15 minutes if applying by Web or phone
• Borrower benefits

Got past due balances? The Act^® Graduate Loan can be used to finance any portion of the current academic year' s educational expenses as well as to pay for balances from previous academic periods.

You don' t have to be currently enrolled to cover past due balances. After applying, a copy of the past due invoice from the appropriate academic period must be provided. Apply for past due balances separately from a current or upcoming-year loan.

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Repayment Terms

• No pre-payment penalties
• Minimum monthly payment as low as $25 (repayment example below)

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Loan Limits

• Borrow annually up to the lesser of $40,000 or the estimated annual cost of attendance
• $130,000 aggregate maximum borrowing limit
• $1,500 minimum loan amount
• Undergraduate and graduate borrowers may borrow annually up to the lesser of the cost of attendance or $30,000 ($40,000 for certain schools where TERI has determined that the annual cost of attendance exceeds $30,000).  Borrowers in Continuing Education and K-12 loan programs may borrow annually up to $30,000.

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Eligibility

• A graduate or professional student in a degree or certificate program
• Enrolled at least half-time as defined by your school
• Proof of enrollment must be provided
• You must meet the credit requirements below: (a co-signer may be required)
  • You must have an employment history of at least two years (if self-employed, have been in
    business for at least two years),
  • You must have proof of current income (and you must maintain employment with same
    employer or in the same field while you are attending school)
  • You must have a satisfactory credit history of at least 21 months,
  • You must have resided at your current and immediately preceding addresses for a total of at
    least 12 months, and
  • You must be a U.S. citizen or permanent resident and have resided in the U.S. for the previous
    two years.

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Deferment Options

Your principal and interest are automatically deferred for up to 4 1/2 years as long as you are continuously enrolled in school (includes six-month grace period).

Medical school students may request an additional deferment after graduation for up to four years while completing an internship or residency. Deferment cannot exceed program maximum of 8 1/2 years (includes six-month grace period). Full principal and interest payments will then begin after completion of the second deferment period. The interest on deferred loans is capitalized quarterly and at the beginning of repayment.

Rate and Repayment Information

Act Graduate Loan Repayment Example¹

1 This repayment example assumes a variable interest rate for the Student Loan Network Graduate Loan equal to the LIBOR Index plus a margin of 3.50%. The interest rate used in this example and in effect as of 05/01/2008 is 6.20%. The interest rate margin ranges, depending on the credit-worthiness of the borrower and co-signer, if any, from 3.50% to 7.75% (APRs range from 6.66% to 11.73%). The LIBOR Index equals the one-month LIBOR published in the ÒMoney RatesÓ section of the Wall Street Journal on the first business day of the preceding calendar month. LIBOR means the London Interbank Offered Rate. The interest rate and APR will increase during the life of the loan if the LIBOR Index increases. PNC Bank, N.A., Member FDIC and Equal Opportunity Lender is the lender for the Student Loan Network Graduate Loan. The loan terms described are for the 2007-2008 academic year and are subject to change.

2 This repayment example assumes an origination fee of 4.5% of the total loan amount (the requested loan amount plus the origination fee). The origination fee ranges from 4.5% to 10.5%, depending on the credit-worthiness of the borrower and co-signer, if any. The origination fee, if any, will be added to and financed with the requested loan amount at disbursement.

3 Principal at repayment is the principal amount of the loan at disbursement (the requested loan amount plus the origination fee) plus interest that accrues and is capitalized (added to principal) during the deferment term. Deferred interest is capitalized quarterly and at the time your loan enters repayment.

4 Repayment of principal and interest begins six months after (i) graduation or (ii) you cease to be enrolled at least half time. The monthly payment amount shown here will increase if the LIBOR Index increases, and will be computed based on the interest rate applicable at the time repayment begins. Monthly payments of principal and interest will be fixed for the first year and then recalculated once each year based on the interest rate applicable at the time of the calculation and reset on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Minimum monthly payments will be at least $25.

5 Annual Percentage Rate (APR) is a measure of what a loan will cost. It takes into account the rate, fees, length of the loan, and the timing of all payments. The APR will increase if the LIBOR Index increases.

6 Finance charge is the dollar amount the credit will cost and includes interest paid over the life of the loan, plus the origination fee, if any.

Apply now for the Graduate Private Student Loan!

* The Education Resources Institute, Inc. ("TERI"), a non-profit education loan guaranty agency, is the guarantor of the Student Loan Network's Act Alternative Student Loan Program. Also see: Graduate Student Loan Center

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