APR & Repayment Examples - 2008-2009 Academic Year
for the period 7/1/08-9/30/08
The Annual Percentage Rate (APR) is provided to help you compare the total cost of loan products. The APR is different than the actual interest rate as it takes into consideration all finance charges, such as interest and fees.
IMPORTANT: When comparing one loan product’s APR to another’s, an apples-to-apples comparison requires that the loan terms be the same. Differences in APRs may be attributable to differences in assumptions and/or loan terms, such as the length of repayment.
VSAC ADVANTAGE LOAN approved on or after 5/19/08
| Credit Criteria | Fee | Interest Rate | APR | Finance Charge |
Payment Schedule |
|---|---|---|---|---|---|
| With cosigner who meets Exceptional credit criteria |
0% | LIBOR+ 2.25% | 4.80% | $7,012.09 | 179 payments of $94.52 Final payment of $93.01 |
| With cosigner who meets Excellent credit criteria |
0% | LIBOR+ 3.25% | 5.73% | $8,760.46 | 179 payments of $104.24 Final payment of $101.50 |
| With cosigner who meets Better credit criteria |
2% | LIBOR+ 4.00% | 6.61% | $10,351.40 | 179 payments of $111.96 Final payment of $110.56 |
| With cosigner who meets Good credit criteria |
3% | LIBOR+ 4.75% | 7.40% | $11,910.33 | 179 payments of $120.07 Final payment of $117.80 |
| With cosigner who meets Satisfactory credit criteria |
5% | LIBOR+ 5.25% | 8.06% | $13,122.04 | 179 payments of $125.69 Final payment of $123.53 |
| Borrower who meets Good credit criteria |
5% | LIBOR+ 5.50% | 8.29% | $13,640.58 | 179 payments of $128.56 Final payment of $128.34 |
Assumptions:
- Origination fees, when applicable, are deducted from the loan disbursement(s).
- APR (annual percentage rate) and payment amount examples assume a constant LIBOR, $10,000.00 loan amount, a 50-month interim period prior to repayment, a repayment period of 180 monthly payments. The examples shown are estimates only.
- This is a variable rate loan. APR and interest rates may increase or decrease during the loan term. Rates shown are effective 7/08-9/08 and the LIBOR for this period is 2.71%.
VSAC LAW LOAN approved on or after 5/19/08
| Credit Criteria | Fee | Interest Rate | APR | Finance Charge |
Payment Schedule |
|---|---|---|---|---|---|
| Borrower or Cosigner with Excellent credit |
0% | LIBOR+4.00% | 6.5% | $14.027.76 | 179 payments of $161.28 Final payments of $158.64 |
| Borrower only with Good credit |
5% | LIBOR+4.00% | 7.04% | $14,777.76 | 179 payments of $161.28 Final payments of $158.64 |
Assumptions:
- Origination fees, when applicable, are deducted from the loan disbursement(s).
- APR (annual percentage rate) and payment amount examples assume a constant LIBOR, $15,000.00 loan amount, a 41-month interim period prior to repayment, a repayment period of 180 monthly payments. The examples shown are estimates only.
- This is a variable rate loan. APR and interest rates may increase or decrease during the loan term. Rates shown are effective 7/08-9/08 and the LIBOR for this period is 2.71%.
VSAC BAR LOAN approved on or after 5/19/08
| Credit Criteria | Fee | Interest Rate | APR | Finance Charge |
Payment Schedule |
|---|---|---|---|---|---|
| Borrower or Cosigner with Excellent credit |
0% | LIBOR+4.00% | 6.70% | $6,693.19 | 179 payments of $92.74 Final payments of $92.73 |
| Borrower only with Good credit |
5% | LIBOR+4.00% | 7.44% | $7,193.19 | 179 payments of $92.74 Final payments of $92.73 |
Assumptions:
- Origination fees, when applicable, are deducted from the loan disbursement(s).
- APR (annual percentage rate) and payment amount examples assume a constant LIBOR, $10,000.00 loan amount, a single disbursement on the graduation date followed by a nine-month interim period prior to repayment, and a repayment period of 180 monthly payments. The examples shown are estimates only.
- This is a variable rate loan. APR and interest rates may increase or decrease during the loan term. Rates shown are effective 7/08-9/08 and the LIBOR for this period is 2.71%.
VSAC MEDICAL LOAN approved on or after 5/19/08
| Credit Criteria | Fee | Interest Rate | APR | Finance Charge |
Payment Schedule |
|---|---|---|---|---|---|
| Borrower or Cosigner with Excellent credit |
0% | LIBOR+3.00% | 5.22% | $11,146.64 | 179 payments of $117.49 Final payments of $115.93 |
| Borrower only with Good credit |
5% | LIBOR+3.00% | 5.59% | $11,646.64 | 179 payments of $117.49 Final payments of $115.93 |
Assumptions:
- Origination fees, when applicable, are deducted from the loan disbursement(s).
- APR (annual percentage rate) and payment amount examples assume a constant LIBOR, $10,000.00 loan amount, a 90-month interim period prior to repayment, and a repayment period of 180 monthly payments. The example also assumes the borrower has entered an internship/residency program within nine months of graduation and has requested an extended interim period. The examples shown are estimates only.
- This is a variable rate loan. APR and interest rates may increase or decrease during the loan term. Rates shown are effective 7/08-9/08 and the LIBOR for this period is 2.71%.
VSAC RESIDENCY LOAN approved on or after 5/19/08
| Credit Criteria | Fee | Interest Rate | APR | Finance Charge |
Payment Schedule |
|---|---|---|---|---|---|
| Borrower or Cosigner with Excellent credit |
0% | LIBOR+3.00% | 5.43% | $9021.25 | 179 payments of $105.68 Final payments of $104.53 |
| Borrower only with Good credit |
5% | LIBOR+3.00% | 5.88% | $9521.25 | 179 payments of $105.68 Final payments of $104.53 |
Assumptions:
- Origination fees, when applicable, are deducted from the loan disbursement(s).
- APR (annual percentage rate) and payment amount examples assume a constant LIBOR, $10,000.00 loan amount, a 58-month interim period prior to repayment, and a repayment period of 180 monthly payments. The example also assumes the borrower has entered an internship/residency program within nine months of graduation and has requested an extended interim period. The examples shown are estimates only.
- This is a variable rate loan. APR and interest rates may increase or decrease during the loan term. Rates shown are effective 7/08-9/08 and the LIBOR for this period is 2.71%.
