Payment examples (all assume a 14-month deferment period, a six-month grace period before entering repayment, no auto pay discount, and the Interest Only Repayment option): 7-year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months), and a 8.91% APR would result in a monthly principal and interest payment of $160.43. Making interest only or flat interest payments during deferment will not reduce the principal balance of the loan. Certain repayment terms and/or options may not be available depending on the applicant's enrollment status and/or debt-to-income ratio. The 15 year term and Flat Payment Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Eligible Non-Citizens (DACA residents) must apply with an eligible cosigner who is a U.S. citizens, permanent resident aliens, or Eligible Non-Citizens (DACA residents) it is not available to international students. The Custom Choice Loan is available to applicants who are U.S. This approval percentage is based on undergraduate borrowers with a Custom Choice Loan from 2020 who were approved again in 2021. You must submit a new application for a Custom Choice Loan each year. A Returning Borrower is a student applicant or a student applicant and cosigner combination with either (a) a prior application that is awaiting school certification, or (b) a prior loan that has a disbursement scheduled or completed, and the hard credit pull date on such a prior application or loan is within eighteen (18) month of the initial save date of the new application.ģ. Loan approval, options, and final rate depend on the verification of information provided on your application, and information obtained from the credit inquiry(ies) (and any cosigner’s credit inquiry(ies)).Ģ. Once you choose your loan options and submit your application, Citizens may perform a hard credit inquiry, as authorized by you. If you prequalify, the rates and loan options offered to you are estimates only. Soft credit inquiries do not affect your credit score. In order to estimate the rates and loan options you prequalify for, Citizens will perform a soft credit inquiry, as authorized by you. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.ġ. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Program restrictions and other terms and conditions apply. All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. The Custom Choice Loan® is made by Citizens (“Lender”). Before applying for a private student loan, Citizens and Monogram recommend comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans.
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