The table below outlines the margins and upfront fees for the Hanscom Federal Credit Union Private Student Loan. Please see the explanation following the table to understand what the borrower is responsible for paying.
|Loan Grade||Loan Margin||Base Rate* (Prime)||Interest Rate|
NOTE: There is a 6.00% floor on the loan rate. If the Base Rate + Loan Margin is less than 6.00%, the loan rate will be 6.00%.
Loan Interest Rate: Interest Rate = Base Rate + Margin
We will show you the loan APR before you approve the loan request. The APR takes into account all the fees you pay including the upfront fee and should be used when comparing the Hanscom Federal Credit Union Loan to other private student loans.
ACS (Academic Credit Score) Grade is a designation assigned to each loan request to assess borrower creditworthiness using a proprietary credit scoring model. ACS Grades are unique because, unlike many other scores, the ACS takes into account not only the credit bureau data, but also the student’s academic characteristics such as GPA, course of study, and class standing.