Partnership Advance Education Loan

The Partnership Advance Education Loan is a supplemental private student loan for students who are Iowa residents or are attending an Iowa school. Review additional details and eligibility and underwriting criteria.

At a Glance

The Partnership Advance Education Loan offers borrowers, who meet the underwriting and credit criteria on their own or with cosigner(s), five options.

Loan	Partnership Advance Education Loan
	Fixed-Rate Options			Variable-Rate Options
	Option 1	Option 2	Option 3	Option 4	Option 5
Origination Fee	0%	0%	4%	0%	4%
Interest Rate	7.75%	7.85%	7.90%	4.25% + 3-month Libor index1,2	4.35% + 3-month Libor index1,2
Payments Required While Enrolled and During Separation Period?	Yes, interest-only payments3	Yes, interest-only payments3	No	Yes, interest-only payments3	No
Separation Period	10 Months4	8 Months4	6 Months	10 Months4	6 Months
Principal and Interest Repayment Term	10 Years5	15 Years5	18 Years5	10 Years5	15 Years5

This example shows the monthly payments for a $10,000 Partnership Advance Education Loan.

Example on a $10,000 Loan	Partnership Advance Education Loan
	Fixed-Rate Options			Variable-Rate Options
	Option 1	Option 2	Option 3	Option 4	Option 5
Annual Percentage Rate	7.75%6	7.85%6	7.86%6	4.78%6	5.09%6
Finance Charge	$7,9536	$10,5126	$15,4776	$4,7906	$7,4546
Interest-Only Monthly Payment	$656	$656	n/a	$406	n/a
Principal and Interest Monthly Payment	$1206	$956	$1166	$1056	$956

¹ The rate is subject to increase after consummation. The three-month Libor index is defined as the daily average of the 3-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was calculated and published on the British Bankers' Association's website on each business day during the 91-day period ending on the 20th day of March, June, September and December. The three-month Libor index for the quarter April 1 – June 30, 2012, is 0.53%.

² The rate will not exceed 21.00%.

³ Borrowers with delinquencies during the interest-only repayment period may have future disbursements and/or loans suspended or canceled.

⁴ The in-school and separation periods cannot exceed 60 months. Interest-only repayment required during this period.

⁵ A loan of $1,000 or less has a maximum repayment term of 37 months.

⁶ Annual percentage rate (APR), finance charges and monthly payments are based on borrowing $10,000. Option 1 is based on deferring principal for 55 months and a fixed rate of interest of 7.75% during the 55-month in-school and separation period and the 120-month principal and interest repayment period. Option 2 is based on deferring principal for 53 months, and a fixed rate of interest of 7.85% during the 53-month in-school and separation period and the 180-month principal and interest repayment period. Option 3 is based on deferring interest and principal for 51 months, and a fixed rate of interest of 7.90% during the 51-month in-school and separation period and the 216-month principal and interest repayment period. Option 4 is based on deferring principal for 55 months while maintaining a constant interest rate on a variable rate loan of 4.78% during the 55-month in-school and separation period and the 120-month principal and interest repayment period. Option 5 is based on deferring interest and principal for 51 months while maintaining a constant interest rate on a variable rate loan of 4.88% during the 51-month in-school and separation period and the 180-month principal and interest repayment period. APR examples are based on quarterly interest rates April 1 – June 30, 2012.