EXCEL Custom Loan

Benefits of Borrowing from Nellie Mae

• Fast, convenient online application
• Instant credit decision
• Funds can be used to cover prior-year balances
• Combined monthly statement for federal and private loans from Nellie Mae

Borrower Eligibility

• Any creditworthy individual, including the student, with a minimum annual income of $20,000 may borrow on the student's behalf
• Monthly debt obligations should not exceed 50% of monthly income
• Borrower and co-borrower must be the age of majority
• Student must be enrolled at least half time
• Student, borrower, and co-borrower must have a valid US Social Security number
• Either the borrower or co-borrower must be a US citizen or eligible permanent resident
• Student should apply for a Federal Stafford Loan first

Loan Rates and Terms

Annual Loan Amount

• $500 up to cost of attendance minus other aid

Interest Rate Options

• Monthly Variable: Prime rate - 0.5%
• Annual Variable: Prime rate + 2.5%

Disbursement Fee

• 3%

Annual Percentage Rate*

• 7.64% to 10.63%

Cumulative Education Debt Limit

• None

Repayment Options

• Pay only interest while student is enrolled at least half time
• Pay principal and interest immediately
• Take up to 30 years to repay based on loan balance

*The annual percentage rate (APR) varies based on the interest rate, fees, and number of years in repayment. If the Prime Rate changes, the interest rate and APR will change. The APR example of 7.64% assumes a constant interest rate of 7.25%**, $10,000 loan balance, 3% disbursement fee, and immediate payments of principal and interest for 20 years. The 10.63% APR assumes a constant interest rate of 10.25%**, $10,000 loan balance, 3% disbursement fee, interest-only payments for a 48-month in-school period, and 20-year repayment period.

** Prime Rate as of April 2006 is 7.75%.