LawEXCEL Custom and B&B EXCEL Custom Loans

Benefits of Borrowing from Nellie Mae

• Fast, convenient online application
• Instant credit decision
• Funds from the LawEXCEL Custom Loan can be used to cover prior-year balances
• Combined monthly statement for Stafford and private loans from Nellie Mae
• Co-borrower release after making 24 on-time monthly payments of principal and interest (the borrower must meet applicable credit requirements at that time)
• LawEXCEL Custom Loan borrowers can reduce the interest rate by 0.25 percentage point by authorizing payments from a checking or savings account

Borrower Eligibility

• Graduate student must be enrolled at least half time at an ABA-approved law school
• B&B EXCEL Custom Loan applicant must be enrolled at least half time in final year of program
• Student and co-borrower must be the age of majority
• Student must have good credit or apply with a creditworthy co-borrower
• Either student or co-borrower must be a US citizen or eligible permanent resident; both must have a valid US Social Security number
• 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
• Final year: additional $10,000 (B&B EXCEL Custom)

Interest Rate Options

• Monthly Variable (LawEXCEL Custom): Prime rate - 0.5%
• Monthly Variable (B&B EXCEL Custom): Prime rate + 1.0%
• Annual Variable (LawEXCEL Custom and B&B EXCEL Custom): Prime Rate + 2.5%

Disbursement Fee

• 0% with a co-borrower (LawEXCEL Custom)
• 2% with a co-borrower (B&B EXCEL Custom)
• 2% without a co-borrower

Repayment Fee

• 2% if student defers principal and interest while in school
• 0% if student makes payments of principal and interest while in school

Annual Percentage Rate*

• 7% to 10.8% (LawEXCEL Custom)
• 9.03% to 11% (B&B EXCEL Custom)

Cumulative Education Debt Limit

• No limit with a co-borrower
• $150,000 without a co-borrower

Repayment Options

• Defer principal and interest while in school at least half time
• Pay only interest while in school 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 LawEXCEL Custom Loan APR example of 7% assumes a constant interest rate of 8.75%**, $10,000 loan balance, 0% disbursement fee, 0.25 percentage point interest rate reduction for auto-debit, and immediate payments of principal and interest for 20 years. The B&B EXCEL Custom APR of 9.03% assumes a constant interest rate of 8.75%**, $10,000 loan balance, 2% disbursement and 0% repayment fee, immediate payments of principal and interest for 20 years. . The LawEXCEL Custom APR of 10.8% assumes a constant interest rate of 10.25%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 18 months, 0.25 percentage point interest rate reduction for auto-debit and 20-year repayment period. The B&B EXCEL Custom APR of 11% assumes a constant interest rate of 10.25%**, $10,000 loan balance, 5% disbursement and 2% repayment fee, deferral of principal and interest payments for 18 months, and 20-year repayment period.

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