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US STUDENTS | CANADIAN STUDENTS | INTERNATIONAL STUDENTS |
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ISLP Loan Terms & Conditions International Grad Students
1. Please note that interest rates and initial fees will vary based upon applicants credit, be sure to review your note for the actual rate you qualified for. Bank of America have increased their Graduate ISLP Loan amount with a credit worthy co-borrowr to a maximum of $65,000 or up to COA less other aid (if lower) as detemined by your approved institution.  *All fees added and financed to principal loan amount ELIGIBILITY ISLP is a credit-based loan that requires a creditworthy applicant who is a US citizen or permanent resident. Foreign students MUST have a US citizen or permanent resident as a co-signer regardless of loan amounts or other circumstances. Co-signers must have an established satisfactory credit history, be employed with sufficient income to meet current liabilities, including the ISLP, and a stable residency and employment history.LOAN AMOUNT Minimum: US $1,000 Maximum: US $45,000 or Cost of Education as determined by the school, whichever amount is lower. RATES Please see the above chart for ISLP Graduate Loan interest rates. Interest rates are variable (subject to monthly or quarterly adjustment), and based on either LIBOR* or the US Prime Rate as published in the Wall Street Journal.For current PRIME and LIBOR rates please CLICK HERE *LIBOR = London Interbank Offered Rate, a base index used in setting rates for U.S. capital markets. Rate used is the quarterly average of one-month LIBOR rates. FEES These fees allow you to borrow without pledging assets or collateral. Fees will be added to the principal of the loan at disbursement.REPAYMENT/DEFERMENT You can defer payment of principal and interest for up to four consecutive years while enrolled in school. Your first principal and interest payments become due 6 months after you graduate. Any unpaid interest accrued during this period will be capitalized before you commence repayment. An additional deferment period of up to 48 months is available to medical students during an approved internship or residency.Repayment terms vary between 10 and 25 years, depending on the cumulative amount borrowed; minimum monthly payment allowed is $50.00. There are no penalties for early repayment.
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