As you may know, loans have a set of “terms” that define the loan. Here’s the info on the Sixup loan:
- Interest Rates: 4.49%-9.49%. We have variable and fixed rates.
- Origination Fee: 1% (there is a fee of 1% of your total loan to cover costs. That means, if you accept a $5,000 loan, there is a $50 fee)
- Other Fees. Late charges of 4% of the past due amount, not to exceed $30 (none in OR); returned payment fee of $25 (none in NC and WV); collection and default charges in the event of a default, as permitted under applicable law.
- Repayment timeline: After paying $20.00 per month during school and six months after graduation, a 10-year repayment plan.
- Loan Amounts: Minimum loan of $2,500, maximum of $15,000 per academic year.