As you may know, loans have a set of “terms” that define the loan. Here’s the info on the Sixup loan:
- Interest Rates: 6.010% - 9.933% (5.676% - 9.226% APR). We have variable (changes over time) and fixed rates.
- Other Fees. Late charges of 4% of the past due amount, not to exceed $30 (none in OR or exceed $10 in WI and $15 in CO); returned payment fee of $25 (none in DC, NC and WV; not to exceed $15 in WI and$20 in CT); collection and default charges in the event of a default, as permitted under applicable law.
- Loan Amounts: Minimum loan of $2,500, maximum of $15,000 per academic year (must exceed $3,000 for Georgia residents and must be at least $5,000 for residents of California).
- Two Payment Options: You have two repayment options and may switch between them during the time your are in school full-time and six months after (up to 60 months) the academic deferment period.
- Small in-School Payments: During school until six months after graduation or being enrolled less than half-time (up to 60 months), pay $20.00 with higher payments thereafter. *Taking this option and making payments on time may help you establish a positive credit file.
- Full Deferment: Full deferment for six months after graduation or being enrolled less than half-time (up to 60 mos.).
* For a $10,000 loan, assuming you make 54 payments of $20 a month for an academic deferment period of 48 months of school plus 6 months, you will then make 120 monthly payments of $176.42, paying a total of $22,250.40, assuming the highest possible rate of 9.933% (9.226%APR).
Rates and fees are subject to change.