The Charter One Private Student Loan option is called the TruFit student loan. This loan is available for undergraduate and graduate students. Offering fixed and variable interest options, this is a very versatile loan. There are also varying borrow limits for specific college programs.
TruFit Private Student Loan:
- Fixed interest rates between 5.75% and 11.75%.
- Variable interest rates between 1 Month LIBOR + 2.70% and 9.45%.
- The minimum borrowing amount is $1,000.
- An undergraduate can borrow up to $120,000 total.
- A graduate can borrow up to $150,000 total
- Business, Law and Medical students have higher borrowing limits.
(At the time of writing this article, the 1 month LIBOR rate is 0.20%)
There are no application, origination or disbursement fees. The choice between a fixed rate and variable rate makes this loan very flexible. The presence of a cosigner or a high credit score can lower the interest rate. There is a low minimum borrowing amount of $1,000. Students enrolled in Business, Law or Medical programs have higher borrowing limits. Business and Law students can receive up to $175,000 total. Medical students can receive up to $225,000 total.
TruFit Private Student Loan benefits:
- Borrowers can enjoy a 0.50% rate decrease if they elect automating payments from any eligible Charter One account.
- The cosigner will be released after 36 consecutive on-time payments.
- Multiple repayment options.
If the borrower has an eligible account with Charter One and they elect for automated payments, their rate will be reduced by 0.50%. If the borrower has an eligible non-Charter One account and elect for automating payments, their rate will be reduced by 0.25%. After 36 consecutive on-time payments, the cosigner will be released.
There are three payment options:
1 Immediate, the borrower pays while in school.
2 Interest-only payments while in school, that helps lower the total loan debt.
3 Deferred, the borrower can start paying the loan 6 months after leaving school, dropping below half-time status or leaving school.
TruFit Private Student Loan eligibility requirements:
- Borrower must be enrolled in a degree granting program at least half-time at an eligible institution.
- Borrower must be a U.S. Citizen or a permanent resident of the USA.
- Borrower must have a strong credit score or a cosigner.
- International students can apply for the TruFit loan if they have a U.S. resident cosigner of legal age.
In order to be eligible for a TruFit Private Student Loan the borrower must be enrolled in a degree granting program for at least half-time hours. The borrower must be a U.S. Citizen or a permanent resident, international students can borrow if they have a cosigner who is a U.S. Citizen or permanent resident. If the borrower has a strong credit score, they may not need a cosigner, if their score is low or unestablished having a cosigner will greatly increase their chance of obtaining a loan.
Items you will need during the application process:
- A government issued ID or driver’s license,
- Proof of enrollment, usually given by the institution.
- Recent paystubs and rent or mortgage payments.
More related articles here: Pay My Student Loans