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Their Future Education Loan

Their Future Education LoanTM

Parents, grandparents, and any other creditworthy individuals (including spouses, family members and guardians) can help the student in their life pay for college. It's a smart and simple way to give your student the future they deserve. This loan, in your name, lets you enjoy a choice of repayment options, and the interest paid may be tax deductible.1

Fast credit results (in about 15 minutes), flexible repayment options, and the convenience of E-sign 
 
Apply now
Choose from Variable and Fixed Rates:
  • Variable interest rates range from 4.75% APR to 11.12% APR2
  • Fixed interest rates range from 5.74% APR to 12.87% APR2
  • Lower your interest rate by making monthly payments by automatic debit3

Choose how you want to pay back the loan
  • Interest Repayment Option - Make monthly interest payments while your student is enrolled in school for up to 48 months, followed by 10 years of monthly principal and interest payments4
  • Principal and Interest Repayment Option - Make monthly principal and interest payments for 10 years, including while your student is enrolled in school

Savings and Flexibility for You:
  • No origination fee or prepayment penalty
  • Borrow up to 100% of the school-certified cost of attendance5
  • Use for both undergraduate and graduate college expenses
  • Receive your FICO® Credit Score online every quarter 6

The proceeds of the loan will be disbursed directly to the school on behalf of the student. Refunds will be handled within your school’s current process, and in some cases, your school may refund loan funds directly to the student. If that occurs, the borrower and cosigner (if applicable) would still be responsible for repaying the loan to the servicer, Sallie Mae.

Their Future Education Loan compared to Parent Plus Loan
  Their Future Education Loan Parent Plus Loan
Fees None 4.27% Origination Fee
Eligible Borrower(s) Any individual other than the student

Must be a U.S. Citizen or Permanent Resident
Biological, or adoptive parents, and stepparents if married to student’s parent

Must be a U.S. Citizen or Borrower and Student must both be US. Citizen or eligible noncitizen studentaid.gov/noncitizen
Student Status No dependency requirement

Can be enrolled full-time, half-time, or less than half-time

Can be U.S. Citizen, Permanent Resident, or International Student
Must be considered dependent studentaid.gov/dependency, Must be enrolled at least half-time,

Must be a U.S. citizen or eligible noncitizen studentaid.gov/noncitizen

Rate Types Available Fixed & Variable Fixed
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It’s a good idea for you and your student to explore a wide variety of financing resources. Here’s a simple formula to make financing college as easy as 1-2-3.

1. Start with money you won’t have to pay back. Supplement your college savings and income by maximizing scholarships, grants, and work-study.

2. Explore federal student loans. Apply by completing the Free Application for Federal Student Aid (FAFSA).

3. Only after looking into the options above should you consider a responsible private student loan to fill the gap between your available resources and the cost of college.3

For more information on types of federal student aid, grants, and types of student loans, visit the Federal Student Aid site.

Their Future Education Loan Application and Solicitation Disclosure[PDF]


Borrow responsibly:
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Have questions?

Contact us by calling (855) 342-2006 or by email at money101@commercebank.com

Disclosures

This information is for borrowers attending degree-granting institutions only. You must be attending or have attended a participating school located in the U.S. during an eligible prior enrollment period. You must be a U.S. citizen or a permanent resident or a Non-U.S. citizen borrower with a creditworthy cosigner (who must be a U.S. citizen or permanent resident) and required U.S. Citizenship and Immigration Service (USCIS) documentation. U.S. citizens and permanent residents enrolled in eligible study abroad programs or who are attending or have attended schools located outside the U.S. are also eligible. Applications are subject to a requested minimum loan amount of $1,000. 

1 For more information, see IRS Publication 970 or consult a tax advisor. 

2 APRs for the Principal and Interest Repayment Option are higher than APRs for the Interest Repayment Option. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower (on behalf of a freshman student) with no other Sallie Mae loans. 

3 Borrower or cosigner must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month, and may therefore be suspended during a forbearance. 

4 This repayment example is based on a typical loan to a borrower (on behalf of a student) who chooses a variable rate and the Interest Repayment Option for a $10,000 loan, with two disbursements, and a 8.99% variable APR. It works out to 4 payments of $37.50, 44 payments of $75.00, 119 payments of $127.14 and one payment of $94.31, for a Total Loan Cost of $18,673.97. Variable rates may increase over the life of the loan. 

5 Commerce Bank reserves the right to approve a lower loan amount than the school-certified amount. 

6 Borrowers and cosigners may receive their FICO® Score quarterly after the first disbursement of their loan. FICO® Scores are delivered only to borrowers and cosigners who have an available score, are based on data from TransUnion, and may be different from other credit scores. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries. 

Information advertised valid as of 7/25/2017.
COMMERCE BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.

Their Future Education Loans are funded by Commerce Bank.