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Your Future Education Loan

Your Future Education Loan®

When your savings, federal student loans, scholarships and grants just aren't enough, Your Future Education Loan offers a flexible way to bridge the college-funding gap.

Fast credit results (in about 15 minutes), flexible repayment options, and the convenience of E-sign.
 
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Choose from Variable and Fixed Rates:
  • Variable interest rates available for undergraduate students from 3.25% APR to 10.22% APR1
  • Fixed interest rates available for undergraduate students from 5.74% APR to 11.85% APR1
  • Lower rates available for graduate students, including variable interest rates from 3.25% APR to 8.21% APR1, and fixed interest rates from 5.74% APR to 8.56% APR1

Pay Back Now or Later—The Choice is Yours:
  • Deferred Repayment Option - Make no payments during school—or pay as much as you'd like—for maximum flexibility1
  • Fixed Repayment Option - Pay just $25 a month2 while in school and receive a rate that is 0.5 percentage point lower than the deferred repayment option1
  • Interest Repayment Option - Make monthly interest payments while in school and receive a rate that is 1 percentage point lower than the deferred repayment option1

Savings and Flexibility for You:
  • No origination fee. Borrow from $1,000 up to 100% of the school-certified cost of attendance3
  • Get a 0.25 percentage point interest rate reduction when you enroll in and make monthly payments by auto debit 4
  • You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements 5

Plus Extras to help you through College:
  • Jump-start your student’s studies with Study StarterSM and choose up to 120 free minutes of live online help from Chegg Tutors™ or free access to Chegg Study® with guided Textbook Solutions6
  • Track your credit health with quarterly FICO® Credit Scores available online for free to you and your cosigner7

Cosigners Can Help:

Cosigning a loan with a parent or any other creditworthy person may help your chance for approval, so you can focus on what’s really important while you’re in school—successfully completing your education.

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It’s important to find the right funds at the right time. That’s why we recommend 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. Consider a responsible private student loan. 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.

Have questions?

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


Loan Application & Solicitation Disclosures
Your Future Education Loan for Undergraduate Students Loan Application and Solicitation Disclosure[PDF]
Your Future Education Loan for Graduate Students 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. 

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. Current credit and other eligibility criteria apply.

1 Interest rates for Fixed and Deferred Repayment Options are higher than interest rates for the Interest Repayment Option. You’re charged interest starting at disbursement, while in school and during your six-month separation or grace period. When you enter principal and interest repayment, Unpaid Interest will be added to your loan’s Current Principal. Variable rates may increase over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman or first-year graduate, as applicable, with no other Sallie Mae loans. Graduate student pricing for this loan is limited to students enrolling in a Masters/Doctorate level degree program. Graduate Certificate/Continuing Education course work is not eligible.

2 This repayment example is based on a typical loan to a borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 8.11% variable APR. It works out to 51 payments of $25.00, 119 payments of $151.63 and one payment of $117.89, for a Total Loan Cost of $19,436.86. Variable rates may increase over the life of the loan. This repayment example is based on a typical loan to a first-year graduate borrower who chooses a variable rate and the Fixed Repayment Option for a $10,000 loan, with two disbursements, and a 7.12% variable APR. It works out to 27 payments of $25.00, 59 payments of $216.41 and one payment of $200.56, for a Total Loan Cost of $13,643.75. Variable rates may increase over the life of the loan.

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

4 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 or deferment period.

5 Only the borrower may apply for cosigner release. Borrowers who meet the age of majority in their state may apply for cosigner release by providing proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if your status has changed since you applied). In the last 12 months, the borrower must be current on all Sallie Mae serviced loans (including no hardship forbearances or modified repayment programs) and have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. When the cosigner release application is processed, the borrower must demonstrate the ability to assume full responsibility of the loan(s) individually, and pass a credit review that demonstrates a satisfactory credit history including but not limited to no: open bankruptcy, open foreclosure, student loan(s) in default or 90 day delinquencies in the last 24 months. Requirements are subject to change.

6 This promotional benefit is provided at no cost to borrowers with loans that first disburse between May 8, 2017 and April 30, 2018. Borrowers who reside in or attend school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/salliemae/termsandconditions for complete details. This offer expires one year after issuance.

7 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.

Your Future Education Loans are funded by Commerce Bank.

Your Future Education Loan is a service mark or registered service mark of Sallie Mae Bank or its subsidiaries. Other logos are trademarks or service marks of their respective owners.

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