The current variable interest rate ranges from 4.39% to 10.89%, in effect as of 1/1/2020. The applicable interest rate for each calendar quarter shall be based on the three (3) month LIBOR (London Interbank Offered Rate) as published in The Wall Street Journal on the 16th day of each December, March, June, and September and references the 3-Month LIBOR rate in effect on the 15th day of that month rounded to the nearest basis point (0.01%). The variable interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the student’s and cosigner’s (if applicable) credit histories (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. The variable rate may increase or decrease if the LIBOR index changes or as required by law or if you request and qualify for the ACH reduction benefit(s) or Graduation reward. Repayment terms and options available may vary depending upon the amount borrowed. If approved, applicants will be notified of the rate qualified for within the stated range. The LIBOR index for the current calendar quarter is 1.90%. APRs range from 4.14% (with Auto Pay Discount6) to 9.761%. The APR reflects the estimated total cost of the loan, including upfront fees, accruing interest and the effect of capitalized interest. The low APR example assumes a $10,000 loan made in two disbursements with immediate repayment, a monthly principal and interest payment of $101.91 (there is a minimum monthly payment of $50), a 10-year repayment term (120 months), no origination fee, a 0.25% interest rate reduction for payments via auto pay6 and a 4.14% interest rate. The high APR example assumes a $10,000 loan made in two disbursements with full deferment while in school (up to 66 months), a monthly principal and interest payment of $179.12 (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), no origination fee, and a 10.89% interest rate.