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K-12 Education Loan
Your child’s education is the most
important investment you’ll ever make.
You want your child to get the best possible K-12
education. One that helps him reach his personal
and academic potential. One that positions her to
achieve success in college and beyond. But private
school costs can make some education options
seem out of reach.
The prepGATE® Loan Program makes it easier
to send your child to the private K-12 school of
your choice.
We know that every borrower has unique needs.
That’s why we offer competitive interest rates and
Our online application, which takes about 15 minutes
to complete, makes it simple to compare repayment
terms and choose the loan that’s right for you.
Want to learn more? Contact us at 866.362.4283,
or visit www.prepgate.com
Why choose the
prepGATE loan
program for your
child’s K-12 education?
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Competitive rates ranging from LIBOR + 4.99%
to LIBOR + 10.99% (APRs range from 5.231%
to 11.834%)1
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applicants2
Application calculates estimated APRs3 and
repayment amounts in real time, so comparing
loan scenarios is simple
Credit review4 is typically instant with online
application submission
eSign option for credit agreements
EasyInviteSM tool lets you engage the cosigner
in the loan application process with the click
of a mouse
No prepayment penalty
Origination fees as low as 0%5
The current interest rate in effect as of 10/1/2012 ranges from 5.23% to 11.23%. The
applicable interest rate for each calendar quarter shall be based on the average of the
one-month London Interbank Offered Rate ("LIBOR") published in the "Money Rates"
section of The Wall Street Journal (Eastern Edition) on the 1st day of each of the three
previous calendar months, or the next business day thereafter, rounded to the nearest
1/100th percent (.01%). The variable interest rate and Annual Percentage Rate (APR)
may be higher depending upon the applicant's and cosigner's credit history and will
increase or decrease if the one-month LIBOR index changes. The LIBOR index for the
current calendar quarter is 0.24%. APRs range from 5.231% to 11.834%. The low APR
example assumes a $10,000 loan made in two disbursements with immediate
repayment, a monthly principal and interest payment of $191.02 (there is a minimum
monthly payment of $50), a 5-year repayment term (60 months), no origination fee, and
a 5.23% interest rate (in effect as of 10/1/2012). The high APR example assumes a
$10,000 loan made in two disbursements with immediate repayment, a monthly principal
and interest payment of $144.64 (there is a minimum monthly payment of $50), a 10-year
repayment term (120 months), an origination fee of 2.5%, and a 11.23% interest rate (in
effect as of 10/1/2012). The interest rate is variable. Your variable interest rate and APR
may be higher depending upon you and your cosigner's credit history and repayment
option and term selected and will increase or decrease if the one-month LIBOR index
changes.
2
Repayment terms offered may vary based on the creditworthiness of the applicants.
3
The Annual Percentage Rate (APR) is the measure of what a loan will cost. It takes into
account the rate, fees, length of the loan and the timing of all payments. The APR will
increase/decrease if the one-month LIBOR index increases/decreases.
4
Passing the initial credit review is based on review of all the information you and your
cosigner (if applicable) provide during the application process and the information
obtained from your credit report(s). If you pass the initial credit review, you will need to
provide acceptable documentation such as your income verification and we will need
certification of your loan from your school before the final loan approval.
5
Origination fees range from 0.0% to 2.5%, depending on the repayment term chosen by
the applicants.
1
Contact us at 866.362.4283 or
visit www.prepgate.com to learn more.
©2012 The First Marblehead Corporation. All rights reserved. The lender for this program is
Union Federal Savings Bank. prepGATE is a registered trademark of The First Marblehead
Corporation. EasyInvite is a service mark of The First Marblehead Corporation.