|Term Option||Fixed APR*||Variable APR*|
|5 - Year||4.20% - 5.90%||3.64% - 5.29%|
|7 - Year||4.30% - 6.49%||3.69% - 5.49%|
|10 - Year||4.50% - 6.75%||3.74% - 5.69%|
|15 - Year||4.90% - 6.99%||3.84% - 6.04%|
|20 - Year||5.15% - 7.20%||3.94% - 6.29%|
|Assumes a 0.25% discount for making automated payments from a bank account. |
*Annual Percentage Rate
Rates in the above table are current as of 1/6/2017 to today. Read important additional information below.
|FEES||No origination fee or prepayment penalty.*|
|FORBEARANCE||If a borrower experiences economic hardship, DRB may agree in its discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of the loan).|
|DEATH AND DISABILITY FORGIVENESS||DRB will forgive all of the amounts owed under the loan if the borrower dies, and some or all of the amounts owed under the loan if the borrower demonstrates to lender’s reasonable satisfaction a significant unanticipated permanent reduction in borrower’s income due to borrower’s permanent disability.|
|EFT DISCOUNT||To qualify for the Electronic Funds Transfer (EFT) discount of 0.25%, monthly payments must be paid automatically from a bank account.|
|ELIGIBILITY||Must be a U.S. Citizen, or Permanent Resident with a valid I-551 card.|
|DISBURSEMENT OPTIONS||The repayment of any refinance and/or consolidation student loan will commence immediately after disbursement by DRB. However, such repayment will not commence until any grace or in-school deferment period, existing prior to refinancing and/or consolidation with DRB, has expired.|
|INTEREST RATES||The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate will also depend on whether you have secured employment after residency – the lowest interest rate is available to residents with excellent credit and a signed contract for full-time employment after residency.|
|VARIABLE APR LOANS||The APR may increase during the term of the loan, but will not increase above the maximum interest rate. Borrowers who take out a variable loan with a term of 5, 7, or 10 years will have a maximum interest rate of 9%. Borrowers who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.|
|RESIDENTS||For applicants who are currently medical or dental residents, your rate will also depend on whether you have secured employment after residency – the lowest interest rate is available to residents with excellent credit and a signed contract for full-time employment after residency. Rate offerings for residents without signed contracts can be found here.
Residents who request a reduced payment period before entering full repayment will receive an interest rate based on their entire term of their loan, not just the full repayment term. For example, if someone applies for a 5 year loan, with a 3 year reduced payment period, they will receive a rate offer within the 10 year range above.