6 Reasons You Should Be Using CollegeBoard.org

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Whether you recall it, you’ve used — or will soon use — CollegeBoard.org. That’s because the College Board owns and administers the SAT.

But the not-for-profit organization does a lot more than allow you to take college entrance exams. Its tools and resources just might help you decide where you go to college and how you pay for it.

Who should use CollegeBoard.org?

The College Board is home to some of the best data about how we educate teens and 20-somethings in the U.S. today. That’s because it’s led by members of 6,000-plus colleges, universities, and other institutions.

It’s also a go-to resource for high school teachers, administrators, and other professionals in the field of education. For example, there is an online community for teachers of Advanced Placement (AP) courses. The College Board created AP to give high school students the opportunity to receive credit for college-level classes at a lower cost.

But it’s no surprise that the primary users of the website are the students themselves. CollegeBoard.org claims that it helps more than 7 million students each year make the jump from high school to college.

Because it’s the only gateway to college entrance exams like the SAT, high school juniors and seniors are directed to use the website by their high school’s college counselors. Once logged in, you’ll find free resources on college planning and career mapping.

Getting started: Create an account

You can roam CollegeBoard.org without creating an account. And nobody would blame you, especially after The Washington Post recently questioned the College Board’s position on data privacy.

But signing up for an account is necessary to:

  • Register for the SAT and CLEP exams and print your admission tickets
  • Access your SAT and AP scores and send them to schools
  • Build and manage your list of preferred colleges
  • Create and save your college scholarship searches

Signing up is an easy process. It took me less than five minutes to complete. You’ll be asked for your basic personal information and will choose your high school from a drop-down menu.

You could also include your parent’s information so that they receive the same updates you do, plus a monthly newsletter containing information about SAT prep and college planning.

6 reasons to use CollegeBoard.org

Once you’ve signed into College Board, you’ll be welcomed onto the site by your first name and grade level. If you’re an 11th-grader named Andrew, for example, here’s what you’ll see upon logging in for the first time:

The College Board website

If you’re a junior, you’ll also receive a season-by-season checklist to prepare for college. You’ll be advised, for example, to:

  • Sign up for the PSAT in the fall
  • Sign up for the SAT in the winter
  • Create a list of 15 to 20 college choices in the spring
  • Visit your preferred colleges over the summer

No matter your year in school, there are many useful free tools and resources on the site. Here are the six things College Board does best.

1. Register and prep for the SAT

The SAT is a standardized test used all over the country by colleges and universities to compare applicants. High school juniors and seniors take the grueling exam, each chasing that perfect 1,600 score.

On the College Board, you can:

  • Register: It takes 30 to 40 minutes to complete.
  • Choose a test date: Sixty-seven percent of students do better on their second try, reported the College Board
  • Study up on the test’s content: The test has sections on reading, writing, language, and math.
  • Send scores to your preferred colleges: The first four submissions are free.

CollegeBoard.org has also partnered with the Khan Academy on SAT prep, meaning you won’t have to rely on thick paperback books or expensive prep courses. Using Khan Academy’s platform, you can set up your own schedule, identify your weaknesses, and take up to eight practice tests.

Aside from the SAT, you can also order the following tests on CollegeBoard.org:

  • Preliminary SAT 8/9: Eighth- and ninth-graders get their feet wet with an introduction to pre-college exams.
  • Preliminary SAT 10/National Merit Scholarship Qualifying Test (PSAT/NMSQT): High school students can qualify for the National Merit Scholarship Program by recording eligible scores.
  • College-Level Examination Program (CLEP): They can also earn college credit by passing any of 33 exams.

2. Learn about and explore AP courses

Although all AP placement and learning takes place at your high school, CollegeBoard.org is the one-stop shop to:

  • Learn how to approach teachers about enrolling if they haven’t approached you.
  • Consider the benefits, such as college credit and improving your college application.
  • Explore specific courses, from art history to calculus and beyond.

The site is particularly useful for finding the courses you might be interested in taking. If you think you might major in journalism down the road, for example, you could explore CollegeBoard.org’s guide to AP English Literature and Composition.

Taking that course as a high school junior or senior might mean you can cross off a general education requirement once you arrive on your college campus. It could also be a test for whether you truly enjoy the written word.

Beyond AP prep, the College Board is also the place to find out how you performed on your AP tests. Colleges and universities look at your scores when deciding whether to grant you college credit.

To match your scores to your College Board profile, you’ll need to enter your AP number and student ID. You should have received both when you enrolled in an AP course.

3. Build your list of preferred colleges

The College Board also has a lot of resources on preparing for the future. You’ll be moved to a section of the College Board site known as BigFuture when learning about your higher-education opportunities.

The College Board doesn’t have the market cornered on comparing colleges. Other established companies, from The Princeton Review to Fastweb, offer the same filters to narrow down your list of preferred schools. After all, filters like school type, cost, and admission statistics are among the top factors to consider when choosing a college.

The difference at BigFuture is that it offers instruction about how to think about these categories before beginning your college search. For each category, you might benefit from asking questions like:

  • Am I limiting my choices by focusing on whether a college is public or private?
  • How close to home do I want to be? Close enough for meals and laundry, to visit on weekends, or to only come home on breaks?
  • Do I see myself at a college with lots of students or in a smaller community?
  • Will I qualify for financial aid?
  • What are my favorite school subjects? What do I like doing when I’m not in class?
  • Do I prefer to be part of small group discussions or to listen to lectures? How much interaction do I want with my professors?

Answering these questions first will help you be more efficient in whittling down your college choices from 3,715 to 15 or 20. You can be as specific as you see fit, from zeroing in on schools that accept a certain SAT score range, offer a certain amount of financial aid, or have a certain sport or club activity on campus.

As you’re clicking through schools, you’ll see brochure-like campus photos and hard data about the school. If financial aid is your (or your parent’s) top concern, you can use that statistic to compare schools. Kansas State University, for example, awarded an average of $12,682 per student. The rival University of Kansas checked in at $15,269.

At this stage, you’re evaluating schools, not discarding them from consideration over one factor. The College Board’s tool is meant for:

  • Adding preferred schools to your college list
  • Comparing up to three colleges side by side
  • Using the academic tracker to see if your grades and test scores are on pace for admission

4. Study up on majors and career paths

More useful for high school seniors than juniors, the College Board can help you find your future major. It works under the assumption that your future career is a sum of your current interests.

Whether you agree with this line of thinking, the College Board offers an array of resources centered around its major and career search engine. Pretty much every imaginable job has a profile page detailing:

  • What to expect in classes for that major
  • Characteristics that might make you a fit
  • Considerations when reviewing colleges for that major

The upside of this section of the site is that if you’re not ready to get down to specifics, you can browse different career paths. Click on interesting keywords and go down the rabbit hole of one before coming up for another that might interest you.

No one expects you to decide on a major, let alone a career, after reviewing the site’s free resources. But your research here just might inform your decision down the road.

5. Learn how to finance your way through school

CollegeBoard.org is not pretending to be the definitive source on how to finance your years of college. It does, however, have content on everything from filling out the FAFSA and securing grants to considering private student loans and comparing financial aid packages.

If you’d rather learn by doing, use your time toying with three interactive tools to estimate and plan for the costs of going to school.

Tool Question it answers What you need Best for…
College savings calculator Are you saving enough to afford school? Estimated college costs and current college savings Middle and high school students and their parents
Student loan calculator Will you be able to afford your postgraduate student loan payments? Anticipated graduation year, projected salary, and your student loan debt High school seniors and college underclassmen who are wary of choosing a major that leads to a low-paying career
Compare your aid awards Which of your top schools offers the best aid package? Cost of attendance and financial aid awards from up to four different schools High school seniors who have already received college award letters

This might seem like getting too far ahead of the game if you’re in 11th or 12th grade, or the parent of someone who is. But the faster you can answer these questions, the more prepared you’ll be to pay for school.

6. Search and apply for college scholarships

The calculators and tools in the “Pay for College” section of CollegeBoard.org might add some urgency to your scholarship search. Fortunately, the site also offers a useful scholarship search tool.

In fact, the College Board claims it has access to 2,200 aid programs offering nearly $6 billion in awards.

To narrow it down, you can enter personal information to see which scholarships might be best fits for you. There are scholarships geared toward minorities, students with disabilities, and students meeting other special conditions.

There’s nothing especially unique about this tool. It’s best to combine it with other scholarship tools that can help you find free money for college.

Making a plan at the College Board

If those six areas of focus seemed like an overload, worry not. The College Board dedicates a part of its site to making a plan, whether you’re a seventh-grader just learning about college or a senior in high school who’s already chosen a school.

The College Board tools

If your brain needs a break, you’ll also appreciate the Mad Libs-style quiz that will help you build out a personalized plan.

The five-question quiz will ask you about your:

  1. Grade level
  2. Experience searching for colleges
  3. Knowledge about financing college
  4. Preferences for two- or four-year schools
  5. Reason for looking forward to college

Taking your answers into account, your dashboard will list interactive activities. You might watch a video about talking to college counselors or go through an exercise to help narrow down your choice of major.

It’s a good spot to resort to on CollegeBoard.org when you feel bombarded with all of the pre-college information you have to digest. The planning function makes a checklist of everything else on the site, allowing you to focus on one thing at a time and move through the content at your own pace.

The College Board is not a perfect platform, but it does cater to users who aren’t sure about next steps just as it helps users who know exactly what they’re looking for.

It’s free. It’s there when you need it. And if you (or your child) is in high school, you’ll need it soon.

Need a student loan?

Here are our top student loan lenders of 2018!
LenderVariable APREligibility 
1 Important Disclosures for CollegeAve.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

  1. All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
  2. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
  3. As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 11/1/2018. Variable interest rates may increase after consummation.

2 Important Disclosures for Discover.

Discover Disclosures

  1. At least a 3.0 GPA or equivalent qualifies for a one-time cash-reward of 1% of the loan amount of each new Discover student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  2. View Terms and Conditions at DiscoverStudentLoans.com/AutoDebitReward.

3 Important Disclosures for Ascent.

Ascent Disclosures

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

  1. Ascent rates are effective as of 12/01/2018 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. Competitive rates calculated monthly at the time of loan approval.
    Ascent Tuition Cosigned Loan: Variable rate loans are based on a margin between 2.00% and 11.00% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.310%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 4.06% – 13.06%. Fixed rate loans have an APR range between 5.66% – 14.73%. For Ascent Tuition loan current rates and repayment examples visit www.AscentTuition.com/APR.
    Ascent Independent Non-Cosigned Loan: Variable rate loans are based on a margin between 4.00% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.310%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.72% – 13.01%. Fixed rate loans have an APR range between 7.20% – 13.90%. For Ascent Independent non-cosigned loan current rates and repayment examples visit www.AscentIndependent.com/APR.
  2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
  3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment.
  4. Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
  5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the 0.25% interest rate reduction.
  6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
  7. Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
  8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
  9. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
    · The student borrower has graduated from the degree program that the loan was used to fund.
    · The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
    · The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
    · Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
  10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicants ability to supply the necessary information for submission.

* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

5 Important Disclosures for PNC.

PNC Disclosures

  1. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
  2. If automatic payment is discontinued, you will no longer receive an automatic payment discount. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
  3. A request to release a co-signer requires that you have made forty-eight (48) consecutive timely payments with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the minimum monthly payment must be made for forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.

PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.

6 Important Disclosures for SunTrust.

SunTrust Disclosures

Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

  1. Interest rates and APRs (Annual Percentage Rates) depend upon (a) the student’s and cosigner’s (if applicable) credit histories, (b) the repayment option and repayment term selected, (c) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms effective for applications received on or after 11/01/2018. The current variable APRs for the program range from 4.123% APR to 13.126% APR and the current fixed APRs for the program range from 5.351% APR to 14.051% APR (the low APRs within these ranges assume a 7-year $10,000 loan, with two disbursements and no deferment; the high APRs within these ranges assume a 15-year $10,000 loan with two disbursements). The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the Money Rates section of The Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.375% on 11/01/2018. The variable interest rate will increase or decrease if the One-month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.
  2. Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. For payment examples, see footnote 7. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment is $50.00. There are no prepayment penalties.
  3. The 15-year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. Making interest only or partial interest payments while in school deferment (including the grace period) will not reduce the principal balance of the loan. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment and the Partial Interest Repayment option. 7 year term: $10,000 loan disbursed over two transactions with a 7 year repayment term (84 months) and a 8.468% APR would result in a monthly principal and interest payment of $199.90. 10 year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.938% APR would result in a monthly principal and interest payment of $162.92. 15 year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 9.423% APR would result in a monthly principal and interest payment of $136.90.
  4. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
  5. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”). Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance) or (2) three automatic deductions are returned for insufficient funds during the life of the loan. The extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted and will be removed for the reasons stated above. In the event the auto pay discount is removed, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when payments are deferred or when the loan is in forbearance, even if payments are being made.
  6. A cosigner may be released from the loan upon request to the servicer provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.
  7. If the student dies after any part of the loan has been disbursed, and the loan has not been charged off due to non-payment or bankruptcy, then the outstanding balance will be forgiven if the servicer is informed of the student’s death and receives acceptable proof of death. If the student becomes totally and permanently disabled after any part of the loan has been disbursed and the loan has not been charged off due to non-payment or bankruptcy, the loan will be forgiven upon the servicer’s receipt and approval of a completed discharge application. If the student borrower dies or becomes totally and permanently disabled prior to the full disbursement of the loan, and the loan is forgiven, all future disbursements will be cancelled. Loan forgiveness for student death or disability is available at any point throughout the life of the loan.

7 Important Disclosures for LendKey.

LendKey Disclosures

Additional terms and conditions apply. For more details see LendKey

8 Important Disclosures for CommonBond.

CommonBond Disclosures

A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.

Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.

9 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Student Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of November 1, 2018, the one-month LIBOR rate is 2.29%. Variable interest rates range from 4.26% – 12.23% (4.26% – 12.13% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25% – 12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
  2. Multi-year approval funds available for future use are subject to a soft credit inquiry at time of your next request to verify continued eligibility. After we make the initial Loan to you, we may refuse to allow you to take out additional loans under the multi-year approval feature, terms and conditions will be outlined in your promissory note. Please Note: International students are not eligible to receive an offer for multi-year approval. Please Note: International Students are not eligible for the multi-year approval feature.
  3. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  4. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  5. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
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