Current Meritize Loan Rates

Fixed and Variable Rates from 3.85% APR to 18.73% APR*

Fixed rates

With a fixed-rate loan, your interest and payments will not change over the life of the loan.
18 months 4.75% – 12.25%
36 months 5.20% – 13.70%
60 months 5.95% – 14.45%
84 months 6.45% – 15.45%
120 months 7.20% – 15.70%

Variable rates

The interest rate on a variable-rate loan may change since it is connected to banking industry index rates. As your variable rate changes, your required monthly payments may go up or down.
18 months 1-month LIBOR + 0.95 % – 1-month LIBOR + 9.45 %
36 months 1-month LIBOR + 1.325% – 1-month LIBOR + 9.825%
60 months 1-month LIBOR + 2.075% – 1-month LIBOR + 10.575%
84 months 1-month LIBOR + 2.575% – 1-month LIBOR + 11.075%
120 months 1-month LIBOR + 3.325% – 1-month LIBOR + 11.825%

With a fixed-rate loan, your interest and payments will not change over the life of the loan. A fixed interest rate does not fluctuate during the entire period of the loan. This allows you to accurately predict future payments.

The variable rate is calculated by adding a margin, assigned by Meritize to the market-based index, LIBOR. Margins are assigned based on a variety of factors, including your submitted academic, military or career experience details, credit history and cosigner status. Once you are approved for a loan and assigned a margin, your margin is fixed, and it will not change over the life of the loan. Regardless of your index and margin, the effective annual interest rate on your Meritize loan will never exceed 19.99%.

Meritize uses London Interbank Offered Rates (“LIBOR”) as the index for its variable-rate loans with the 1-month LIBOR rounded up to the nearest 1/8th of a percent, or 0.125%. This index will reset once a quarter, and as a result your rate may change, moving up or down, a maximum of four times each year. Regardless of your index and margin, the effective annual interest  rate on your Meritize loan will never exceed 19.99%.

An annual percentage rate (APR) is the annual rate charged for borrowing money. The APR is a percentage of the total loan amount that represents the actual yearly cost of funds over the term of the loan.

*APR rates are based on current pricing for the Meritize standard loan program with 3%-5% origination fee and current 1-month LIBOR rounded up to the nearest 1/8th of a percent, or 0.125%. The rate range was computed on a $10,000 loan, assuming 0-48 months of deferment and a 0-3 month grace period.

Sample loan payments*

36-month Fixed Rate: 5.20% – 13.70%

Assuming 1 year of school remaining, a starting balance of $10,000, an origination fee (3% to 5% depending on your interest rate) and a 3-year repayment schedule.

DEFERMENT PERIOD

(12 MONTHS in school
3 MONTHS grace)

INTEREST RATE

REPAYMENT (36 MONTHS of equal payments)

Repayment Option

Type

Rate

Monthly Payment

Total Payments

No Payment while in School

Fixed

5.20%

$330

$11,871

13.70%

$419

$15,067

Interest-Only Payment in School
(interest / monthly payment)

Fixed

5.20%

$45 / $310

$11,816

13.70%

$120 / $357

$14,662

In-school repayment
(no deferment period)

Fixed

5.20%

$310

$11,147

13.70%

$357

$12,864

60-Month Fixed Rate: 5.95% – 14.45%

Assuming 1 year of school remaining, a starting balance of $10,000, an origination fee (3% to 5% depending on your interest rate) and a 3-year repayment schedule.

DEFERMENT PERIOD
(12 MONTHS in school
3 MONTHS grace)

INTEREST RATE

REPAYMENT
(60 MONTHS of equal payments)

Repayment Option

Type

Rate

Monthly Payment

Total Payments

No Payment while in School

Fixed

5.95%

$214

$12,821

14.45%

$291

$17,481

Interest-Only Payment in School
(interest / monthly payment)

Fixed

5.95%

$51 / $199

$12,699

14.45%

$126 / $247

$16,703

In-school repayment
(no deferment period)

Fixed

5.95%

$199

$11,933

14.45%

$247

$14,806

36-Month Variable Rate:
1-month LIBOR + 1.325% – 1-month LIBOR + 9.825%

Assuming 1 year of school remaining, a starting balance of $10,000, an origination fee (3% to 5% depending on your interest rate) and a 3-year repayment schedule.

DEFERMENT PERIOD
(12 MONTHS in school
3 MONTHS grace)

INTEREST RATE

REPAYMENT
(36 MONTHS of equal payments)

Repayment Option

Type

Effective Rate

Monthly Payment

Total Payments

No Payment while in School

Variable

3.83%
(1-Month LIBOR + Margin)

$318

$11,441

12.33%
(1-Month LIBOR + Margin)

$404

$14,557

Interest-Only Payment in School
(interest / monthly payment)

Variable

3.83%
(1-Month LIBOR + Margin)

$33 / $303

$11,411

12.33%
(1-Month LIBOR + Margin)

$108 / $350

$14,231

In-school repayment
(no deferment period)

Variable

3.83%
(1-Month LIBOR + Margin)

$303

$10,919

12.33%
(1-Month LIBOR + Margin)

$350

$12,614

60-Month Variable Rate:
1-month LIBOR + 2.075% – 1-month LIBOR + 10.575%

Assuming 1 year of school remaining, a starting balance of $10,000, an origination fee (3% to 5% depending on your interest rate) and a 5-year repayment schedule.

DEFERMENT PERIOD
(12 MONTHS in school
3 MONTHS grace)

INTEREST RATE

REPAYMENT
(60 MONTHS of equal payments)

Repayment Option

Type

Effective Rate

Monthly Payment

Total Payments

No Payment while in School

Variable

4.58%
(1-Month LIBOR + Margin)

$203

$12,203

13.08%
(1-Month LIBOR + Margin)

$278

$16,705

Interest-Only Payment in School
(interest / monthly payment)

Variable

4.58%
(1-Month LIBOR + Margin)

$39 / $192

$12,132

13.08%
(1-Month LIBOR + Margin)

$114 / $239

$16,075

In-school repayment
(no deferment period)

Variable

4.58%
(1-Month LIBOR + Margin)

$192

$11,542

13.08%
(1-Month LIBOR + Margin)

$239

$14,359