Loan Repayment Examples

**My school is in the United States:**** **Note: “Domestic” means a U.S. citizen or a U.S. permanent resident studying at a university in the U.S.

**Domestic and DACA Graduate Students****Domestic and DACA Undergraduate Students****International Graduate Students****International Undergraduate Students**

**My school is in Canada:**

Note: Our loan does not support Canadian citizens studying in Canada. Canadian Permanent Residents and U.S. citizens are considered “international” when studying in Canada.

‘Domestic’ means you are a U.S. citizen or a U.S. permanent resident studying at a university in the U.S.

‘DACA’ means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA Student, you must have applied for, and been granted, DACA status by USCIS.

As a domestic or DACA graduate student, you can borrow with a fixed interest rate of 7.99% (8.89% APR¹). This is the maximum rate and will not increase. However, MPOWER offers borrowers 3 ways to qualify for discounts:

- 0.50% rate discount by making your loan payments through automatic withdrawal from a U.S. bank account,
- an additional 0.50% discount for making 6 consecutive on-time payments through automatic withdrawal,
- and another 0.50% discount for reporting proof of graduation and employment

If you qualify for all these discounts, your rate will be 6.49% (7.52% APR²).

¹[*Graduate student with regular interest rate*] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal.

At an APR of 8.89%, the monthly payment amount is $70 for the first 14 months. For the next 120 months, the monthly payment amount is $127.

²[*Graduate student with discounted interest rate*] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.50%. The first 6 payments are made on time, which allows the borrower to earn another 0.50% discount from the 7th payment onward. This discount continues for the life of the loan due to all payments being made on time. Six months after graduating the borrower provides proof of employment, which further reduces the interest rate by 0.50% from the 7th payment after graduation onward. A forbearance is never utilized and there is no prepayment of any principal.

At an APR of 7.52%, the monthly payment is $66 for the first 6 months. For the next 8 payments, the monthly amount is $61. For the last 120 payments, the monthly amount is $119.

‘Domestic’ means you are a U.S. citizen or a U.S. permanent resident studying at a university in the U.S.

‘DACA’ means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA Student, you must have applied for, and been granted, DACA status by USCIS.

As an undergraduate or DACA student, you can borrow with a fixed interest rate of 9.99% (10.91% APR³). This is the maximum rate and will not increase. However, MPOWER offers borrowers 3 ways to qualify for discounts:

- 0.50% rate discount by making your loan payments through automatic withdrawal from a U.S. bank account,
- an additional 0.50% discount for making 6 consecutive on-time payments through automatic withdrawal,
- and another 0.50% discount for reporting proof of graduation and employment

If you qualify for all these discounts, your rate will be 8.49% (9.56% APR⁴).

³[*Undergraduate student with regular interest rate*] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal.

At an APR of 10.91%, the monthly payment amount is $87 for the first 14 months. For the next 120 months, the monthly payment amount is $189.

⁴[*Undergraduate student with discounted interest rate*] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.50%. The first 6 payments are made on time, which allows the borrower to earn another 0.50% discount from the 7th payment onward. This discount continues for the life of the loan due to all payments being made on time. Six months after graduating the borrower provides proof of employment, which further reduces the interest rate by 0.50% from the 7th payment after graduation onward. A forbearance is never utilized and there is no prepayment of any principal.

At an APR of 9.56%, the monthly payment is $83 for the first 6 months. For the next 8 payments, the monthly amount is $79 For the last 120 payments, the monthly amount is $130.

‘International’ means you are a non-U.S. citizen or U.S. non-permanent resident studying at a university in the U.S.

As an international graduate student, you can borrow with a fixed interest rate of 11.99% (12.94% APR¹). This is the maximum rate and will never increase. However, MPOWER offers borrowers 3 ways to qualify for discounts:

- 0.50% rate discount by making your loan payments through automatic withdrawal from a U.S. bank account,
- an additional 0.50% discount for making 6 consecutive on-time payments through automatic withdrawal,
- and another 0.50% discount for reporting proof of graduation and employment

If you qualify for all these discounts, your rate will be 10.49% (11.59% APR²).

¹[*International graduate student with regular interest rate*] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal.

At an APR of 12.94%, the monthly payment amount is $105 for the first 14 months. For the next 120 months, the monthly payment amount is $151.

²[*International graduate student with discounted interest rate*] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.50%. The first 6 payments are made on time, which allows the borrower to earn another 0.50% discount from the 7th payment onward. This discount continues for the life of the loan due to all payments being made on time. Six months after graduating the borrower provides proof of employment, which further reduces the interest rate by 0.50% from the 7th payment after graduation onward. A forbearance is never utilized and there is no prepayment of any principal.

At an APR of 11.59%, the monthly payment is $101 for the first 6 months. For the next 8 payments, the monthly amount is $96. For the last 120 payments, the monthly amount is $142.

‘International’ means you are a non-U.S. citizen or U.S. non-permanent resident studying at a university in the U.S.

As an undergraduate student, you can borrow with a fixed interest rate of 13.99% (14.98% APR³). This is the maximum rate and will never increase. However, MPOWER offers borrowers 3 ways to qualify for discounts:

- an additional 0.50% discount for making 6 consecutive on-time payments through automatic withdrawal,
- and another 0.50% discount for reporting proof of graduation and employment

If you qualify for all these discounts, your rate will be 12.49% (13.63% APR⁴).

³[*International undergraduate student with regular interest rate*] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal.

At an APR of 14.98%, the monthly payment amount is $122. For the next 120 months, the monthly payment amount is $163.

⁴[*International undergraduate student with discounted interest rate*] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.50%. The first 6 payments are made on time, which allows the borrower to earn another 0.50% discount from the 7th payment onward. This discount continues for the life of the loan due to all payments being made on time. Six months after graduating the borrower provides proof of employment, which further reduces the interest rate by 0.50% from the 7th payment after graduation onward. A forbearance is never utilized and there is no prepayment of any principal.

At an APR of 13.63%, the monthly payment is $118 for the first 6 months. For the next 8 payments, the monthly amount is $114. For the last 120 payments, the monthly amount is $154.

‘International’ means you are a non-Canadian citizen or a permanent Canadian resident studying at a university in Canada.

As an international graduate student, you can borrow with a fixed interest rate of 11.99% (12.94% APR¹). This is the maximum rate and will never increase. However, MPOWER offers borrowers 3 ways to qualify for discounts:

- an additional 0.50% discount for making 6 consecutive on-time payments through automatic withdrawal,
- and another 0.50% discount for reporting proof of graduation and employment

If you qualify for all these discounts, your rate will be 10.49% (11.59% APR²).

¹[*International graduate student with regular interest rate*] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal.

At an APR of 12.94%, the monthly payment amount is $105 for the first 14 months. For the next 120 months, the monthly payment amount is $151.

²[*International graduate student with discounted interest rate*] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.50%. The first 6 payments are made on time, which allows the borrower to earn another 0.50% discount from the 7th payment onward. This discount continues for the life of the loan due to all payments being made on time. Six months after graduating the borrower provides proof of employment, which further reduces the interest rate by 0.50% from the 7th payment after graduation onward. A forbearance is never utilized and there is no prepayment of any principal.

At an APR of 11.59%, the monthly payment is $101 for the first 6 months. For the next 8 payments, the monthly amount is $96. For the last 120 payments, the monthly amount is $142.

‘International’ means you are a non-Canadian citizen or a permanent Canadian resident studying at a university in Canada.

As an undergraduate student, you can borrow with a fixed interest rate of 13.99% (14.98% APR³). This is the maximum rate and will never increase. However, MPOWER offers borrowers 3 ways to qualify for discounts:

- an additional 0.50% discount for making 6 consecutive on-time payments through automatic withdrawal,
- and another 0.50% discount for reporting proof of graduation and employment

If you qualify for all these discounts, your rate will be 12.49% (13.63% APR⁴).

³[*International undergraduate student with regular interest rate*] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal.

At an APR of 14.98%, the monthly payment amount is $122. For the next 120 months, the monthly payment amount is $163.

⁴[*International undergraduate student with discounted interest rate*] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.50%. The first 6 payments are made on time, which allows the borrower to earn another 0.50% discount from the 7th payment onward. This discount continues for the life of the loan due to all payments being made on time. Six months after graduating the borrower provides proof of employment, which further reduces the interest rate by 0.50% from the 7th payment after graduation onward. A forbearance is never utilized and there is no prepayment of any principal.

At an APR of 13.63%, the monthly payment is $118 for the first 6 months. For the next 8 payments, the monthly amount is $114. For the last 120 payments, the monthly amount is $154.

DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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