Charter One | Signature Student Loan

Signature Student Loan

Interest Rate and Fees

Variable interest rate based on the one-month LIBOR.

No fees.¹

Features and Benefits

0.50% interest rate reduction for automatic payment deduction from any bank account.²

Fast pre-approval.

Students may apply on their own good credit with no income requirements.

Combined billing for Federal Stafford Loans (serviced by Sallie Mae) and Signature Student Loans.

Health Professions students receive an extended repayment term and deferment during internship and residency periods.

Co-signer release option available after the first 24 consecutive, on-time payments of principal and interest.³

Borrowing Limits

Minimum: $1,000

Maximum: Community Colleges: $50,000

Maximum: Four- and five-year colleges:⁴
Undergraduate: $100,000
Graduate: $150,000
Graduate health disciplines: $220,000

Eligibility

Undergraduate and graduate students 18 years of age or older.

Attending a community college or four- or five-year college or university.⁵

Enrolled at least half-time in a degree granting program.

Must be attending a Signature eligible institution.

Disbursement

Repayment

Loan repayment begins six months after the student graduates or ceases to be enrolled on at least a half-time basis. Principal and interest can be deferred while the student is in school, and there is an option to pay the accrued interest quarterly or have this amount added to the principal balance after leaving school. Repayment Terms are as follows:

Loan Amount

Repayment Term

Less than $20,000

15 years

$20,000-$39,999

20 years

$40,000+

30 years

How to Apply

Online Application

Interactive PDF application [14-page pdf document]

Call 1-800-695-3317 for application information. (Be sure to designate Charter One as your lender.)

All accounts are subject to individual credit approval.

¹ Applicable to students attending four-year not-for-profit schools only.

² Applicable to students attending four-year not-for-profit schools only. Interest rate reduction of 0.50% is available during active repayment for as long as the borrower's monthly payment is successfully deducted from the borrower's bank account. Loans eligible for the ACH benefit must be first disbursed June 1, 2008 through May 31, 2009.

³ Creditworthy borrowers may request a cosigner release after making the first 24 consecutive, on-time payments of principal and interest. Borrower's account must remain current until the request for release is processed. Borrower credit qualification applies. Borrower must be a U.S. citizen or permanent resident at the time the cosigner release request is processed.

⁴ Includes all private student loan debt.

⁵ Qualified student must be attending school in any of the following states: Connecticut, Delaware, Illinois, Indiana, Massachusetts, Maine, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island or Vermont.

Charter One reserves the right to modify or discontinue these benefits at any time. Changes to these benefits, if any, will affect only loans originated after the changes occur.

The lender for the above-mentioned Charter One loan program(s) is RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender. RBS Citizens, N.A. may sell your student loan to a third party. RBS Citizens, N.A. will only sell your student loan if the third party agrees to honor all of RBS Citizens, N.A.'s promises to you, including all promised benefits that you will receive or might become eligible for during the loan repayment period.