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TruFit Student Loan^®

Learn how private student loans fill the financial gap

Wondering how to pay for school? After you look at funding sources like grants, scholarships and federal loans, look into private college loans. The TruFit Student Loan is a private education loan with great perks like zero fees, competitive rates and your choice of repayment options.

An overview of private student loans

The TruFit Student Loan is a smart and affordable way to cover your remaining college expenses.

Fees	Zero fees
Interest Rates	Now available! Fixed rate option as low as 6.75%. Variable interest rate option as low as one-month LIBOR plus 2.70%. Actual interest rate is based on credit, presence of a cosigner and repayment option chosen.¹ View our APR and repayment examples Fixed rate Variable Rate Students are encouraged to apply for a private college loan with a qualified cosigner to increase chances of receiving the lowest rate possible.
Borrower Benefits	0.50% interest rate reduction for automating payments from any eligible Charter One account Or, 0.25% interest rate reduction for automating payments from any eligible non-Citizens Bank account.
Borrowing Limits	The ability to finance up to the total cost of education minus financial aid received²
Repayment Options	With the TruFit Student Loan, students have the flexibility to choose the repayment plan that best meets their needs. Plus, there's no prepayment penalty. Choose from: Immediate. Students can make payments while in school. Interest-only. Students can make interest-only payments while in school, helping lower total loan debt. Deferred. Students can defer payment on our private student loan until 6 months after graduation, leaving school or when they drop below half-time status.
Disbursement	Typically, sent electronically directly to the school If the school is not set up to receive electronic payments, a check co-payable to the student and school will be sent directly to the school.
Eligibility Requirements	Student must be enrolled at least half-time in a degree-granting program at an eligible institution. Student must be a U.S. citizen or permanent resident, or have a US citizen cosigner of legal borrowing age in their state of residence. Loan approval is based on credit. If students do not have sufficient credit to be approved on their own, they are encouraged to apply with a qualified cosigner. International students can apply with a creditworthy U.S. citizen, or permanent resident cosigner. Student must be attending a TruFit-eligible institution
Cosigner Requirements	We strongly encourage students with little or no credit history to apply with a qualified cosigner to increase their chances of being approved. A qualified cosigner can also help the borrower secure a lower interest rate. Cosigner release option is available after 36 consecutive, on-time payments³.

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All accounts are subject to individual credit approval.

¹ Interest rates as low as one-month

LIBOR

plus 2.20% if borrowers take advantage of the 0.50% interest rate reduction benefit for automating payment from any eligible Charter One account while in repayment. Borrowers must reside in the following states in order to open an eligible account: CT, DE, MA, NH, NJ, NY, OH, IL, MI, PA, RI, VT. 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 May 1, 2012 the one-month LIBOR rate is 0.24%. Fixed interest rates may vary from 6.75%-12.25% APR based upon applicable terms and presence of a cosigner. The fixed rate is on a ten (10) year repayment term. Subject to additional terms and conditions and rates subject to change at any time. Charter One reserves the right to modify interest rates and loan margins at any time without notice. Such changes will only apply to applications taken after the effective date of change.

² As determined by your school. Minimum borrowing amount is $1,000. The TruFit Student Loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate: $120,000; Graduate: $150,000; Business and Law: $175,000; and Medical: $225,000.

³ TruFit Student Loan borrowers may apply for cosigner release after making their first 36 consecutive payments on time. Terms and conditions apply, as the student borrower must meet certain credit guidelines and eligibility when he or she applies for the cosigner release. International borrowers will be eligible to apply for cosigner release if they attain U.S. Citizen or Permanent resident status and meet credit and eligibility guidelines. For the purposes of keeping this benefit, on-time payments are defined as payments received within 15 days of the due date.

TruFit Student Loan Repayment Examples

Fixed Rate Loan

	Amount to Borrow	Term	Interest Rate	APR	Monthly Payment	Total Amount to Pay Back
Immediate Repayment Apply Now	$10,000.00	10 years	6.75%	6.75%	$113.58	$13,628.02
Immediate Repayment Apply Now	$10,000.00	10 years	11.75%	11.76%	$139.36	$16,721.98
Interest-only Repayment Apply Now	$10,000.00	10 years	6.75%	6.75%	$114.85	$16,483.14
Interest-only Repayment Apply Now	$10,000.00	10 years	11.75%	11.76%	$142.08	$21,750.82
Deferred Repayment Apply Now	$10,000.00	10 years	7.50%	7.07%	$154.37	$18,524.09
Deferred Repayment Apply Now	$10,000.00	10 years	12.25%	11.15%	$216.05	$25,924.48

Assumptions: The Trufit fixed rate student loan a $10,000 loan in the first year of school with two disbursements, a fixed interest rate based on a FICO score (listed above and ranges from 6.75% - 12.25%) for a borrower with a cosigner. Other assumptions include a 45 month in-school period, 6 month grace period, a standard repayment account, and the borrower remains in school through the expected graduation date. 10 year examples are provided. Terms and conditions apply. Calculations are estimates only.

Charter One reserves the right to modify interest rates and loan margins at any time without notice. Such changes will only apply to applications taken after the effective date of change.

See our Trufit Student Loan® page for important disclosure information.

Variable Rate Loan

	Amount to Borrow	Term	Interest Rate	APR	Monthly Payment	Total Amount to Pay Back
Immediate Repayment Apply Now	$10,000.00	15 years	2.94%	2.94%	$68.45	$12,319.57
Immediate Repayment Apply Now	$10,000.00	15 years	9.24%	9.25%	$101.34	$18,240.81
Interest-only Repayment Apply Now	$10,000.00	15 years	2.94%	2.94%	$68.78	$13,556.82
Interest-only Repayment Apply Now	$10,000.00	15 years	9.24%	9.25%	$102.90	$22,218.33
Deferred Repayment Apply Now	$10,000.00	15 years	5.24%	5.06%	$97.21	$17,496.55
Deferred Repayment Apply Now	$10,000.00	15 years	9.49%	8.92%	$144.06	$25,928.79

Assumptions: All TruFit Student Loans® assume two equal disbursements, variable interest rate of

LIBOR

+ a margin based on a FICO score. This example assumes a Monthly LIBOR rate of 0.24% plus a margin (listed above and ranges from 2.70% - 9.25%) for a borrower with a cosigner. Other assumptions include a 45 month in-school period, 6 month grace period, a standard repayment account, a constant LIBOR rate, and that the borrower remain in school through the expected graduation date. 15 year examples are provided. Terms and conditions apply. Calculations are estimates only.

Charter One reserves the right to modify interest rates and loan margins at any time without notice. Such changes will only apply to applications taken after the effective date of change.

See our Trufit Student Loan® page for important disclosure information.

How to apply for a private education loan

To complete your TruFit Student Loan application, be sure you take note of these requirements and considerations:

Student must be attending a TruFit eligible institution.
Easy qualification¹ with minimal income requirements.
Private student loan borrowers do not need to submit a FAFSA. Simply complete the online TruFit Student Loan application to apply.
Fast, easy application process with ability to e-sign.
We strongly encourage students with little or no credit history to apply with a qualified cosigner to increase their chances of being approved. A qualified cosigner can also help the borrower secure a lower interest rate.
Cosigner release option available after initial 36 consecutive, on-time payments.²
Take advantage of the 0.50% interest rate reduction on your TruFit Student Loan when you sign up for automatic payments from any eligible Charter One account.
If you already have an eligible Charter One account, make sure to sign up for automatic payments to take advantage of our 0.50% interest rate reduction on your TruFit Student Loan.

Things you will need:

Name, address, phone number, email address
Date of birth
Social Security Number
Driver’s license number
Gross monthly household income (borrower and cosigner)
Employer name, phone number and length of employment (if applicable)
Monthly rent or mortgage payment (if applicable)
Name of school you plan to attend
School’s Department of Education code
Cost of attendance and any financial aid received (see award letter from your school)
Anticipated graduation date (MM/YYYY)
Loan amount requested
Loan period (MM/YYYY to MM/YYYY)
Cosigner name and valid email address (if applicable)

Please note: Due to federal regulations, Charter One is required to provide every potential borrower with disclosure information before they apply for a private student loan. You will be presented with an Application Disclosure within the application experience before you accept the terms and conditions of your loan.

Fixed rate

Variable rate

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All accounts are subject to individual credit approval.

¹ Eligibility requirements: student must be enrolled at least half-time in a degree-granting program at an eligible institution. They must be a US citizen or permanent resident, or have a US citizen cosigner. Student must be of legal borrowing age in his or her state of residence. International students can apply with a creditworthy US citizen or permanent resident cosigner.

² TruFit Student Loan borrowers may apply for cosigner release after making their first 36 consecutive payments on-time. Terms and conditions apply, as the student borrower must meet certain credit guidelines and eligibility when he or she applies for the cosigner release. International borrowers will be eligible to apply for cosigner release if they attain U.S. Citizen or Permanent resident status and meet credit and eligibility guidelines. For the purposes of keeping this benefit, on-time payments are defined as payments received within 15 days of the due date.

FAQs about the TruFit Student Loan

Do I need to file the Free Application for Federal Student Aid (FAFSA) form to apply for the TruFit Student Loan?
No. Private student loan borrowers DO NOT need to submit a FAFSA. Simply complete the online TruFit Student Loan application to apply.

How much can I borrow with a TruFit Student Loan?
There are no annual limits. You may borrow up to the cost of your education, less any financial aid. The TruFit Student Loan does have lifetime aggregate limits (including both federal and private loan debt) of:

Undergraduate: $120,000
Graduate: $150,000
Business and Law: $175,000
Medical: $225,000

Can a TruFit Student Loan help pay for my books and my personal expenses while I’m at school?
Yes. Our TruFit Student Loan can be used to help pay for your indirect costs while you are enrolled in school. The maximum you can borrow each year is determined by your individual school through certification.

How do I apply for a TruFit Student Loan?
To apply for the TruFit Student Loan all you need to do is fill out the quick and simple online application. Before you apply make sure you have the following items available so you can easily complete your application:

Name, address, phone number, email address
Date of birth
Social Security Number
Driver’s license number
Gross monthly household income (borrower and cosigner)
Employer name, phone number and length of employment (if applicable)
Monthly rent or mortgage payment (if applicable)
Name of school you plan to attend
School’s Department of Education code
Cost of attendance and any financial aid received (see award letter from your school)
Anticipated graduation date (MM/YYYY)
Private college loan amount requested
Loan period (MM/YYYY to MM/YYYY)
Cosigner name and valid email address (if applicable) Remember, students are encouraged to apply with a qualified co-signer to increase their chances of receiving the lowest rate possible.

Are there any fees for a TruFit Student Loan?
The TruFit Student Loan has zero fees for all borrowers.

What kind of credit is required for a TruFit Student Loan?
The lender will need to see a reasonably strong credit history, which is derived from your credit score. If a student does not have sufficient credit history, he or she should apply with a creditworthy cosigner.

What if I am not approved for a TruFit Student Loan?
If you apply for a private student loan on your own, without a cosigner, and are denied, it's probably because you have insufficient personal credit history, as is typical for a student. You'll simply have to find a qualified cosigner, such as a parent or other guardian, and re-apply.

Are there any penalties for paying off a TruFit Student Loan early?
There's no prepayment penalty.

Any other questions about TruFit Student Loans?
Please talk to one of our Student Loan Specialists at 1-800-721-3969.

Apply now

Have student loan questions? Call our Student Services team.

1-800-721-3969

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1-888-850-4064

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TruFit Student Loan®

Learn how private student loans fill the financial gap

An overview of private student loans

LIBOR

TruFit Student Loan Repayment Examples

Fixed Rate Loan

Fixed Rate Loan

Variable Rate Loan

LIBOR

How to apply for a private education loan

FAQs about the TruFit Student Loan

TruFit Student Loan^®