Example Rates
Let's assume you borrow $10,000, defer payments for 51 months (until 6 months after you graduate), and then make monthly payments for 240 months (20 year term).
Our APR is 7.85%
This is based on a variable interest rate equal to the 3-month LIBOR Rate (2.91% as of April 25, 2008) plus the interest rate margin of 4.9% during your deferral and 5.0% during repayment. The origination fee is 0%. You will pay $115.42 every month during the repayment period.
Total payments of: $27,701.07
Their APR is 9.13%
Based on a variable interest rate equal to the 3-month LIBOR index (2.91% as of April 25, 2008) plus a margin of 6.25%, origination fees of 0%, no payments for 51 months, and monthly payments of $133.73 for 240 months.
Total payments of: $32,094.94.
This is a savings of $4,393.87 over the course of the loan.
And what if their origination fee is 6.25%?
Their APR would be 9.71%
Monthly payments would be $142.64 for 240 months, with total payments of $34,234.61
Loan Index
A loan index is how banks determine interest rates. The loan index used for MyRichUncle Private Loans is the 3-month LIBOR Index. LIBOR stands for London Interbank Offered Rate, and is published in the "Money Rates" section of The Wall Street Journal on the first business day of each month.
Origination Fee
We charge origination fees of as low as 0% depending on the credit of the borrower or co-borrower. The origination fee will be added to and financed with the requested loan amount at disbursement.
Finance Charge
The finance charge on a loan is the cost of the loan over and above the principal, or original amount borrowed. The finance charge depends on the interest rate, the origination fee, the terms of the loan, and the timing of all payments.
Repayment
We offer three different repayment options for our private loan products.
Traditional Repayment
Make BOTH principal and interest payments one month after receiving your loan.
Interest-Only Repayment
Make ONLY monthly interest payments while in school. Six months after you graduate, begin making monthly principal and interest payments.
Deferred Repayment
Make NO payments while in school. The interest is accrued and added quarterly to the principal balance. Six months after you graduate, begin making both principal and interest payments monthly.
Term Length
MyRichUncle private loan repayment terms are twenty years for undergraduate, graduate, law, and business school students, and twenty-five years for medical and dental students.
Deferral & Forbearance
During repayment, upon meeting certain conditions, you may be able to make reduced payments or no payments for a period of time. This can be described as a deferral or forbearance depending on the circumstances. Interest will continue to accrue during the deferment period and is added to the loan balance when payments resume. You may be eligible for:
- In-school deferment should you return to school
- Internship and residency deferments
- Unemployment deferment
- Economic hardship deferment
- Military deferment
- Administrative forbearances
Disbursement
MyRichUncle Private Loan funds are disbursed directly to you. This gives you flexibility to cover a range of direct and indirect costs, such as books, transportation, and housing.
If you prefer, we can also disburse funds directly to your school.
Benefits
Once you have been approved for a loan, you can get .25% off for electronic payments (Automated Clearing House, or ACH) OR .25% off for 48 on-time consecutive payments. Just one more way MyRichUncle is on your side.
Overview
First of all, good for you.
Internships are invaluable learning experiences for college students - and almost a necessity for any graduate. These days, employers are increasingly demanding that college grads have "real world" experience, and internships are one of the best ways for college students to get that experience.
A recent study released by Vault.com shows that students are listening: almost 9 out of 10 college graduates complete at least one internship, and more than two-thirds take part in two or more internships.
But it's not easy. Many internships are unpaid; others offer only a meager stipend. Lots of college students attend schools in areas that have few internship opportunities, and must relocate to a bigger city during the summer in order to work. It can be hard to afford all that.
MyRichUncle has the solution.
MyRichUncle's Internship Loans are designed to help you fill the gap between the costs associated with your educational or summer internship and the money you have.
These education loans can be used to cover a range of expenses associated with pursuing the internship, including room and board, transportation and other living expenses.
So take that internship you've got your eye on. Don't resort to using high interest rate credit cards or depleting savings to finance your experience. MyRichUncle has the perfect loan for you.
Loans funded by Doral Bank FSB
Funding Limits
MyRichUncle lends anywhere from $1,500 to $15,000 for internship loans.
Example Rates
Let's assume you borrow $10,000, defer payments for 51 months (until 6 months after you graduate), and then make monthly payments for 240 months (20 year term).
Our APR is 7.85%
This is based on a variable interest rate equal to the 3-month LIBOR Rate (2.91% as of April 25, 2008) plus the interest rate margin of 4.9% during your deferral and 5.0% during repayment. The origination fee is 0%. You will pay $115.42 every month during the repayment period.
Total payments of: $27,701.07
Their APR is 9.13%
Based on a variable interest rate equal to the 3-month LIBOR index (2.91% as of April 25, 2008) plus a margin of 6.25%, origination fees of 0%, no payments for 51 months, and monthly payments of $133.73 for 240 months.
Total payments of: $32,094.94.
This is a savings of $4,393.87 over the course of the loan.
And what if their origination fee is 6.25%?
Their APR would be 9.71%
Monthly payments would be $142.64 for 240 months, with total payments of $34,234.61
APR
APR stands for Annual Percentage Rate, and is a measure of what a loan will cost. It takes into account the rate, fees, terms of the loan, and timing of all payments.
Loan Index
A loan index is how banks determine interest rates. The loan index used for MyRichUncle Internship Loans is the 3-month LIBOR Index. LIBOR stands for London Interbank Offered Rate, and is published in the "Money Rates" section of The Wall Street Journal on the first business day of each month.
Origination Fee
We charge origination fees of as low as 0% depending on the credit of the borrower or co-borrower. The origination fee will be added to and financed with the requested loan amount at disbursement.
Finance Charge
The finance charge on a loan is the cost of the loan over and above the principal, or original amount borrowed. The finance charge depends on the interest rate, the origination fee, the terms of the loan, and the timing of all payments.
Repayment
We offer three different repayment options for our internship loan products.
Traditional Repayment
Make BOTH principal and interest payments one month after receiving your loan.
Interest-Only Repayment
Make ONLY monthly interest payments while in school. Six months after you graduate, begin making monthly principal and interest payments.
Deferred Repayment
Make NO payments while in school. The interest is accrued and added quarterly to the principal balance. Six months after you graduate, begin making both principal and interest payments monthly.
Term Length
MyRichUncle private loan repayment terms are twenty years for undergraduate, graduate, law, and business school students, and twenty-five years for medical and dental students.
Deferral & Forbearance
During repayment, upon meeting certain conditions, you may be able to make reduced payments or no payments for a period of time. This can be described as a deferral or forbearance depending on the circumstances. Interest will continue to accrue during the deferment period and is added to the loan balance when payments resume. You may be eligible for:
- In-school deferment should you return to school
- Internship and residency deferments
- Unemployment deferment
- Economic hardship deferment
- Military deferment
- Administrative forbearances
Disbursement
MyRichUncle Internship Loan funds are disbursed directly to you. This gives you flexibility to cover a range of direct and indirect costs, such as books, transportation, and housing.
If you prefer, we can also disburse funds directly to your school.
Benefits
Once you have been approved for a loan, you can get .25% off for electronic payments (Automated Clearing House, or ACH) OR .25% off for 48 on-time consecutive payments. Just one more way MyRichUncle is on your side.
Overview
Finally, a student loan that lets you explore the world!
The number of college students studying abroad has grown by 145% since 1992. Study abroad programs now represent a critical part of the academic curriculum at most private and public colleges and universities. Unfortunately, it is often impossible for students to get sufficient funding for overseas studies. The depreciation of the dollar makes the cost of foreign study especially difficult to cover. Furthermore, many programs are not eligible for federal loan assistance.
MyRichUncle has the solution!
MyRichUncle's Study Abroad loans are designed to help you fill the gap between the cost of your study abroad program and the funding you have from parents, scholarships and school aid like college grants, PLUS loans or Stafford loans.
They can be used to cover a range of expenses associated with pursuing the study abroad program, including tuition, room and board, transportation and other living expenses.
Don't let a lack of funding deter you from pursuing an exciting and culturally enriching study abroad program. MyRichUncle supports both semester abroad and year abroad programs at recognized colleges and universities around the world.
Don't resort to using high interest rate credit cards or depleting parental savings to finance the study abroad program of your dreams.
Loans funded by Doral Bank FSB
Funding Limits
MyRichUncle does not lend less than $1,500 for private loans. We also do not lend more than $50,000 except for students attending business, dental, law, or medical school, who can borrow up to $70,000.
Example Rates
Let's assume you borrow $10,000, defer payments for 51 months (until 6 months after you graduate), and then make monthly payments for 240 months (20 year term).
Our APR is 7.85%
This is based on a variable interest rate equal to the 3-month LIBOR Rate (2.91% as of April 25, 2008) plus the interest rate margin of 4.9% during your deferral and 5.0% during repayment. The origination fee is 0%. You will pay $115.42 every month during the repayment period.
Total payments of: $27,701.07
Their APR is 9.13%
Based on a variable interest rate equal to the 3-month LIBOR index (2.91% as of April 25, 2008) plus a margin of 6.25%, origination fees of 0%, no payments for 51 months, and monthly payments of $133.73 for 240 months.
Total payments of: $32,094.94.
This is a savings of $4,3893.87 over the course of the loan.
And what if their origination fee is 6.25%?
Their APR would be 9.71%
Monthly payments would be $142.64 for 240 months, with total payments of $34,234.61
APR
APR stands for Annual Percentage Rate, and is a measure of what a loan will cost. It takes into account the rate, fees, terms of the loan, and timing of all payments.
Loan Index
A loan index is how banks determine interest rates. The loan index used for MyRichUncle Study Abroad Loans is the 3-month LIBOR Index. LIBOR stands for London Interbank Offered Rate, and is published in the "Money Rates" section of The Wall Street Journal on the first business day of each month.
Origination Fee
We charge origination fees of as low as 0% depending on the credit of the borrower or co-borrower. The origination fee will be added to and financed with the requested loan amount at disbursement.
Finance Charge
The finance charge on a loan is the cost of the loan over and above the principal, or original amount borrowed. The finance charge depends on the interest rate, the origination fee, the terms of the loan, and the timing of all payments.
Repayment
We offer three different repayment options for our internship loan products.
Traditional Repayment
Make BOTH principal and interest payments one month after receiving your loan.
Interest-Only Repayment
Make ONLY monthly interest payments while in school. Six months after you graduate, begin making monthly principal and interest payments.
Deferred Repayment
Make NO payments while in school. The interest is accrued and added quarterly to the principal balance. Six months after you graduate, begin making both principal and interest payments monthly.
Term Length
MyRichUncle private loan repayment terms are twenty years for undergraduate, graduate, law, and business school students, and twenty-five years for medical and dental students.
Deferral & Forbearance
During repayment, upon meeting certain conditions, you may be able to make reduced payments or no payments for a period of time. This can be described as a deferral or forbearance depending on the circumstances. Interest will continue to accrue during the deferment period and is added to the loan balance when payments resume. You may be eligible for:
- In-school deferment should you return to school
- Internship and residency deferments
- Unemployment deferment
- Economic hardship deferment
- Military deferment
- Administrative forbearances
Disbursement
MyRichUncle Study Abroad Loan funds are disbursed directly to you. This gives you flexibility to cover a range of direct and indirect costs, such as books, transportation, and housing.
If you prefer, we can also disburse funds directly to your school.
Benefits
Once you have been approved for a loan, you can get .25% off for electronic payments (Automated Clearing House, or ACH) OR .25% off for 48 on-time consecutive payments. Just one more way MyRichUncle is on your side.
