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smart option
student loan
Paying for education can be intimidating, but we're here to help. In
partnership with Sallie Mae, we are pleased to offer the Smart Option
Student Loan. You can use the Smart Option Student Loan for tuition,
fees, room and board or other school-certified expenses.
features and
benefits
- Save money by making interest payments while in school
- Build credit by making on-time payments
- On-time payment reward - you can receive a 2% REWARD just for
making your payment
on-time while in school and during the
separation period1
- Save .25% on your interest rate when you make monthly payments
automatically from
your Heartland Checking Account2
- Competitive interest rates to ensure you are getting the most
for your money

helpful resources
Planning for college isn't easy but we're here
to help. We hope these resources will help you during this
exciting time.
The Smart Option Student Loan is an ideal solution for families that
still need education funds after they have maximized grants,
scholarships, and federal loans. You pay interest while in school and
can graduate with less debt. To learn more contact a Heartland Loan
Officer today at
(651) 451-5160 or
(800) 813-9185.

1 The 2%
reward benefit is available on the Smart Option Student Loan during the
borrower's initial in-school and separation period only. If the borrower
leaves school but returns later, the reward will not be available for
any subsequent in-school period. The primary borrower must be of the age
of majority in his or her state of residence (typically 18 years old)
and must enroll in Upromise at the time he or she applies for the loan
or already be a Upromise member at the time of the loan application. If
the primary borrower is already a Upromise member at the time of loan
application, the borrower must indicate that when applying for a loan
and provide the requested information to confirm enrollment. To be
eligible to receive the 2% reward, the borrower may not have had two
consecutive scheduled payments past due on the loan for which the
benefit is available. If the borrower has two consecutive scheduled
payments past due, he or she will no longer be eligible for the reward
on that loan. If all conditions are met, the primary borrower will earn
2% of the scheduled payment amount in Upromise rewards into his or her
Upromise account for each payment made by the scheduled due date. The 2%
reward will be based only the scheduled payment amount due and cannot be
earned on payments that exceed the scheduled payment amount. The 2%
reward benefit is subject to the terms and conditions of the Upromise
service (as may be amended from time-to-time), including without
limitation, restrictions on conversion, transfer and redemption of
rewards, reward denomination, including whether and under what
circumstances the rewards have independent cash value, and terms
relating to fees and/or the forfeiture of rewards. Benefit available on
eligible loans first disbursed on or after June 1, 2010.
2
The benefit for enrolling in monthly recurring automatic automatic debit
payments is available for as long as the monthly payment amount is
successfully deducted from the designated bank account. Borrowers can
elect to make payments via automatic debit through Sallie Mae's online
account management system. This benefit is suspended during periods of
forbearance and certain deferments.
3
The
savings example uses approximated numbers, is for informational purposes
only and is an example of loan terms available through the Smart Option
Student Loan. Savings based on a total payment of $28,058.51 for a
traditional 15-year private student loan where payments are deferred
during school and grace periods and $18,569.30 for the Smart Option
Student Loan which represents total potential savings of $9,489.21.
Example of Smart Option Student Loan terms; one loan made to a freshman
borrower of $10,000 with two disbursements and a 10.55% APR [Interest
rate set at LIBOR + 9.75% (LIBOR of 0.250% as of March 25, 2010) with a
3% disbursement fee]. APR may increase may increase after consummation,
Repayment consists of 51 interest payments ranging from $42.92 to $85.83
per month (in-school period of 45 months plus separation period of 6
months), followed by 84 principal and interest payments of $170.99 per
month. Compare against a traditional private student loan where payments
are deferred during school and grace periods in a similar amount with an
estimated APR of 9.64% and repayment consisting of 180 principal and
interest payments of $155.88 per month (following a 45-month in-school
period and 6-month grace period, after which accrued interest is
capitalized).
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