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Student loan interest rates and fees
 

Private student loans

The following Annual Percentage Rate (APR) examples include sample rates and fees for private student loans funded by Fifth Third Bank. The actual rates and fees applicable to your loan may vary from these numbers shown. Fifth Third uses a one-month London Interbank Offered Rate (LIBOR) index for loans first disbursed on or after June 2, 2008.

The APRs shown are APRs effective as of February 25, 2010.

Annual Percentage Rate (APR) examples:
  • The APR is a variable rate and will increase if the applicable index (one-month LIBOR rate) increases. For purposes of these APR examples, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of February 25, 2010.
  • The one-month LIBOR rate effective on February 25, 2010 is 0.250%.
  • All loan fees are capitalized (added to the loan principal).

Be sure to use our calculator to estimate your monthly payment amount and see how much you can save with a Smart Option Student Loan compared to a “traditional”, deferred payment, private student loan.

The Smart Option Student Loan funded by Fifth Third Bank

  The Smart Option Student Loan Compare to the "traditional" private student loan3 The Smart Option Student Loan difference

APR

10.55%

 

9.6%

 

Interest rate

LIBOR + 9.75%

 

LIBOR + 9.75%

 

Disbursement fee1

3%

 

3%

 

Repayment fee

0%

 

0%

 

Monthly interest only payment2 (during school period and 6-month separation period)

4 payments of $42.92 (first disbursement); and 47 payments of $85.83 (following second disbursement)

 

None

 Borrower must make interest payments during school and separation

Monthly principal and interest payment (following the separation period)

$170.99

 

$155.88

The Smart Option Student Loan requires interest payments during school and separation.

With the Smart Option Student Loan, you’ll pay only $14.11 more in principal and interest payments each month after the 6-month separation period.

Repayment term (in months)

84

 

180

The Smart Option Student Loan allows you to pay off your loan 8 years earlier!

Total amount paid

$18,569.30

 

$28,058.51

 You’ll save $9,489.21 (that’s 34% less) with the Smart Option Student Loan!

1 All loan fees are capitalized (added to the loan principal).
2 Based on private student loan of similar amount from another lender with the same interest rate. Traditional loans do not require the accrued interest to be paid during the in-school or separation period. Traditional loans also often have a longer repayment period.
3 The Annual Percentage Rate (APR) and interest rate on your loan will be variable rates and will change based on changes in the one-month LIBOR rate. Your interest rate and monthly payment may increase if the one-month LIBOR rate increases. For purpose of these calculations, we have assumed that the interest rate does not change.

These examples are based on the following assumptions. Your rate, fee, monthly payment amounts and total cost may vary from those shown here.

To estimate your monthly payment amount, please use our Smart Option Student Loan calculator.

  • The Annual Percentage Rate (APR) and interest rate on your loan will be variable rates and will change based on changes in the one-month LIBOR rate. Your interest rate and monthly payment may increase if the one-month LIBOR rate increases. For purposes of these calculations, we have assumed that the interest rate does not change.
  • The APRs and interest rates shown are effective as of February 25, 2010.
  • These examples are based on a single loan of $10,000 made to a freshman borrower with two disbursements at a four-year not-for-profit institution.
  • Securing a creditworthy cosigner may increase the likelihood of being approved and may help the student obtain a lower interest rate.

The Bar Study Loan
(formerly known as the LAWLOANS Bar Study Loan)

APR examples:

  Bar Study Loan

APR

5.24%

15.02%

Interest rate

LIBOR + 5%

LIBOR + 14%

Disbursement fee

0%

5%

Repayment fee

0%

0%

Monthly principal and interest payment (following the separation period)

$125.33

$235.10

Repayment term (in months)

180

180

Total amount paid

$22,559.31

$42,318.99

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR rate increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of February 25, 2010.
  • A $15,000 loan amount.
  • APR examples are based on a 15-year repayment of principal and interest.
  • Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.

Residency and Relocation Loans

Includes: Medical Residency and Relocation Loan
Dental Residency and Relocation Loan
GHELP Residency and Relocation Loan

APR examples

  Residency and Relocation Loans

APR

5.15%

13.91%

Interest rate

LIBOR + 5%

LIBOR + 14%

Disbursement fee

0%

4%

Repayment fee

0%

0%

Monthly principal and interest payment (following the separation period)

$117.00

$280.97

Repayment term (in months)

240

240

Total amount paid

$28,078.39

$67,435.50

APR assumptions:

  • The Annual Percentage Rate (APR) is a variable rate and will increase if the one-month LIBOR increases. For purposes of this calculation, we have assumed that the interest rate does not change.
  • The APRs shown are APRs effective as of February 25, 2010.
  • A $15,000 loan amount.
  • APR examples are based on a 20-year repayment of principal and interest.
  • Securing a creditworthy cosigner increases the likelihood of being approved and may help the student obtain a lower interest rate.