Undergraduate | Health Professions & Residency | Law & Bar Exam | MBA | Graduate
For Financial Aid Office Use Only
Discover Student Loans are made by Discover Bank
©2014 Discover Bank, Member FDIC
Table of Contents
Who We Are and What We Stand For
2
Our Loans
7
Here for You and Your Students
13
Application and Servicing Processes
18
Financial Know-How for Your Students
21
How to Contact Us
28
Appendix A: Additional Loan Details
31
Appendix B: Additional Information
46
July 1, 2014
1
Who We Are and What We Stand For
July 1, 2014
2
Discover Student Loans Overview
Discover Student Loans is one of the largest providers of private student loans in
the United States. We understand that determining how to pay for college and
graduate school has changed, and for the past 29 years we have provided schools,
students and their families with tools and resources to help them navigate these
changes and help them make the dream of a college education into a reality.
As part of Discover Bank, a leading direct bank, we pride ourselves on customer
service excellence and financial stability. We fund, hold and manage the servicing
of our student loans in-house and have knowledgeable, US-based Student Loan
Specialists ready to help our customers 24/7 for the life of the loan.
While Discover is widely known for credit cards, we also offer a variety of banking
and lending products that also feature the same great service and benefits
Discover customers have come to expect. Discover offers personal and home loans;
personal, student and small business credit cards; and personal banking services,
including savings accounts.
July 1, 2014
3
Our Mission and Vision
Our Mission
To help people spend smarter, manage debt better and save more so they achieve
a brighter financial future.
Our Vision
To be the most rewarding relationship consumers and businesses have with a
financial services company.
Corporate Responsibility
Discover believes in being a good corporate citizen. We seek to make a difference
in the community by supporting the goals and activities of not-for-profit
organizations and by rolling up our sleeves as volunteers.
One of our proudest accomplishments is Pathway to Financial Success, which we
created to help bring financial education into classrooms across the country. The
program has been successful and we recently received the Excellence in Financial
Literacy Education (EIFLE) Award and were named Organization of the Year by
The Institute of Financial Literacy for our innovation, dedication and commitment to
advance financial literacy education. For more information about Pathway to
Financial Success, visit: pathwaytofinancialsuccess.org/about-pathway
July 1, 2014
4
Commitment to Responsible Borrowing
We are committed to lend responsibly and encourage students and parents to
maximize grants, scholarships and other free financial aid before taking student
loans.
We recommend students and parents compare the features of federal and private
student loans and choose the loans that best fit their needs.
We require school certification and disburse all undergraduate and graduate
loans through your school so students won’t borrow more than they need and
tuition bills get paid on time. In addition, we send quarterly statements to students
and cosigners during deferment, so they see how much interest is accruing and
know how to make optional payments that reduce the overall cost of the loan.
We believe in giving our customers choices no matter where they are in college,
graduate school or during their post-graduate studies. Students can choose loans
with fixed or variable interest rates, in-school or deferred repayment options and all
loans have zero fees.
July 1, 2014
5
Scholarships
Discover Student Loans makes it easier to find free money to help pay for
college. As part of our promise to encourage responsible borrowing, we give
students and parents access to a scholarship search engine:
DiscoverStudentLoans.com/Scholarship
 Scholarship Search – Search over 3 million
scholarships worth more than $18 billion. No
registration required.
 Scholarship Directory – Looking for specific
scholarships? Use the directory to sort scholarships
by name and category.
July 1, 2014
6
Our Loans
July 1, 2014
7
Discover Student Loans
At Discover Student Loans, we provide loans to students at over 2,200 colleges
and graduate schools across the country to help them cover up to 100% of tuition,
housing, books and more. We also provide post-graduate loans for law students
who are preparing to take the bar exam and health professions students preparing
for their internship or residency.
 Fixed or variable interest rates
 Zero fees (see page 9 for more information)
 Students can choose during the application process to make $25 fixed, monthly
payments while in-school or defer payments while enrolled in school at least halftime
 Rewards for Good Grades (see page 10 for more information)
 0.25% Auto Debit Reward
 0.25% GMAT® Test-Taker Reward (MBA loans)
July 1, 2014
8
Zero Fees
Discover Student Loans understands that fees can add to the overall cost of a
student’s loan. Students will not pay any fees to Discover Student Loans for
the life of their loan.
Zero fees include, but are not limited to:
Zero Loan Fee
Zero Supplemental Fee
Zero Origination Fee
Zero Repayment Fee
Zero Up-Front Fee
Zero Deferment Fee
Zero Guarantee Fee
Zero Forbearance Fee
Zero Insurance Fee
Zero Late Payment Fee
Zero Disbursement Fee
Zero Returned Payment Fee
July 1, 2014
9
Rewards
In addition to zero fees, Discover Student Loans offers money-saving benefits
throughout the life of the loan:
 1% Cash Rewards for Good Grades – Doing homework has it rewards. Now
when students get at least a 3.0 GPA (or equivalent), they get a one-time cash
reward of 1% of the loan amount of each new Discover student loan. Reward
redemption period is limited.
 0.25% Auto Debit Reward – Borrowers can save time, money and 0.25% on
their interest rate when they enroll in automatic debit payments during
repayment.
 0.25% GMAT® Test-Taker Reward – Graduate business students who have
taken the GMAT Test within the last five years will receive a 0.25% interest
rate reduction on Discover MBA Loans to help reduce their cost of borrowing.
We honor the benefits we advertised for existing loans, even if we change our
benefit policies for new loans. Please visit DiscoverStudentLoans.com for
benefit terms and conditions.
July 1, 2014
10
General Terms for Undergraduate and Graduate Loans
Student Eligibility
•
•
•
At least 18 years old (16 if applying with a cosigner)
Enrolled at least half-time and making satisfactory academic progress in an undergraduate, graduate health, law,
MBA or other business degree or graduate degree program
US citizen, permanent resident or international student (International students require a Social Security number
and a cosigner)
Must pass a credit check
Cosigner Eligibility
•
•
•
At least 18 years old
US citizen or permanent resident
Must pass a credit check
Loan Amount
•
•
Up to 100% of the cost of attendance minus other financial aid
Loan amounts are certified and disbursed through the school
Interest Rates
Fixed or variable interest rates
Fees
Zero
Deferment and Forbearance
Periods
•
•
•
•
•
Grace Period
6 months for undergraduate loans; 9 months for graduate loans
Repayment Options
•
•
•
•
Optional in-school deferment while enrolled at least half-time
Up to 3 years of deferment during the life of the loan for Active Military Duty
Up to 3 years of deferment during the life of the loan for Public Service
Up to 5 years of deferment during the life of the loan for Residency
Up to 12 months of forbearance during the life of the loan
15 years for undergraduate loans; 20 years for graduate loans
Students can elect, during the application process, to make $25 fixed, monthly payments while in-school and
during grace period to lower overall loan cost
Students can choose to have payments deferred, which means no payments are due until enrollment drops
below half-time.
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
Rewards for Good Grades
At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount of each new
Discover student loan. Reward redemption period is limited.
Auto Debit Reward
0.25% interest rate reduction when enrolled in automatic debit payments during repayment
GMAT® Test-Taker Reward
•
•
July 1, 2014
0.25% interest rate reduction is applied immediately after loan disbursement for the life of the loan
Eligible borrowers must have taken the GMAT within five years of submitting their loan application
11
General Terms for Post-Graduate Loans
Student Eligibility
•
•
•
•
At least 18 years old (16 if applying with a cosigner)
Bar Exam Loan: Graduated within the past 6 months, or enrolled in the final year in a graduate law degree program
Residency Loan: Graduated within the past 12 months, or enrolled at least half-time in the final year in one of the
following graduate health professions programs: Allopathy, Dentistry, Occupational Therapy, Optometry, Osteopathy,
Pharmacy, Physical Therapy, Physician Assistant, Podiatry, Nursing or Veterinary Medicine
US citizen, permanent resident or international student (International students require a Social Security number and a
cosigner)
Must pass a credit check
Cosigner Eligibility
•
•
•
At least 18 years old
US citizen or permanent resident
Must pass a credit check
Loan Amount
•
•
Bar Exam Loan: Up to $16,000
Residency Loan: Up to $18,000 for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry or Veterinary
Medicine
Residency Loan: Up to $5,000 for Nursing, Occupational Therapy, Physician Assistant or Physical Therapy
Loan amounts are disbursed to the borrower via check or direct deposit
•
•
•
Interest Rates
Fixed or variable interest rates
Fees
Zero
Deferment and
Forbearance Periods
•
•
•
•
•
Grace Period
Ends 9 months after graduation
Repayment Options
•
•
•
Optional in-school deferment with no payments required while enrolled at least half-time
Up to 3 years of deferment during the life of the loan for Active Military Duty
Up to 3 years of deferment during the life of the loan for Public Service
Up to 5 years of deferment during the life of the loan for Residency
Up to 12 months of forbearance during the life of the loan
20 years
Students can elect, during the application process, to make $25 fixed, monthly payments while in-school and during grace
period to lower overall loan cost
Students can choose to have payments deferred, which means no payments are due until enrollment drops below halftime.
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
Auto Debit Reward
0.25% interest rate reduction when enrolled in automatic debit payments during repayment
July 1, 2014
12
Here for You and Your Students
July 1, 2014
13
Online Support Is Always Available
For schools, we provide secure online access to view loan status, check reports
and certify loans. We can customize your school’s setup to provide a variety of
reports on applications in process and disbursed loans via e-mail or our website,
DiscoverStudentLoans.com.
July 1, 2014
14
A Dedicated Team for You
We are committed to providing excellent service to you and your staff. Dedicated
school support is available 8:00 a.m. – 9:00 p.m. ET, Monday through Friday.
Your Priority Services team can be reached at 1-877-321-5018 or e-mailed at
FAOService@DiscoverStudentLoans.com to answer questions about
operations, individual applications and specific accounts.
Billye Jean Stroud is the Relationship Manager dedicated to your school and can
be reached at 1-662-538-0303 and BillyeJeanStroud@Discover.com. Billye Jean
can answer a variety of questions related to the Discover Student Loans program
and facilitate resolution of any servicing issues.
July 1, 2014
15
24/7 US-Based Customer Service
Our knowledgeable US-based Student Loan Specialists are available anytime 24
hours a day, 7 days a week at 1-800-STUDENT. When students and parents call
us, they reach a live person who helps them with:
 General inquiries
 Applications by phone
 Student or parent inquiries on applications in process or existing loans
Our customer service call centers are located in Phoenix, Arizona and West Valley,
Utah.
Hearing impaired customers can call our TDD number at 1-800-223-5614.
Service Standards
We answer 90% of customer calls within 60 seconds, and our average speed of
answer is under 20 seconds. We manage our abandon rate to less than 3%.
Customers may also contact us via e-mail and mail, and we reply within two
business days.
July 1, 2014
16
Convenient Online Support
DiscoverStudentLoans.com has tips and tools to assist students as they explore
financial aid, apply for private student loans and prepare for repayment.
We feature Live Chat and secure e-mail on our website as an added convenience
for customers to get the answers they need.
From their online account, students and cosigners can:
 Apply for a loan and get an immediate credit response
 Electronically sign or download the Promissory Note, Self-Certification Form and
Cosigner Addendum
 View loan balances and interest rates
 Update personal information (phone, address, e-mail, password)
 Print forms for deferment and automatic payment enrollment
More information and resources to help educate students and parents about paying
for college is available at: StudentLoan.com
July 1, 2014
17
Application and Servicing Processes
July 1, 2014
18
The Application Process, Step-by-Step
Students can apply anytime online at DiscoverStudentLoans.com and by phone.
To help expedite the application process, we offer electronic signature capability for
the Promissory Note, Self-Certification Form and Cosigner Addendum.
Throughout the process, we follow up with applicants via mail, e-mail and phone to
review required steps for application and loan approval and help ensure they get
their student loan on time.
Step 1
Step 2
Step 3
Apply online or by
phone.
Sign loan documents
online or send by mail.
Accept the loan terms.
We review credit history
and give an immediate
credit response and let
the applicant know if
he/she qualifies for the
loan.
July 1, 2014
We contact your school
to request certification
for undergraduate and
graduate loans;
verification for postgraduate loans for
enrolled students.
19
We send funds directly
to your school for
undergraduate and
graduate loans; to the
borrower via check or
direct deposit for postgraduate loans.
Certification and Disbursement Options to Meet Your Needs
We provide a variety of processing options to support your school’s certification and
disbursement preferences.
Certification Methods
Disbursement Methods
ELMNet
ELM National Disbursement Network
Great Lakes ScholarNet
Great Lakes CDS
iLink
iLink CDS
SM OpenNet
EFT to your school’s bank account
SBS with Commonline 4
Individual Paper Check
Online via our website
Fax
For Bar Exam Loans and Residency Loans: May require school verification for enrolled students.
Disbursed to the borrower via check or direct deposit.
July 1, 2014
20
Financial Know-How for Your Students
July 1, 2014
21
Financial Know-How for Students
We take a multi-level approach to helping customers with financial literacy, debt
management and default prevention:
 Online educational tools and resources
 Underwriting and borrowing responsibly
 Proactive default-prevention initiatives
July 1, 2014
22
Financial Literacy Tools at Your Fingertips
We understand that students and parents have a lot on their mind when it comes to
figuring out how to pay for college. Content and resources on
DiscoverStudentLoans.com is organized so information is simple and easy to
understand.
The Pay for College section on our website
includes financial literacy content dedicated
to educating students and parents about
financial aid and student loans. Students and
parents can find information about:
 Free money options, including how to
search and apply for grants and
scholarships
 Tips for comparing federal and private
student loans and understanding student
loan interest rates
In addition to financial aid and student loans,
there is also practical advice about preparing
for on-campus visits and choosing between
in-state and out-of-state schools.
July 1, 2014
23
StudentLoan.com for Students and Parents
We also have more information and resources for both students and parents at
StudentLoan.com — our educational website about paying for college.
 Plan for College has information about
preparing and paying for college.
 Learn About Loans has overviews of
federal and private student loans and tools
to help you understand how to borrow
responsibly.
 For Parents provides information and tips
to help parents decide how to help pay for
their child’s education.
 Calculators help students and parents
understand what they may need to borrow
and estimate their monthly payments.
July 1, 2014
24
Underwriting and Borrowing Responsibly
We utilize proprietary underwriting criteria that considers credit history and other
factors. This and the industry-standard, FICO-based decisioning, factor into our
credit decisions.
Applying with a Creditworthy Cosigner
We evaluate all student loan applications for individual eligibility first. Many
students don’t have an established credit history or income and therefore will need
a cosigner. Students who qualify for the loan as an individual have the option to
apply with a cosigner. As part of our process, we inform students of the option to
add a creditworthy cosigner, which may improve their likelihood for loan approval
and a lower interest rate.
Borrowing Responsibly and Establishing Good Credit
We understand that for many students, the first time they take out a loan is when
they borrow for college. The Pay Your Loans section on our website includes ways
to reduce student loans costs, debt management advice and tips about building
and maintaining a good credit history. Students can also get information about
repayment and details about their deferment options.
July 1, 2014
25
Proactive Efforts to Limit Default
Discover Student Loans is committed to helping our student loan customers avoid
the negative consequences of delinquency and default. Our Repayment Assistance
department contacts customers before and during repayment to deliver support and
identify solutions for successful repayment.
 While the loan is in deferment or forbearance, we send quarterly statements to
students and cosigners so they can see how much interest is accruing and know
how to make optional payments that reduce the overall cost of their loan.
 While the loan is in repayment, students can manage their account online 24/7.
Students are encouraged to call our Student Loan Specialists if they have
questions regarding repayment or are having difficulty making a payment.
 If students miss a payment, we contact them to discuss available options and
help them get back on track.
July 1, 2014
26
Repayment Assistance Options
Deferment
A temporary postponement of payments.
Payments are postponed for a cumulative
total of 12-months for the life of the loan.
(Once students make 6 months of on-time
payments, following the original 9-month
Forbearance
forbearance period, they may become
eligible for an additional 3-months of
forbearance for a cumulative maximum of
12 months.)
Grace
Extension
Reduced
Payment
Payment
Extension
Students must be enrolled in school at least
half-time, on active military duty, serving in a
public service organization or in a medical
residency.
Students must be experiencing hardship due
to unemployment, economic hardship,
excessive student loan burden or medical
disability.
Students must be within the first 6 months of
their repayment period and their student
A 3-month extension of the grace period.
loan(s) are less than 60 days delinquent.
The minimum monthly payment is reduced Student loan(s) must be less than 60 days
to an estimated monthly interest amount
delinquent and the student did not previously
($50.00 minimum) for 6 months.
participate in a similar repayment option.
Students must be within the first 6 months of
Allows students to bring their loan current
their repayment period, and their student
by making 3 minimum monthly payments
loans are more than 60 days delinquent and
(or the equivalent amount of 3 minimum
have not been in forbearance for the past 6
monthly payments) within a 90-day period.
months.
Full chart details available here: https://www.discover.com/student-loans/repayment/payment-options.html
July 1, 2014
27
How to Contact Us
July 1, 2014
28
School Information
Priority Services
1-877-321-5018
8:00 a.m. – 9:00 p.m. ET
Monday – Friday
Fax: 1-801-996-2530
FAOService@DiscoverStudentLoans.com
Special Delivery
Discover Student Loans
Customer Service
5420 W 1730 S
Salt Lake City, UT 84104
Regular Mail
Discover Student Loans
Customer Service
PO Box 30947
Salt Lake City, UT 84130-0947
Lender ID / Servicer Code
831312
July 1, 2014
29
Borrower Information
Customer Service for Students and
Cosigners
1-800-STUDENT
24 hours a day, 7 days a week
TDD: 1-800-223-5614
Service@DiscoverStudentLoans.com
Special Delivery
Discover Student Loans
Customer Service
5420 W 1730 S
Salt Lake City, UT 84104
Regular Mail
Discover Student Loans
Customer Service
PO Box 30947
Salt Lake City, UT 84130-0947
Borrower Payments
Great Lakes
PO Box 3059
Milwaukee, WI 53201-3059
July 1, 2014
30
Appendix A: Additional Loan Details
July 1, 2014
31
Undergraduate Loans
Loan Name
Discover Undergraduate Loan
Product/Guarantor Code
320/310
Student Eligibility
• At least 18 years old (16 if applying with a cosigner)
• Enrolled at least half-time and making satisfactory academic progress in a 4- or 5-year
undergraduate degree program
• US citizen, permanent resident or international student (International students require a Social
Security number and a cosigner)
• Must pass a credit check
Cosigner Eligibility
• At least 18 years old
• US citizen or permanent resident
• Must pass a credit check
Loan Amount
•
•
•
•
Interest Rates
• Fixed interest rates ranging from 5.99% APR to 11.24% APR
• Variable interest rates ranging from 3-Month LIBOR Index + 2.74% to 3-Month LIBOR Index +
8.24% (starting rates currently range from 2.99% APR to 8.49% APR)
• The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the
loan if the 3-Month LIBOR Index increases. This may result in higher monthly payments, an
increase in the number of scheduled payments or both.
Fees
Zero
Up to 100% of the cost of attendance minus other financial aid
$150,000 aggregate borrowing limit
$1,000 minimum on each loan
Loan amounts are certified and disbursed through the school
We will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index,
published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of
one percent (0.125% or 0.00125).
July 1, 2014
32
Undergraduate Loans
Deferment and
Forbearance Periods
• Optional in-school deferment with no payments required while enrolled at least half-time
• Up to 3 years of deferment during the life of the loan for Active Military Duty
• Up to 3 years of deferment during the life of the loan for Public Service with the National
Oceanic and Atmospheric Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program)
• Up to 5 years of deferment during the life of the loan for Residency
• Up to 12 months of forbearance during the life of the loan
Grace Period
6 months
Repayment Options
• 15 years
• Students can elect, during the application process, to make $25 fixed, monthly payments while
in-school and during grace period to lower overall loan cost
• Students can choose to have payments deferred, which means no payments are due until 6
months after graduation or enrollment drops below half-time
• Payments can be made anytime to help reduce the overall cost of the loan and there is never
a penalty for prepaying
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
Rewards for Good Grades
At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount
of each new Discover student loan. Reward redemption period is limited.
0.25% Auto Debit Reward
0.25% interest rate reduction while enrolled in automatic debit payments during repayment
Application Methods
• Online at DiscoverStudentLoans.com
• Phone at 1-800-STUDENT
July 1, 2014
33
Health Professions Loans
Loan Name
Discover Health Professions Loan
Product/Guarantor Code
322/310
Student Eligibility
• At least 18 years old (16 if applying with a cosigner)
• Enrolled at least half-time and making satisfactory academic progress in one of the following
graduate health professions programs: Allopathy, Dentistry, Nursing,
Occupational Therapy, Optometry, Osteopathy, Pharmacy, Physical Therapy, Physician Assistant,
Podiatry or Veterinary Medicine
• US citizen, permanent resident or international student (International students require a Social
Security number and a cosigner)
• Must pass a credit check
Cosigner Eligibility
• At least 18 years old
• US citizen or permanent resident
• Must pass a credit check
Loan Amount
• Up to 100% of the cost of attendance minus other financial aid
• $275,000 aggregate borrowing limit for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy,
Podiatry and Veterinary Medicine
• $180,000 aggregate borrowing limit for Nursing, Occupational Therapy, Physical Therapy and
Physician Assistant
• $1,000 minimum on each loan
• Loan amounts are certified and disbursed through the school
Interest Rates
• Fixed interest rates ranging from 5.99% APR to 9.74% APR
• Variable interest rates ranging from 3-Month LIBOR Index + 2.74% to 3-Month LIBOR Index +
6.74% (starting rates currently range from 2.99% APR to 6.99% APR)
• The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the loan
if the 3-Month LIBOR Index increases. This may result in higher monthly payments, an increase in
the number of scheduled payments or both.
We will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index,
published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of
one percent (0.125% or 0.00125).
July 1, 2014
34
Health Professions Loans
Fees
Zero
Deferment and
Forbearance Periods
• Automatic in-school deferment with no payments required while enrolled at least half-time
• Up to 3 years of deferment during the life of the loan for Active Military Duty
• Up to 3 years of deferment during the life of the loan for Public Service with the National
Oceanic and Atmospheric Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program)
• Up to 5 years of deferment during the life of the loan for Residency
• Up to 12 months of forbearance during the life of the loan
Grace Period
9 months
Repayment Options
• 20 years
• Students can elect, during the application process, to make $25 fixed, monthly payments while
in-school and during grace period to lower overall loan cost
• Students can choose to have payments deferred, which means no payments are due until 9
months after graduation or enrollment drops below half-time
• Payments can be made anytime to help reduce the overall cost of the loan and there is never
a penalty for prepaying
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
Rewards for Good Grades
At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount
of each new Discover student loan. Reward redemption period is limited.
0.25% Auto Debit Reward
0.25% interest rate reduction while enrolled in automatic debit payments during repayment
Application Methods
• Online at DiscoverStudentLoans.com
• Phone at 1-800-STUDENT
July 1, 2014
35
Residency Loans
Loan Name
Discover Residency Loan
Student Eligibility
• At least 18 years old
• Graduated within the past 12 months, or enrolled at least half-time and making satisfactory
academic progress in the final year of study in a graduate health professions program
• US citizen, permanent resident or international student (International students require a Social
Security number and a cosigner)
• Must pass a credit check
Cosigner Eligibility
• At least 18 years old
• US citizen or permanent resident
• Must pass a credit check
Loan Amount
• Up to $18,000 for Allopathy, Dentistry, Optometry, Osteopathy, Pharmacy, Podiatry
• and Veterinary Medicine ($275,000 aggregate borrowing limit)
• Up to $5,000 for Nursing, Occupational Therapy, Physical Therapy and Physician Assistant
($180,000 aggregate borrowing limit)
• $1,000 minimum on each loan
• Loan amounts are disbursed to the borrower via check or direct deposit
• For residency, internship, relocation and board exam review expenses
Interest Rates
• Fixed interest rates ranging from 5.99% APR to 9.99% APR
• Variable interest rates ranging from 3-Month LIBOR Index + 2.74% to 3-Month LIBOR Index +
6.99% (starting rates currently range from 2.99% APR to 7.24% APR)
• The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the
loan if the 3-Month LIBOR Index increases. This may result in higher monthly payments, an
increase in the number of scheduled payments or both.
We will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index,
published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of
one percent (0.125% or 0.00125).
July 1, 2014
36
Residency Loans
Fees
Zero
Deferment and
Forbearance Periods
• Automatic in-school deferment with no payments required while enrolled at least half-time
• Up to 3 years of deferment during the life of the loan for Active Military Duty
• Up to 3 years of deferment during the life of the loan for Public Service with the National
Oceanic and Atmospheric Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program)
• Up to 5 years of deferment during the life of the loan for Residency
• Up to 12 months of forbearance during the life of the loan
Grace Period
Ends 9 months after graduation
Repayment Options
20 years
• Students can elect, during the application process, to make $25 fixed, monthly payments
while in-school and during grace period to lower overall loan cost
• Students can choose to have payments deferred, which means no payments are due until 9
months after graduation or enrollment drops below half-time
• Payments can be made anytime to help reduce the overall cost of the loan and there is never
a penalty for prepaying
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
0.25% Auto Debit Reward
0.25% interest rate reduction while enrolled in automatic debit payments during repayment
Application Methods
• Online at DiscoverStudentLoans.com
• Phone at 1-800-STUDENT
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37
Law Loans
Loan Name
Discover Law Loan
Product/Guarantor Code
323/310
Student Eligibility
• At least 18 years old (16 if applying with a cosigner)
• Enrolled at least half-time and making satisfactory academic progress in a graduate law degree
program
• US citizen, permanent resident or international student (International students require a Social
Security number and a cosigner)
• Must pass a credit check
Cosigner Eligibility
• At least 18 years old
• US citizen or permanent resident
• Must pass a credit check
Loan Amount
•
•
•
•
Interest Rates
• Fixed interest rates ranging from 5.99% APR to 9.74% APR
• Variable interest rates ranging from 3-Month LIBOR Index + 2.74% to 3-Month LIBOR Index +
6.74% (starting rates currently range from 2.99% APR to 6.99% APR)
• The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the
loan if the 3-Month LIBOR Index increases. This may result in higher monthly payments, an
increase in the number of scheduled payments or both.
Fees
Zero
Up to 100% of the cost of attendance minus other financial aid
$180,000 aggregate borrowing limit
$1,000 minimum on each loan
Loan amounts are certified and disbursed through the school
We will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index,
published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of
one percent (0.125% or 0.00125).
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Law Loans
Deferment and
Forbearance Periods
• Automatic in-school deferment with no payments required while enrolled at least half-time
• Up to 3 years of deferment during the life of the loan for Active Military Duty
• Up to 3 years of deferment during the life of the loan for Public Service with the National
Oceanic and Atmospheric Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program)
• Up to 5 years of deferment during the life of the loan for Residency
• Up to 12 months of forbearance during the life of the loan
Grace Period
9 months
Repayment Options
20 years
• Students can elect, during the application process, to make $25 fixed, monthly payments while
in-school and during grace period to lower overall loan cost
• Students can choose to have payments deferred, which means no payments are due until 9
months after graduation or enrollment drops below half-time
• Payments can be made anytime to help reduce the overall cost of the loan and there is never
a penalty for prepaying
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
Rewards for Good Grades
At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount
of each new Discover student loan. Reward redemption period is limited.
0.25% Auto Debit Reward
0.25% interest rate reduction while enrolled in automatic debit payments during repayment
Application Methods
• Online at DiscoverStudentLoans.com
• Phone at 1-800-STUDENT
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Bar Exam Loans
Loan Name
Discover Bar Exam Loan
Student Eligibility
• At least 18 years old
• Graduated within the past 6 months, or enrolled at least half-time and making satisfactory
academic progress in the final year of study in a graduate law degree program
• US citizen, permanent resident or international student (International students require a Social
Security number and a cosigner)
• Must pass a credit check
Cosigner Eligibility
• At least 18 years old
• US citizen or permanent resident
• Must pass a credit check
Loan Amount
•
•
•
•
Interest Rates
• Fixed interest rates ranging from 5.99% APR to 11.24% APR
• Variable interest rates ranging from 3-Month LIBOR Index + 2.74% to 3-Month LIBOR Index +
8.24% (starting rates currently range from 2.99% APR to 8.49% APR)
• The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the
loan if the 3-Month LIBOR Index increases. This may result in higher monthly payments, an
increase in the number of scheduled payments or both.
Fees
Zero
Up to $16,000
$180,000 aggregate borrowing limit
$1,000 minimum on each loan
Loan amounts are disbursed to the borrower via check or direct deposit
We will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index,
published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of
one percent (0.125% or 0.00125).
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Bar Exam Loans
Deferment and
Forbearance Periods
• Automatic in-school deferment with no payments required while enrolled at least half-time
• Up to 3 years of deferment during the life of the loan for Active Military Duty
• Up to 3 years of deferment during the life of the loan for Public Service with the National
Oceanic and Atmospheric Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program)
• Up to 5 years of deferment during the life of the loan for Residency
• Up to 12 months of forbearance during the life of the loan
Grace Period
Ends 9 months after graduation
Repayment Options
20 years
• Students can elect, during the application process, to make $25 fixed, monthly payments
while in-school and during grace period to lower overall loan cost
• Students can choose to have payments deferred, which means no payments are due until 9
months after graduation or enrollment drops below half-time
• Payments can be made anytime to help reduce the overall cost of the loan and there is never
a penalty for prepaying
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
0.25% Auto Debit Reward
0.25% interest rate reduction while enrolled in automatic debit payments during repayment
Application Methods
• Online at DiscoverStudentLoans.com
• Phone at 1-800-STUDENT
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MBA Loans
Loan Name
Discover MBA Loan
Product/Guarantor Code
324/310
Student Eligibility
• At least 18 years old (16 if applying with a cosigner)
• Enrolled at least half-time and making satisfactory academic progress in a graduate business
degree program
• US citizen, permanent resident or international student (International students require a Social
Security number and a cosigner)
• Must pass a credit check
Cosigner Eligibility
• At least 18 years old
• US citizen or permanent resident
• Must pass a credit check
Loan Amount
•
•
•
•
Interest Rates
• Fixed interest rates ranging from 5.99% APR to 9.74% APR
• Variable interest rates ranging from 3-Month LIBOR Index + 2.74% to 3-Month LIBOR Index +
6.74% (starting rates currently range from 2.99% APR to 6.99% APR)
• The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the
loan if the 3-Month LIBOR Index increases. This may result in higher monthly payments, an
increase in the number of scheduled payments or both.
Fees
Zero
Up to 100% of the cost of attendance minus other financial aid
$180,000 aggregate borrowing limit
$1,000 minimum on each loan
Loan amounts are certified and disbursed through the school
We will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index,
published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of
one percent (0.125% or 0.00125).
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MBA Loans
Deferment and
Forbearance Periods
• Automatic in-school deferment with no payments required while enrolled at least half-time
• Up to 3 years of deferment during the life of the loan for Active Military Duty
• Up to 3 years of deferment during the life of the loan for Public Service with the National
Oceanic and Atmospheric Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program)
• Up to 5 years of deferment during the life of the loan for Residency
• Up to 12 months of forbearance during the life of the loan
Grace Period
9 months
Repayment Options
20 years
• Students can elect, during the application process, to make $25 fixed, monthly payments while
in-school and during grace period to lower overall loan cost
• Students can choose to have payments deferred, which means no payments are due until 9
months after graduation or enrollment drops below half-time
• Payments can be made anytime to help reduce the overall cost of the loan and there is never
a penalty for prepaying
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
Rewards for Good Grades
At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount
of each new Discover student loan. Reward redemption period is limited.
0.25% Auto Debit Reward
0.25% interest rate reduction while enrolled in automatic debit payments during repayment
GMAT® Test-Taker
Reward
• 0.25% interest rate reduction is applied immediately after loan disbursement for the life of the
loan
• Eligible borrowers must have taken the GMAT within five years of submitting their loan
application
Application Methods
• Online at DiscoverStudentLoans.com
• Phone at 1-800-STUDENT
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Graduate Loans
Loan Name
Discover Graduate Loan
Product/Guarantor Code
321/310
Student Eligibility
• At least 18 years old (16 if applying with a cosigner)
• Enrolled at least half-time and making satisfactory academic progress in a 4- or 5-year
graduate degree program
• US citizen, permanent resident or international student (International students require a Social
Security number and a cosigner)
• Must pass a credit check
Cosigner Eligibility
• At least 18 years old
• US citizen or permanent resident
• Must pass a credit check
Loan Amount
•
•
•
•
Interest Rates
• Fixed interest rates ranging from 5.99% APR to 10.74% APR
• Variable interest rates ranging from 3-Month LIBOR Index + 2.74% to 3-Month LIBOR Index +
7.74% (starting rates currently range from 2.99% APR to 7.99% APR)
• The Annual Percentage Rate (APR) for a variable rate loan may increase during the life of the
loan if the 3-Month LIBOR Index increases. This may result in higher monthly payments, an
increase in the number of scheduled payments or both.
Fees
Zero
Up to 100% of the cost of attendance minus other financial aid
$150,000 aggregate borrowing limit
$1,000 minimum on each loan
Loan amounts are certified and disbursed through the school
We will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index,
published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of
one percent (0.125% or 0.00125).
July 1, 2014
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Graduate Loans
Deferment and
Forbearance Periods
• Automatic in-school deferment with no payments required while enrolled at least half-time
• Up to 3 years of deferment during the life of the loan for Active Military Duty
• Up to 3 years of deferment during the life of the loan for Public Service with the National
Oceanic and Atmospheric Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program)
• Up to 5 years of deferment during the life of the loan for Residency
• Up to 12 months of forbearance during the life of the loan
Grace Period
9 months
Repayment Options
20 years
• Students can elect, during the application process, to make $25 fixed, monthly payments while
in-school and during grace period to lower overall loan cost
• Students can choose to have payments deferred, which means no payments are due until 9
months after graduation or enrollment drops below half-time
• Payments can be made anytime to help reduce the overall cost of the loan and there is never
a penalty for prepaying
Loan Forgiveness
In the event of the primary borrower’s death or permanent disability
Rewards for Good Grades
At least a 3.0 GPA (or equivalent) qualifies for a one-time cash reward of 1% of the loan amount
of each new Discover student loan. Reward redemption period is limited.
0.25% Auto Debit Reward
0.25% interest rate reduction while enrolled in automatic debit payments during repayment
Application Methods
• Online at DiscoverStudentLoans.com
• Phone at 1-800-STUDENT
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Appendix B: Additional Information
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46
General Information
Length of time in student loan
industry
Discover Student Loans launched in 2007 and is supported by the financial strength and
experience of Discover Bank. In addition, Discover acquired The Student Loan Corporation
from Citibank, N.A. in December 2010, which brought over 29 years of student loan
experience to Discover Student Loans.
Source of funds
We are a large, stable lender with $75 billion in assets – one of the highest capital ratios in
the industry. Our primary source for new student loan funding is deposits, which does not
rely on short-term, credit-sensitive funding sources.
Student loan provider
affiliations
Discover Bank is not affiliated with any other student loan providers.
Loan servicing
We fund, hold and provide most of the servicing of our student loans in-house and have
knowledgeable, US-based Student Loan Specialists ready to help our customers 24/7 for the
life of the loan. We use third party servicers for some servicing activities.
Selling loans
Discover has not sold and does not plan to sell our private loans.
Business continuity/disaster
plan
Discover has developed and instituted business continuity and disaster recovery plans.
Documented recovery strategies and address storage and backup requirements,
dependencies, hardware and software requirements, recovery time objectives and recovery
point objectives.
Cross-sell products and
services
Discover is a leading provider of credit cards. We do not share our list of customers for credit
marketing purposes while students are in school. We may market non-card products that are
relevant to our student loan customers and their financial needs. Borrowers can always opt
out of any marketing solicitations.
Membership/banking
relationship
There are no memberships or banking relationships required for loan or loan benefits.
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General Information
Federal loan eligibility
We recommend students compare federal and private student loans if they need to borrow
and choose the loans that best fit their needs.
Direct-to-consumer loans
All of our undergraduate and graduate Discover Student Loans are school certified to
confirm enrollment and ensure borrowing is consistent with the cost of attendance less
other sources of aid. The Bar Exam and Residency Loans are disbursed to the borrower
and may require school verification for enrolled students.
Private loan consolidation
We launched our private consolidation loan as part of a pilot program. We hope to make it
available to the general public sometime in the future.
Past-due balances
Discover Student Loans are not available for past-due balances. Borrowers must apply
before the enrollment period end date to be eligible for Discover Student Loans. Bar Exam
Loans do not require school certification and are available to students who have graduated
within the past 6 months.
Cosigner release
We do not offer a cosigner release. Keeping a cosigner for the loan duration reduces
default risk.
Aggregate loan limits
Aggregate loan limits include all education borrowing.
Minimum monthly payment
In-School Repayment: Fixed payments ($25 per loan) are due immediately following the
first disbursement and continue until 6 or 9 months after separation date (fixed payment
period). Full principal and interest payments ($50.00 per month) will be due for 180 or 240
months following the fixed in-school payment period.
Guarantors
July 1, 2014
Deferred Repayment: No payments are due during school and grace periods. The minimum
amount due in repayment is $50 per month.
Discover Student Loans does not use a guarantor.
48
Interest Rates and Fees
Interest rate or fee reduction for In some cases, students applying with a creditworthy cosigner will receive a lower
adding a cosigner
interest rate. We do not charge any fees for any of our Discover Student
Loans.
Variable interest rate
adjustments
•
•
Variable interest rates are based on the 3-Month LIBOR Index and adjust
quarterly on each January 1, April 1, July 1 and October 1.
The “interest rate change date”, based on the 3-Month LIBOR Index, published
in the Money Rates section of the Wall Street Journal 15 days prior to the
interest rate change date, rounded up to the nearest one-eighth of one percent
(0.125% or 0.00125).
Current 3-Month LIBOR Index
Visit https://www.discover.com/student-loans/private-student-loans/interest-rates-andapr.html for APR examples and current rates.
Interest rate cap
The variable interest rate will never be higher than 18% per year, regardless of the 3Month LIBOR index. There is no interest rate floor.
Capitalizing interest
We will capitalize any and all unpaid interest at the beginning of the Repayment
Period (the period of the loan when full payment of principal and interest is required)
and at the conclusion of any subsequent deferment or forbearance period. At that
time, we send a new repayment schedule to the customer that discloses the
capitalized interest and minimum monthly payment amount.
Accruing interest
Unpaid interest is capitalized at the conclusion of any grace, deferment or
forbearance periods.
Fees
We have zero fees, including zero: origination fees, prepayment fees, late payment
charges, returned payment charges and deferment or forbearance fees.
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Deferment, Forbearance and Repayment
In-school deferment
Students who are enrolled in school at least half-time can choose unlimited
deferment. The student always has the option to make payments ahead of
schedule without penalty.
Fees for deferment and
forbearance
•
•
•
Repayment options
• Students can elect, during the application process, to make $25 fixed, monthly
payments while in-school and during grace period to lower overall loan cost.
• Students can choose to have payments deferred, which means no payments are due
until 6 or 9 months after graduation or enrollment drops below half-time.
• Payments can be made anytime to help reduce the overall cost of the loan and there
is never a penalty for prepaying.
• Repayment assistance options are available for students experiencing difficulty
repaying.
Loan forgiveness policy
We forgive loans in the event of the primary borrower’s death or permanent disability.
July 1, 2014
We have zero fees for loan deferments or forbearances.
Interest will continue to accrue during any deferment or forbearance period.
We will capitalize any and all unpaid interest at the beginning of the Repayment
Period (the period of the loan when full payment of principal and interest is
required) and at the conclusion of any subsequent deferment or forbearance
period. At that time, we send a new repayment schedule to the customer that
discloses the capitalized interest and minimum monthly payment amount.
50
Deferment Type and Duration
Active Military Duty
Must be on active duty or performing qualifying National Guard duty during a war, other
military operation or a national emergency.
Duration: Up to 3 years during the life of the loan
Note: Under the Servicemembers Civil Relief Act, servicemembers who are on active duty
or performing qualifying National Guard duty are entitled to a maximum interest rate of
6.00% on student loans obtained prior to the start of active duty.
Residency
Must be enrolled in a residency program for a health care profession in a hospital or health
care facility.
Duration: Up to 5 years during the life of the loan
Public Service
Must agree to serve at least one year with AmeriCorps, the National Oceanic and
Atmosphere Administration, Peace Corps, Red Cross, US Public Health Service
Commissioned Corps or US Department of State (Fulbright Program).
Duration: Up to 3 years during the life of the loan
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Forbearance Type and Duration
Students are eligible for a cumulative forbearance period of 12 months for the life of the loan.
Unemployment
Unemployed and actively seeking employment
Economic Hardship
Total monthly gross income is 150% below the poverty level comparable to a
similar family size
Excessive Student Loan
Burden
Monthly student loan payments are greater than 20% of total monthly gross income
Medical Disability
Temporary medical disability or illness that prevents a customer from earning an
income. In the event of a permanent disability, the loan will be eligible for
forgiveness.
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Loan Eligibility and Borrower Benefits
Enrollment requirement
Undergraduate, Health Professions, Law, MBA, and Graduate Loans
Students must be enrolled at least half-time and making satisfactory academic progress in:
• 4- or 5-year undergraduate degree program, or
• Graduate degree program, including:
• The following health professions programs: Allopathy, Dentistry, Nursing, Occupational Therapy,
Optometry, Osteopathy, Pharmacy, Physical Therapy, Physician Assistant, Podiatry or Veterinary
Medicine
• Law
• MBA or other graduate business degree program
Bar Exam Loans
Students must either:
• Be enrolled at least half-time and making satisfactory academic progress in final year of study in a graduate
law degree program, or
• Have graduated within the past 6 months from a graduate law degree program
Residency Loans
Students must either:
• Be enrolled at least half-time and making satisfactory academic progress in final year of study in a graduate
health professions program, or
• Have graduated within the past 12 months from a graduate health professions program
International students
Note: If students are taking summer classes or are in their final semester before graduation, they will be
considered full-time or half-time according to their regular status during the academic year.
International students with a valid Social Security number and a cosigner (who is a citizen or permanent
resident) are eligible for Discover Student Loans.
Non-matriculating,
We do not offer a loan for these situations.
certificate, less than halftime students
Guaranteed benefits
We honor the benefits we advertised for existing loans, even if we change our benefit policies for new loans.
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Underwriting and Credit Criteria
Underwriting criteria
We utilize a proprietary underwriting score in addition to the industry-standard, FICObased decisioning, to improve the quality of credit decisions.
Credit check
A positive credit check is valid on the application it was pulled for, up to 120 days. If the
applicant submits an additional loan application within 30 days of the first credit report
inquiry, we will use the same credit report inquiry for both applications. Otherwise, we will
pull another credit report.
Cosigner eligibility
requirements
•
•
•
US Citizen or permanent resident
At least 18 years old
Pass a credit check
Second look for student
loan borrowers
We have an appeals process for applicants who want to have their applications reviewed a
second time. If an application is declined, we send an adverse action letter to the applicant
with instructions for appeal.
Loan default
Loans that are 120 days delinquent are considered in default.
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Loan Processing
Self-certification
follow-up
School certification
request
Rescission period
Changes to loan
records
We call customers and send out reminders via mail and e-mail.
Once the applicant passes our credit criteria and we have received the signed Promissory Note,
Self-Certification Form, and Cosigner Addendum (if applicable), we will request school certification.
The Bar Exam and Residency loans are disbursed to the borrower and may require school
verification for enrolled students. We will not request verification for students who have a Discover
Health Professions or Discover Law Loan for the current academic year.
Three business days to cancel the loan after it is received by applicant. Lenders are prohibited by
law from making any disbursements during that time.
Changes to loan records can be made both pre-and post-disbursement. Loan decreases can be
made after loan approval (which includes school certification); however, loan increases cannot be
made after loan approval. Borrowers must begin a new application for the additional amount.
Borrowers can call us at 1-800-STUDENT to request a loan decrease. We will then either approve
the request or work with the school to accommodate the request. If a borrower requests a loan
increase, we will work with them to submit a new application.
Reports available
for schools
Schools also have the ability to make changes to loan records both pre- and post-disbursement by
calling 1-877-321-5018 or online at DiscoverStudentLoans.com. You can also work directly with your
Priority Services Representatives to make changes and resolve issues.
We provide detailed reports with borrower information and loan statuses, including:
•
Loan approvals and denials
•
Withdrawn loans
•
Loans Awaiting Promissory Note
•
Loans Awaiting School Certification
•
Loans Pending Disbursement
Schools can download a variety of forms and loan documents online, including promissory
notes, privacy and borrower benefit policies and deferment request forms. We can also provide
ad hoc reports upon request.
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Application and Solicitation Disclosure Forms
In compliance with the Title X of the Higher Education Opportunity Act, lenders are required to provide
schools with whom they have a Preferred Lender Arrangement, information that is contained on their Private
Loan Application and Solicitation Disclosure forms. In addition, the Department of Education has indicated
that Application/Solicitation disclosures need to be provided for a comprehensive-neutral list. We are
providing this information so that you will have it available should your school choose to have a Preferred
Lender Arrangement or a comprehensive-neutral list for which disclosure is required.
If you have a preferred lender arrangement or a comprehensive list, our Application and Solicitation
Disclosure forms can be found at https://www.discover.com/student-loans/help/download-student-loanforms.html. This URL links directly to our most current forms.
A Preferred Lender Arrangement is not required, but having an arrangement can assist your students by
eliminating confusion, and helping them to narrow their choices to those lenders that provide the best loan
programs and services for them.
For more information regarding Preferred Lender Arrangements, please feel free to contact your
Relationship Manager.
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