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TERI
Alternative Loan Program - ALP
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TERI Alternative Loan Program (TERI ALP) is intended for
undergraduate students enrolled in a degree or certificate program.
- Student must be enrolled
at least half-time at an approved institution
- Student or co-applicant
must be credit-worthy
- Borrow from $1,000 up to
the cost of education less any financial aid received
- May be used towards past
due balances owed to school without having to be currently
enrolled (past due invoice from school required for verification)
- Up to 25 year repayment
term1
- Interest Rate is Prime2
- .50% and adjusts monthly
- Fees based on choice of
repayment:
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5% for immediate repayment of principal and
interest
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5% for interest only repayment, while
deferring principal for up to 4 years while enrolled in school
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6.50% for deferment of both principal and
interest for up to 4 years while enrolled in school
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Fill it out and mail it to:
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Fleet Bank c/o TERI
P.O. Box 312
Boston, MA 02117-0312
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For additional information, you can:
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1For
example, if you borrowed $5,000 at a variable interest rate of 3.25%
for a 10-year repayment term, your APR would be 4.88% and your 120
monthly payments would be $64.09. This assumes a 48-month in-school
deferment with interest capitalized once at start of repayment and
6.50% fee included in the loan amount. Additional terms and conditions
may apply.
2The
interest rate is variable, based on the Prime Rate as published in The
Wall Street Journal minus .50%, which is 3.75% as of
1/1/2003.
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