Rates & Fees

The table below outlines the margins and upfront fees for the six FACS Grades. Please see the explanation following the table to understand what the borrower is responsible for paying.

Error! JavaScript support is required to see the rates & fees below.

NOTE: There is a 2.99% floor on the loan rate. If the Base Rate + Loan Margin is less than 2.99%, the loan rate will be 2.99%.

* The Base Rate adjusts quarterly on the first day of January, April, July and October. We use the average of the 3-Month LIBOR, as reported by the Wall Street Journal on the 1st of each month, for the last three months preceding the adjustment date.

Borrowers: Before considering an EdAccess Loan, please exhaust federal loans, which in most cases will cost less.

What do I pay as a borrower?

Loan Interest Rate: The interest rate on your loan is: Base Rate + Margin

We will show you the loan APR before you approve the loan request. The APR should be used when comparing the EdAccess Private Student Loan to other private student loans.

What is a FACS Grade?

FACS (Fynanz Academic Credit Score) Grade is a designation assigned to each loan request to assess borrower creditworthiness using a proprietary credit scoring model.  FACS Grades are unique because, unlike many other scores, the FACS takes into account not only the credit bureau data, but also the student’s academic characteristics such as GPA, course of study, and class standing.

What is LIBOR?

The London Interbank Offered Rate (or LIBOR, ) is a daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks.  This offered rate is the funding cost to a bank and is common to use the offered rate as a benchmark for the bank’s lending rate.