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TruFit Student Loan™

A private loan that picks up where grants, scholarships and federal loans leave off, with perks like zero fees, competitive rates and choice of repayment.

Overview

The TruFit Student Loan™ is a smart and affordable way to cover your remaining college expenses.

Fees	Zero fees.
Interest Rates	Variable interest rates range from one-month LIBOR LIBOR (London Inter-Bank Offer Rate) This is the interest rate that London banks charge each other for loans, which is then used as a benchmark rate for banks all over the world. If you have an adjustable interest rate, the LIBOR may be the interest rate index that your lender uses to determine your interest rate. When LIBOR goes up, your rate will rise along with it, if you have an adjustable rate on your loan. plus 3.00% to LIBOR plus 11.25% based on credit, presence of a cosigner and repayment option chosen¹. If students take advantage of our 0.50% interest rate reduction for automating payments from any eligible Charter One account the interest rate will range from one-month LIBOR plus to LIBOR plus based on credit, presence of a cosigner and repayment option chosen. For APR and repayment examples click here. Students are encouraged to apply with a qualified cosigner to increase chances of receiving the lowest rate possible.
Borrower Benefits	0.50% interest rate reduction for automating payments from any eligible Charter One account.
Borrowing Limits	The ability to finance up to the total cost of education minus financial aid received².
Repayment Options	With the TruFit Student Loan™, students have the flexibility to choose the repayment plan that best meets their needs. Plus, there's no prepayment penalty. Immediate. Students can make payments while in school. Interest only. Students can make interest-only payments while in school, helping lower total loan debt. Deferred. Students can defer payment on our alternative student loan until 6 months after graduation, leaving school or when they drop below half-time status.
Disbursement	Typically, sent electronically directly to the school. If the school is not set up to receive electronic payments, a check co-payable to the student and school will be sent directly to the school.
Eligibility Requirements	Student must be enrolled at least half-time in a degree- granting program at an eligible institution, a US citizen or permanent resident, or have a US citizen cosigner of legal borrowing age in their state of residence. Loan approval is based on credit. If students do not have sufficient credit to be approved on their own they are encouraged to apply with a qualified cosigner. International students can apply with a creditworthy US citizen or permanent resident cosigner. Student must be attending a TruFit eligible institution in any of the following states: CT, D.C., DE, IL, IN, MA, MD, ME, MI, NH, NJ, NY, OH, PA, RI, VA and VT.
Cosigner Requirements	We strongly encourage students with little or no credit history to apply with a qualified cosigner to increase their chances of being approved. A qualified cosigner can also help the borrower secure a lower interest rate. Although a cosigner is not required, we strongly recommend applying with one. Cosigner release option available after 36 consecutive, on-time payments³.
Disclosure Information	Please note: due to federal regulations, Charter One is required to provide every potential borrower with disclosure information before they apply for a private loan. To view the required application solicitation disclosure information, please click here.

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All accounts are subject to individual credit approval.

¹ Interest rates as low as one-month LIBOR plus 2.50% if students take advantage of the 0.50% interest rate reduction benefit for automating payment from any eligible Charter One account. Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of September 1, 2010 the one-month LIBOR rate is 0.26%. Charter One reserves the right to modify interest rates and loan margins at any time without notice. Such changes will only apply to applications taken after the effective date of change.

² As determined by your school. Minimum borrowing amount is $1,000. Aggregate is $120,000 (including federal and private loans).

³ TruFit Student Loan™ borrowers may apply for cosigner release after making their first 36 consecutive payments on-time. Terms and conditions apply, as the student borrower must meet certain credit guidelines and eligibility when they apply for the cosigner release. International borrowers will be eligible to apply for cosigner release if they attain U.S. Citizen or Permanent resident status and meet credit and eligibility guidelines. For the purposes of keeping this benefit, on-time payments are defined as payments received within 15 days of the due date.

Repayment Examples

Assumptions:
All loans assume a $10,000 loan with a 15 year repayment term.

	Deferred Repayment*		Interest Only Repayment*		Immediate Repayment*
	Highest Rate	Lowest Rate	Highest Rate	Lowest Rate	Highest Rate	Lowest Rate
Origination Fee	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Rate** (LIBOR + Margin)	11.01%	4.76%	10.26%	3.26%	10.26%	3.26%
Annual Percentage Rate	10.24%	4.61%	10.26%	3.26%	10.26%	3.26%
Monthly Minimum Payment	Payments 1 to 179: $163.89 Payment 180: $161.64	Payments 1 to 179: $92.68 Payment 180: $92.64	Payments 1 to 179: $109.09 Payment 180: $107.32	Payments 1 to 179: $70.33 Payment 180: $68.81	Payments 1 to 179: $107.26 Payment 180: $106.64	Payments 1 to 179: $69.95 Payment 180: $68.59
Total Charge Due to Interest	$19,497.95	$6,682.36	$13,741.27	$3,962.77	$9,306.18	$2,589.64
Interest Only Payment	N/A	N/A	$4,106.84	$1,304.89	N/A	N/A
Total Repayment Amount	$29,497.95	$16,682.36	$23,741.27	$13,962.77	$19,306.18	$12,589.64
Potential Savings from Citizens’ Automatic Payments***	$809.03	$548.56	$751.25	$633.28	$527.47	$420.80

Please note: due to federal regulations, Charter One is required to provide every potential borrower with disclosure information before they apply for a private loan. To view the required application solicitation disclosure information, please click here.

Apply now

Create your own personal repayment example with our Student Loan Repayment Calculator.

* Assumptions: All loans assume a $10,000 loan in the first year of school with two disbursements, variable interest rate of LIBOR + a margin based on a FICO score. This example assumes a Monthly LIBOR rate of 0.26% plus a margin (listed above and ranges from 3.00% - 10.75%) for a borrower with a cosigner. Other assumptions include a 45 month in-school period, 6 month grace period, a standard repayment account, a constant LIBOR rate, and the borrower remains in school through the expected graduation date. 15 year examples are provided. Terms and conditions apply. Calculations are estimates only.

** Charter One reserves the right to modify interest rates and loan margins at any time without notice. Such changes will only apply to applications taken after the effective date of change.

***Charter One’ Automatic Payments (ACH Benefit): Borrowers can take advantage of a 0.50% interest rate reduction for automating payment from any eligible Charter One account.

How to Apply

Things you need to know:

TruFit Student Loans™ are available to students attending a TruFit eligible institution in any of the following states: CT, D.C., DE, IL, IN, MA, MD, ME, MI, NH, NJ, NY, OH, PA, RI, VA and VT.
Easy qualification¹ with minimal income requirements.
Private loan borrowers do not need to submit a FAFSA. Simply complete the online TruFit Student Loan™ application to apply.
Fast, easy application process with ability to e-sign.
We strongly encourage students with little or no credit history to apply with a qualified cosigner to increase their chances of being approved. A qualified cosigner can also help the borrower secure a lower interest rate. Although a cosigner is not required, we strongly recommend applying with one.
Cosigner release option available after initial 36 consecutive, on-time payments.²
Take advantage of the 0.50% interest rate reduction on your TruFit Student Loan™ when you sign up for automatic payments from any eligible Charter One account.
If you already have an eligible Charter One account, make sure to sign up for automatic payments to take advantage of our 0.50% interest rate reduction on your TruFit Student Loan™. Click here.

Things you will need:

Name, address, phone number, email address
Date of birth
Social Security Number
Driver’s license number
Gross monthly household income (borrower and cosigner)
Employer name, phone number and length of employment (if applicable)
Monthly rent or mortgage payment (if applicable)
Name of school you plan to attend
School’s Department of Education code
Cost of attendance and any financial aid received (see award letter from your school)
Anticipated graduation date (MM/YYYY)
Loan amount requested
Loan period (MM/YYYY to MM/YYYY)
Cosigner name and valid email address (if applicable)

Apply now

All accounts are subject to individual credit approval.

¹ Eligibility requirements: student must be enrolled at least half-time in a degree-granting program at an eligible institution. They must be a US citizen or permanent resident, or have a US citizen cosigner. Student must be of legal borrowing age in their state of residence. International students can apply with a creditworthy US citizen or permanent resident cosigner.

² TruFit Student Loan™ borrowers may apply for cosigner release after making their first 36 consecutive payments on-time. Terms and conditions apply, as the student borrower must meet certain credit guidelines and eligibility when they apply for the cosigner release. International borrowers will be eligible to apply for cosigner release if they attain U.S. Citizen or Permanent resident status and meet credit and eligibility guidelines. For the purposes of keeping this benefit, on-time payments are defined as payments received within 15 days of the due date.

FAQs about the TruFit Student Loan™

Do I need to file the Free Application for Federal Student Aid (FAFSA) form to apply for the TruFit Student Loan™?
No. Private loan borrowers DO NOT need to submit a FAFSA. Simply complete the online TruFit Student Loan™ application to apply.

How much can I borrow with a TruFit Student Loan™?
There are no annual limits. You may borrow up to the total cost of your education less financial aid. The TruFit Student Loan™ does have a lifetime aggregate limit of $120,000 (including both federal and private loan debt).

Can a TruFit Student Loan™ help pay for my books and my personal expenses while I’m at school?
Yes. Our TruFit Student Loan™ can be used to help pay for your indirect costs while you are enrolled in school. The maximum you can borrow each year is determined by your individual school through certification.

How do I apply for a TruFit Student Loan™?
To apply for the TruFit Student Loan™ all you need to do is fill out the quick and simple online application. Before you apply make sure you have the following items available so you can easily complete your application:

Name, address, phone number, email address
Date of birth
Social Security Number
Driver’s license number
Gross monthly household income (borrower and cosigner)
Employer name, phone number and length of employment (if applicable)
Monthly rent or mortgage payment (if applicable)
Name of school you plan to attend
School’s Department of Education code
Cost of attendance and any financial aid received (see award letter from your school)
Anticipated graduation date (MM/YYYY)
Private college loan amount requested
Loan period (MM/YYYY to MM/YYYY)
Cosigner name and valid email address (if applicable) Remember, students are encouraged to apply with a qualified co-signer to increase their chances of receiving the lowest rate possible.

Are there any fees for a TruFit Student Loan™?
The TruFit Student Loan™ has zero fees for all borrowers.

What kind of credit is required for a TruFit Student Loan™?
The lender will need to see a reasonably strong credit history, which is derived from your credit score. If a student does not have sufficient credit history they should apply with a creditworthy cosigner.

What if I am not approved for a TruFit Student Loan™?
If you apply for a private student loan on your own, without a cosigner, and are denied, it's probably because you have insufficient personal credit history, as is typical for a student. You'll simply have to find a qualified cosigner, such as a parent or other guardian, and re-apply.

When can I begin repaying a TruFit Student Loan™?
Your repayment options vary depending upon the option you choose when you completed your promissory note:

Immediate. Students can make payments while in school.
Interest-only. Students can make interest-only payments while in school, helping lower total loan debt.
Deferred. Students can defer payment on our alternative student loan until 6 months after graduation, leaving school or when they drop below half-time status.

Are there any penalties for paying off a TruFit Student Loan™ early?
There's no prepayment penalty.

Any other questions about TruFit Student Loans™?
Please talk to one of our Student Loan Specialists at 1-800-721-3969.

Apply now

Have student loan questions? Call our Student Services team.

1-800-721-3969

Student banking questions?

1-888-850-4064

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