TruFit Student Loan®
See below for important disclosure information
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WE'RE FOR MAKING COLLEGE
The TruFit Student Loan helps students pay for college and learn
Competitive fixed and variable interest rates
No application, origination or disbursement fees
An overview of private student loans
The TruFit Student Loan is a smart and affordable way to cover your remaining college expenses.
Fees
No application, origination or disbursement fees
Interest Rates
Now available! Fixed rate option as low as 5.75%1 .
Variable interest rate option as low as one-month LIBOR plus 2.50%1 .
Actual interest rate is based on credit, presence of a cosigner and repayment option chosen.1
View our APR and repayment examples
Students are encouraged to apply for a private college loan 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
Or, 0.25% interest rate reduction for automating payments from any eligible non-Charter One account.
Borrowing Limits
The ability to finance up to the total cost of education minus financial aid received2
Repayment Options
Students have the flexibility to choose the repayment option and term that best meets their needs. Choose from:
Immediate . Make payments while in school.Interest-only . Make interest-only payments while in school, helping lower total loan debt. Deferred . Make no payments until 6 months after graduation, leaving school or dropping below half-time status.
Repayment Term Options
Regardless of the term option chosen, you always have the flexibility to make additional payments to pay your loan off faster and achieve additional interest savings.
5 year term . Offers lowest rates and lowest total cost of borrowing.10 year term . Offers lower rates and moderate savings on total cost of borrowing. 15 year term . Offers lowest monthly payment.
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.
Student must be a U.S. 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 U.S. citizen, or permanent resident cosigner.
Student must be attending a TruFit-eligible institution
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.
Cosigner release option is available after 36 consecutive, on-time payments3 .
Apply now
All accounts are subject to individual credit approval.
1 Interest rates as low as one-month
plus 2.00% if borrowers take advantage of the 0.50% interest rate reduction for automating payments from any eligible Charter One account. Alternatively, borrowers may receive a 0.25% interest rate reduction for automating payments from any non-Charter One account. Borrowers must reside in the following state in order to open eligible Charter One account: CT, DE, MA, NH, NJ, NY, OH, IL, MI, PA, RI, VT. 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 May 1, 2013, the one-month LIBOR rate is 0.20%. Variable interest rates range from 2.70% - 9.45% (2.70% - 9.21% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate and may vary based on applicable terms and presence of a co-signer. Fixed interest rates range from 5.75% - 11.75% (5.75% - 11.51% APR) based on applicable terms and presence of a co-signer. Subject to additional terms and conditions and rates subject to change at any time. 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. Please note: Due to federal regulations, Charter One is required to provide every potential borrower with disclosure information before they apply for the private student loan. You will be presented with an Application Disclosure within the application process before you accept the terms and conditions of your loan.
2 As determined by your school. Minimum borrowing amount is $1,000. The TruFit Student Loan does have lifetime aggregate limits (including both federal and private loan debt) of: Undergraduate: $120,000; Graduate: $150,000; Business and Law: $175,000; and Medical: $225,000.
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 he or she applies 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.
Here's how it works.
Step 1 Apply and get approved for a TruFitStep 2 If you're approved for a better rate with another lender, email the Approval Disclosure to us at greatratepromise@charterone.com .Step 3 If we can't match or beat it, we'll give you a $50 gift card. The match is only available to Charter One account holders.
Fixed Rate Loan
Change Term:
Assumptions: All TruFit Student Loans assume a $10,000 loan in the first year of school
with two equal disbursements, a 15-year repayment term, a fixed interest rate based on a FICO score (listed above and ranges
from 6.75% - 11.75%) for a borrower with a cosigner. Other assumptions include a 45 month in-school
period, 6 month grace period, a standard repayment account, and the borrower remains in school
through the expected graduation date. This example requires an average monthly payment between $55.00 and $94.00 depending on the interest rate during the 45 month in-school period, and the 6 month grace period applicable only to Interest-Only repayment option. Terms and conditions apply.
Calculations are estimates only.
Variable Rate Loan
Change Term:
Assumptions: All TruFit Student Loans assume a $10,000 loan in the first year of school with two equal disbursements, a 15-year repayment term, a variable interest rate of one-month
+ a margin based on a FICO score. This example assumes a Monthly LIBOR rate of 0.20%
plus a margin (listed above and ranges from 2.70% - 9.00%) for a borrower with a
cosigner and will fluctuate over the term of your loan with changes in the LIBOR rate. Other assumptions include a
45
month in-school period, 6 month grace period, a standard repayment account, a constant LIBOR rate, and that the borrower remains in school through the expected graduation date. This example requires an average monthly payment between $23.20 and $71.60 depending on the interest rate during the 45 month in-school period, and the 6 month grace period applicable only to Interest-Only repayment option. 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.
See our TruFit Student Loan® page for important disclosure information.
How to apply for a private education loan
To complete your TruFit Student Loan application , be sure you take note of these requirements and considerations:
Student must be attending a TruFit eligible institution.
Easy qualification1 with minimal income requirements.
Private student 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.
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.
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 his or her 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 he or she applies 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?
How much can I borrow with a TruFit Student Loan?
Undergraduate: $120,000
Graduate: $150,000
Business and Law: $175,000
Medical: $225,000
Can a TruFit Student Loan help pay for my books and my personal expenses while I’m at school?
How do I apply for a TruFit Student Loan?
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?
What kind of credit is required for a TruFit Student Loan?
What if I am not approved for a TruFit Student Loan?
Are there any penalties for paying off a TruFit Student Loan early?
Any other questions about TruFit Student Loans? 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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