Sixup Private Education Loan
Application and Solicitation Disclosure
Updated: 09/05/19
Sixup Lending, LLC
77 Van Ness St. Suite 101
MS-1223
San Francisco, CA 94102
hello@sixup.com
Loan Interest Rate & Fees
Your starting interest rate will be between
7.000%
and
9.933%
After the rate is set, your rate will then vary with the market.
Your Starting Interest Rate (upon approval)
The starting interest rate you will pay will be determined after you apply. The rate will be established based on your academic performance, your credit history (where available), your financials, and other factors. If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate during the life of the loan
Your rate is variable.
This means that your actual rate varies with the market and could be lower or higher than the rate on this form. The variable rate is based upon the 3-month LIBOR (as published in The Wall Street Journal). For more information on this rate, see Reference Notes.
Loan Fees
Origination Fee: 1% Late Charges: 4% of past due amount, not to exceed $30 (none in OR; not to exceed $10 in WI and $15 in CO). Returned Payment Fee: $25 (none in DC, NC and WV; not to exceed $15 in WI and $20 in CT). Collection and Default Charges: In event of a default, the borrower may incur additional collection charges as permitted under applicable law.
Loan Cost Examples
The total amount you will pay for this loan will vary depending upon when you enter repayment. These examples provide estimates based on the repayment options available to you while enrolled in school. This example is based on a $10,000 loan. Your loan amount may be different. "Academic deferment period" is the period of academic enrollment plus the first six months after graduation or being enrolled less than half-time (up to 60 months).
Repayment Options
(while enrolled in school)
1. EARLY SMALL PAYMENTS WHILE ENROLLED IN SCHOOL
Make payments of $20 per month during the academic deferment period (defined above). Interest will accrue and any unpaid accrued interest will be added to your principal balance when you enter repayment, except as provided in the loan agreement.
2. FULL DEFERMENT WHILE IN SCHOOL
Payments start after the academic deferment period (defined above). Interest will accrue and any unpaid accrued interest will be added to your principal balance when you enter repayment, except as provided in the loan agreement.
Amount Provided
(amount provided directly to your school)
$10,000
$10,000
Interest Rate
(highest possible starting rate)
9.933%
9.933%
Loan Term
(how long you have to pay off the loan)
120 months starting after the academic deferment period
120 months starting after the academic deferment period
Total Paid over 120 months
$22,245.60
$22,892.40
About these examples
The repayment examples assume you remain in school for forty-eight (48) months and have a six (6) month grace period prior to entering repayment. The repayment examples are based on the highest starting rate currently charged and associated fees. You have the option during the academic deferment period to switch between the two options.
Federal Loan Alternatives
Loan Program
PERKINS
for Students
STAFFORD
for Students
PLUS
for Parents and Graduate/Professional Students
Current Interest Rates by Program Type
5.000% fixed
4.450% fixed Undergraduate subsidized & unsubsidized
6.000% fixed Graduate
7.000% fixed Federal Direct Loan
You may qualify for Federal education loans.
For additional information, contact your school's financial aid office or the Department of Education at:
www.federalstudentaid.gov
Next Steps
  1. Find Out About Other Loan Options.
    Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's website at:
    www.federalstudentaid.gov for more information about other loans.
  2. To Apply for this Loan, Complete the Application and the Self-Certification Form.
    You may get the certification form from you school's financial aid office. If you are approved for this loan, the loan terms will be available for 90 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).
REFERENCE NOTES
Variable Interest Rate
• The variable interest rate is based upon on a publicily available index, the London Interbank Offered Rate (LIBOR). Your rate will be calculated by adding a margin of 4.52% and 8.52% to the index. The index is adjusted quarterly.
• The rate will not increase more than once a quarter, but there is a no limit on the amount that the rate could increase at one time. Your rate will never exceed 9.933%.
Eligibility Criteria
• Borrower must be a US citizen or a permanent resident alien.
• Borrower must be a permanent resident of the States of Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Massachusetts, Nebraska, New Jersey, New Hampshire, New Mexico, North Carolina, Oregon, Texas, Virginia, West Virginia, or Wisconsin. The loan amount must exceed $3,000 for residents of Georgia and must be at least $5000 for residents of California.
• Borrower must be at least the age of majority in their state of permanent residence.
• Borrower must be enrolled at least full time at an eligible institution.
• Borrower is subject to credit approval. Additional documentation may be required.
Bankruptcy Limitations
• If you file for bankruptcy you may still be required to pay back this loan.
Fees
• A late fee will be charged for any past due payment outstanding more than fifteen (15) days (none in OR; not to exceed $10 in WI and $15 in CO).
• A returned payment fee will be assessed on any payment that is returned unpaid (none in DC, NC and WV; not to exceed $15 in WI and $20 in CT).
More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and credit agreement.