* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old).

¹You will be eligible to receive a Graduation Reward when:

The student graduates from the degree program that the loan was used to fund, and;
The graduation date is less than six years after the date of the loan's first disbursement
The loan is not in default on the graduation date

Upon graduation, if you have more than one participating loan, you may be eligible to receive a Graduation Reward on each loan. However, you will not receive a Graduation Reward more than once for the same loan, even if the student receives more than one degree. We may request proof of the graduation date and degree from the student or the school, in order to confirm eligibility for the Graduation Reward. If you default on your loan or consolidate or refinance your loan with another lender prior to redeeming the Graduation Reward, you will not be eligible for a Graduation Reward. We will calculate the Graduation Reward by multiplying the outstanding principal balance of your loan on the last day of the month of graduation by 2% (0.02) and rounding to the nearest cent. The outstanding principal balance used for the calculation will not include accrued and unpaid interest, which may be capitalized when your loan enters its repayment phase. If you consolidate or refinance your loan with another lender after you redeem your Graduation Reward, we may add the amount you redeemed to the principal balance of your loan that is reported to the consolidating or refinancing lender. If there is an overpayment due to an error, we reserve the right to increase the principal balance of your loan by the amount of the overpayment of the Graduation Reward. It is your responsibility to notify us if there is an error in the Graduation Reward calculation or if you do not receive an expected Graduation Reward redemption

Interest will continue to accrue while your private student loan payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.