lending institution placed on the list shall assure Gurnick Academy of Medical Arts and borrowers that the advertised benefits upon repayment will continue to ensure the borrower’s benefit regardless of whether the lending institution’s loans are sold. The list shall not include any student lending institution that, to Gurnick Academy of Medical Arts knowledge after reasonable inquiry, has an agreement to sell its loans to another lending institution unless the agreement is disclosed. Favorable placement on the list shall not be provided to any student lending institution for a particular type of loan in exchange for benefits provided to Gurnick Academy of Medical Arts or its students in connection with a different loan type. The contents of any lender list shall be reviewed and updated at least annually. Gurnick Academy of Medical Arts shall inform student and prospective borrowers of all financing options available under Title IV of the Higher Education Act of 1965, including information on the terms and conditions of available loans under Title IV or State law that are more favorable to the borrower. Gurnick Academy of Medical Arts shall not direct, in any manner, potential borrowers to electronic promissory notes or other loan agreements that do not provide a reasonable and convenient alternative for the borrower to complete such documents with any federally approved student lending institution offering the relevant loan in this State. If you qualify for the Federal Direct Stafford Loans (Sub & Unsub), please be aware that the federal government charges a loan fee. The Federal Direct Stafford Loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment (IBR) and income-contingent repayment (ICR) plans, and loan forgiveness benefits, which other student loans are not required to provide. Federal Direct Stafford Loans are available to students regardless of income. Private student loans are not federal student loans. Private loans are credit-based and may have a variable or fixed interest rate. Private student loans can offer variable interest rates that can increase or decrease over time, depending on market conditions. Private student loans have a range of interest rates and fees; students should determine the interest rate and any fees associated with the private student loan before accepting the private loan. The student should contact the private student loan lender if they have any questions about the private student loan. The private student loan interest rate may depend on the borrower’s credit rating. The student may choose any lender. SALLIE MAELOANS Sallie Mae is the only private education lender from whom Gurnick Academy of Medical Arts students have borrowed in the last three (3) years. Students and families can also check with their local banks or credit unions abouttheavailability of private education loans or other funding options. The Sallie Mae Smart Option Loan offers 1. Choosebetweenacompetitivevariableorafixedinterestrate. 2. Nooriginationfeesandnoprepaymentpenalty. 3. Apply with a creditworthy cosigner. A cosigner may help lower your interest rate — and give you a better chance of approval. 4. Lower your rate. Receive a 0.25% interest rate reduction while enrolled to make scheduled paymentsbyautomaticdebit. 5. Free Quarterly FICO® Credit Score. Borrowers with an eligible loan may receive their FICO ® Score quarterly. You’ll also receive access to the key factor(s) affecting your FICO ® Score and educational content to help you understand why monitoring it is essential. 106