| About LEAFSM |
The Loan for Educational Assistance Funding (LEAFSM) Consolidation
Loan is a private, non-Federal loan for borrowers wishing to consolidate
prior NHHELCO alternative loan/s (TREESM or LEAFSM). |
| Who Can Apply? |
Any individual with existing TREESM or LEAFSM alternative
loans. |
| Who can be a Co-Borrower? |
A parent, a relative - anyone who is willing to assume the responsibility
of this loan with you.
If you are denied a LEAFSM Loan when applying on your own,
you may reapply with a Co-Borrower.
If you are denied LEAFSM Loan when applying with a Co-Borrower,
you may reapply with a different Co-Borrower. |
Benefits of Having a
Co-Borrower |
We'll use the best FICO score between the two applicants to determine your LEAFSM Consolidation Loan interest rate. The better the FICO score, the lower your interest rate.
|
| Eligibility |
Borrower and Co-Borrower (if applicable) must be at least 18 years
old.
Borrower must be a U.S. Citizen or if a Non-Citizen Permanent Resident
or Foreign Resident, he or she must apply with a Co-Borrower who is a US
Citizen.
Borrower must be consolidating prior NHHELCO private loan(s) (TREESM or
LEAFSM).
Loans that are at least 120 days from the final disbursement are eligible
to be included in the LEAFSM Consolidation Loan.
Borrower’s and Co-Borrower’s (if applicable) credit history
must be free of serious delinquencies and tax liens and Borrower and Co-Borrower
(if applicable) must not currently be in bankruptcy proceedings.
Borrower and Co-Borrower (if applicable) must not currently be in default
on any educational loan.
Borrowers may consolidate their TREESM or LEAFSM loans
while in-school. To do so, a written request to waive the grace period
for consolidated loans must be received. Based on this request, once
the loan enters repayment, the six-month grace period is waived and the
loan enters repayment within 30 to 45 days. |
| Interest Rate |
LEAFSM Consolidation loans a variable rate that adjusts
monthly.
LIBOR (adjusted monthly) + 1% to 3%.
The interest rate is based upon the Borrower’s or
Co-Borrower’s FICO score. (The best FICO score between the borrowers
will be used to determine the interest rate on the LEAFSM Consolidation
Loan.) |
| Fees |
There are no fees to apply for the LEAFSM Consolidation Loan. |
| Interest |
All accrued interest is the responsibility of the borrower. Interest
can be paid during or capitalized at the end of forbearance and deferment
periods. |
| Repayment |
Repayment should begin 30-45 days after the loan has been processed. |
| Repayment Terms |
At least a $50 minimum monthly payment depending on the total loan amount outstanding.
Less than $20,000 – up to 20 years
$20,000 and greater - 25 years
|
| Deferment Options |
Available under certain circumstances. |
| NHHELCO Borrower Benefits* |
Co-Borrower release after the first 25 consecutive on-time payments (Contingent on Borrower's good credit)
*For loans booked on or after 3/1/08
|
The NHHEAF Network Organizations reserve the right to modify or cancel its programs at any time.
