Specifications include, but are not limited to: fixed-rate financing that will be used to refinance eligible higher education loans or originate In-school immediate repay education loans for credit-worthy borrowers (both loan programs are detailed further below). None of the funds from this line will be used for Federal or FFELP loans, which are guaranteed by the Federal Government. The new refinancing loans would have a term of either five, ten, or fifteen years, and the In-School immediate repayment loans would have a term of either ten or fifteen years. However, based on extensive prior year's data, these loans will amortize over a shorter period of time from prepayment, which is reflected in the attached Exhibit.
