Plain, honest student loans.
- No application, processing or late fees
- Prequalify in minutes1 with no impact on your credit score
- Four repayment plans, five loan terms2
- Only Abe offers In-School Default Protection3
Our rates are low.
But there's more to it.
No Fees
No application fees, origination fees, late payment fees, forbearance fees or fees to pay by debit card.
2% Grad Reward13
Upon request after graduating, reduce your principal balance by 2% of your net disbursed loan amount.
Faster Rate Reduction Than Any Competitor
Gradually reduce your rate. For every six months of on-time principal and interest payments, Abe lowers your rate by 0.05%— for a total reduction of up to 0.25%.12 Unlike other providers that require you to make years of payments first,* Abe lets you start to lower your rate (and build a good credit history) much sooner.
5, 7, 10, 15, or 20 Years2
The term, or duration, impacts both the cost of a loan and your monthly payment amount. The longer the loan, the more interest you'll pay but the lower your monthly cost. Abe has five terms- giving you more options for weighing the length/cost of your loan against a monthly payment you're comfortable making.
6 Payment Relief Options
Abe is there for you with six different payment relief options that let you defer payments when the unexpected happens. For example, you may need to do a medical internship or residency14 or it may take longer for you to get on your financial feet after you graduate.9,10 You can also defer payments if you lose your job15 or suffer a serious illness.16
Early Cosigner Release11
Abe helps you repay your cosigner's willingness to back your loan by giving them early release. After just one year of principal and interest payments, you can request to remove your cosigner and assume full responsibility for your loan.
*Comparisons based on competitors' websites (as of 6/5/24).
How Abe stacks up.*
*Comparisons based on competitors' websites (as of 6/5/24).
†6 months grace guaranteed + possible 6 months grace extension.
Lowering your rate.
Reduce your rate by up to 0.50% for building a good payment history.
Other providers make you wait until you’re halfway through your repayment term to start lowering your rate.
Abe allows you to reduce your rate by 0.25% by electing auto pay8, even while you are enrolled in school, and up to an additional 0.25% interest rate reduction for making on time principal and interest payments12 during the repayment term.
Undergraduate
All higher education goals are created equal.
Abe loans can be used to earn an associate, B.A. or B.S. degree at approved private and public universities and colleges.
Post-Bachelor Graduate Certificates
Post-bachelor graduate certificate students can use an Abe loan to earn specialized certificates in their field and start their careers at a higher level.
Graduate
MBA, PhD, JD, MD, DDS, MPH, you name it— Abe's graduate degree loans offer the same benefits as our undergraduate loans.
Abe helps students who just need a few more credits to get over the finish line; including summer and Jan Plan courses.
Less Than Half-Time Students
Opting for a fixed rate means it won't change for the life of a loan.4 Remember, your actual rate will depend on your credit. A cosigner may help you get a better rate.
U.S. Citizens
We welcome the world.7
DACA Recipients with U.S. Cosigner
Permanent Residents
International Students with U.S. Cosigner
More repayment options, more power to the individual.
Determining the right Abe loan for you means figuring out your ideal total loan cost vs. monthly payment amount.
Whether you can start repaying while in school or if you need to defer until after graduation, the rule of thumb is the shorter the loan term, the less interest you’ll pay and the lower the total cost of your loan.
Abe has five different loan terms: 5, 7, 10, 15 or 20 years.2 Use the configurator to see how adjusting the length of your loan changes the monthly payment, and then choose the shortest term with a payment amount you’re comfortable making.
In-School Payments2
- Making principal and interest payments lower the cost of the loan the most
- Interest only payments reduce the long-term cost
- Low, flat payments steadily chip away at your balance
- Wait until you graduate and are earning money to start repayment17
Deferred Payments
Choose from five different loan terms:
- 5, 7, 10, 15 or 20 years2
In-School Default Protection3 protects you from default.
Life happens. That's okay.
If you elect to make interest-only or partial interest payments while in-school but fall short, In-School Default Protection will save you from default by automatically switching you to a deferred payment program. Your credit won’t take a hit and you’ll still be able to get future loans. Abe also features an extra year of in-school deferment17 – up to 60 months (5 years) in case it takes a little longer to get your degree.
Health and family first.
If you end up out of work due to illness or go on unpaid FMLA leave, Abe provides up to 12 months of medical forbearance.16
6 months of grace, and then 6 more.
Once you graduate, you have to look for a job. You may have to move. Buy a car. If you need 6 months before starting repayment, you got it.9 Then if you need 6 more months, that’s fine, too.10
If you have gone through a reduced payment program and still need relief to get back on your feet, you may be eligible for a term extension of 60 months (5 years) which will lower your monthly payments.18
Extended Payment Relief
Most students don't worry about borrowing money. They worry about paying it back.
What if you need more time before starting repayment? What if life throws you a curveball? Or two?
If you have to re-enroll to finish up, or if you need to do a medical internship or residency, we offer deferment options.14
Re-enrollment, medical internships and residencies.
A safety net, just in case.
A lot can happen over the life of a loan. You may lose your job,15 or suffer a major loss from natural disaster.19 Abe is also there for you with an additional 12 months of hardship forbearance.20
Past Due Balances.
Falling behind and accumulating a past-due school balance can happen, particularly during financial emergencies or unexpected circumstances. If this occurs, an Abe loan can be used to cover the outstanding balance within 18 months of the academic period end date.21
Need help or guidance? Get in touch.
Speak With an Abe Student Loan Specialist
(833) 499-2254
Email an Abe Student Loan Specialist
Abe Student Loans
c/o Priority Services at Monogram
200 Clarendon St., 20th Floor
Boston, MA 02116
In the Mail
Before applying for a private student loan, DR Bank and Monogram recommend exhausting all financial aid alternatives including grants, scholarships, and federal student loans.
The AbeSM student loan is made by DR Bank, Member FDIC (“Lender”). All loans are subject to individual approval and adherence to Lender’s underwriting guidelines. Program restrictions and other terms and conditions apply. LENDER AND MONOGRAM LLC EACH RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. TERMS, CONDITIONS AND RATES ARE SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE.
1. In order to estimate the rates and loan options you prequalify for, DR Bank will perform a soft credit inquiry, as authorized by you. Soft credit inquiries do not affect your credit. If you prequalify, the rates and loan options offered to you are estimates only. Once you choose your loan options and submit your application, DR Bank may perform a hard credit inquiry, as authorized by you. Loan approval, options, and final rate depend on the verification of information provided on your application, and information obtained from the credit inquiry(ies) (and any cosigner’s credit inquiry(ies)).
2. The 15-year and 20-year repayment terms are only available for loan amounts of $5,000 or more. Any student applicant who applies for a loan the month of, the month prior to, or the month after their graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The Interest Only option (defer principal payments), Flat Payment Repayment option ($25 monthly payment) and the Full Deferment option (defer principal and interest payments) are only available while the student is enrolled at an approved school. The Flat Payment Repayment option ($25 monthly payment) is only available on loans of $5,000 or more. With the Immediate Repayment option, the first payment of principal and interest is due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. There are no prepayment penalties. Making interest only or flat interest payments during deferment will not reduce the principal balance of the loan. Payment examples (all assume a 14-month deferment period, a six-month grace period before entering repayment, no auto pay discount, and the Interest Only Repayment option): 5-year term: $10,000 loan, one disbursement, with a 5-year repayment term (60 months) and a 9.60% APR would result in a monthly principal and interest payment of $210.51. 7-year term: $10,000 loan, one disbursement, with a 7-year repayment term (84 months) and a 8.82% APR would result in a monthly principal and interest payment of $159.98. 10-year term: $10,000 loan, one disbursement, with a 10-year repayment term (120 months) and a 8.57% APR would result in a monthly principal and interest payment of $124.36. 15-year term: $10,000 loan, one disbursement, with, a 15-year repayment term (180 months) and a 8.48% APR would result in a monthly principal and interest payment of $98.36 20-year term: $10,000 loan, one disbursement, with, a 20-year repayment term (240 months) and a 8.62% APR would result in a monthly principal and interest payment of $87.54
3. Borrowers with Interest Only or Flat Payment loans that reach at least 120 days delinquent during an in-school deferment period will automatically have their repayment option transitioned from the Interest Only or Flat Payment repayment option to the Full Deferment repayment option. Under these circumstances, the interest rate on the loan will automatically increase to match the interest rate associated with the corresponding Full Deferment loan. For an Interest Only loan, the interest rate will increase by one percentage point (1.00%). For a Flat Payment loan, the interest rate will increase by one quarter of one percentage point (0.25%). Any unpaid accrued interest at the end of an in-school deferment period may be capitalized in accordance with the Credit Agreement.
4. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the on-time payment discount or auto pay discount or automatically qualify for In-School Default Protection (see footnote 3 for details).
5. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the expected number of years in deferment, (4) the requested loan amount and (5) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective as of 7/19/24. The variable interest rate for each calendar month is calculated by adding the 30-Day Average Secured Overnight Financing Rate (“SOFR”) index, or a replacement index if the SOFR index is no longer available, plus a fixed margin assigned to each loan. The SOFR index is published on the website of the Federal Reserve Bank of New York. The current SOFR index is 5.375% as of 6/1/24. The variable interest rate will change if the SOFR index changes or if a new index is chosen or if you automatically qualify for In-School Default Protection (see footnote 3 for details). The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the on-time payment discount or auto pay discount or, automatically qualify for In-School Default Protection (see footnote 3 for details).
6. APRs assume a $10,000 loan with one disbursement. The high APRs assume a 5-year term with the Interest-Only Repayment option, a 37 month deferment period, and a six-month grace period before entering repayment. The low APRs assume a 7-year term, and the Immediate Repayment option with payments beginning 30-60 days after the disbursement via auto pay. See footnote 8 for auto pay details.
7. The Abe student Loan is available to applicants who are U.S. citizens, permanent resident aliens, or Eligible Non-Citizens (DACA recipients).International students can apply for the Abe student loan with an eligible cosigner who is a U.S. citizen or permanent resident alien. The Abe student loan is not available to permanent residents of Colorado, Connecticut, Maine, Nebraska, Texas, or West Virginia.
8. Earn a 0.25% interest rate reduction for making automatic payments from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. The auto pay discount is in addition to other discounts. The auto pay discount will be applied after the Servicer validates your bank account information. Automatic payments and the associated discount will be temporarily discontinued (1) if you elect to stop automatic deduction of payments and (2) during periods when you are not required to make payments. The discount will be permanently discontinued in the event three automatic deductions are returned by the financial institution for any reason.
9. The grace period is generally the earlier of six months from the date (a) the student graduates, (b) the student ceases to be enrolled, or (c) that is 60 months from the first disbursement date. The immediate repayment option does not have a grace period.
10. The extended grace period is six months from either (a) the day following the initial grace period, (b) the first day of delinquency during the repayment term, or (c) the due date of the current level bill. To be eligible for the extended grace period, the loan cannot have entered the repayment term more than ninety (90) days prior to the date the Servicer receives the request for payment relief. The immediate repayment option does not have an extended grace period. The repayment term will be extended month-for-month for the number of months of extended grace applied to the loan.
11. A cosigner may be released from the loan upon request to the Servicer, provided that the student borrower has met certain credit and other criteria, and 12 consecutive monthly principal and interest payments or lump sum payments equal to 12 monthly principal and interest payments have been received by the Servicer during any 12-month period. While a loan is in a reduced repayment plan or while a request for a reduced payment plan is pending, borrowers are not eligible to apply for cosigner release.
12. The 0.05% interest rate reduction will automatically be applied for every 6 consecutive monthly payments of principal and interest made during the repayment term within 10 calendar days after their due date up to a maximum interest rate discount of 0.25%. During any period of deferment or forbearance, or upon use of an approved reduced repayment plan, the interest rate will increase by any previously received On-time Payment Benefit reduction(s). The interest rate will return to the reduced interest rate following such period. Use of a deferment or forbearance will reset the number of consecutive monthly payments of principal and interest made to zero. A late payment will disqualify the loan from receiving any additional interest rate reductions for on-time payments.
13. The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, canceled, or returned. To receive this principal reduction, it must be requested from the Servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation must be provided to the Servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
14. With the Full Deferment Repayment option, you may be eligible to defer principal and interest payments for a period of up to twenty-four (24) months, and further additional deferment from payment of principal but not interest for a subsequent period of up to twenty-four (24) months, depending on length of enrollment, as long as the student borrower is enrolled at an approved school or in a medical internship or residency program. With the Interest Only Repayment option or the Flat Payment Repayment option, you may be eligible to defer payment of principal but not interest for a period of up to forty-eight (48) months, depending on length of enrollment, as long as the student borrower is enrolled at an approved school or in a medical internship or residency program. Any accrued and interest may be capitalized at the end of this additional deferment period.
15. Available in increments of no more than three (3) months, for an initial maximum period of twelve (12) months. Following the initial twelve (12) month period, borrowers may be eligible for an additional twelve (12) months of unemployment protection, awarded in three (3)-month increments, by making twelve (12) consecutive on-time principal and interest payments between each three (3)-month increment of unemployment protection. During any period of unemployment protection, principal and interest payments are deferred and the interest that accrues during the unemployment protection period may be capitalized at the expiration of such period in accordance with the Credit Agreement. The number of months of unemployment protection utilized counts toward the total number of months of forbearance permitted on the loan. The repayment term will be extended equal to the number of total months of unemployment protection applied to the loan.
16. Medical Forbearance is available to assist borrowers unable to pay their loan due to an existing and persisting medical condition that is not expected to be permanent, and that prevents them from engaging in a level of work performed for pay or profit that involves doing significant physical and/or mental activities. Medical Forbearance is granted in increments of no more than three (3) months, for a maximum of twelve (12) months during the life of the loan. To qualify for Medical Forbearance, a physician must certify that the borrower has an existing and persisting medical condition or the borrower must provide the FMLA approval notice “Designation Notice, form WH-382”.
17. With Full Deferment, principal and interest payments are deferred while the student is enrolled at an approved school and during the six month grace period after graduation, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. Any accrued and unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties. Making interest only or partial interest payments will not reduce the principal balance of the loan.
18. If after utilizing all other payment relief options offered under the program, the borrower is still having trouble making monthly principal and interest payments, the servicer may extend the repayment term on the loan by sixty (60) months upon request. Following the term extension, the loan will be reamortized resulting in a reduced monthly principal and interest payment amount. The Borrower will continue to be billed for principal and interest payments on the loan.
19. Natural Disaster Forbearance is available to assist borrowers who are unable to pay their loan due to a natural disaster, determined by the Federal Emergency Management Agency ("FEMA"), impacting their home, place of employment or the school they are attending. Natural Disaster Forbearance lasts for a maximum period of three (3) months, during which payments are deferred. Any accrued and unpaid interest may be capitalized at the end of the Natural Disaster Forbearance period.
20. Available in increments of no more than three (3) months, for an initial maximum period of twelve (12) months. Following the initial twelve (12) month period, borrowers may be eligible for an additional twelve (12) months of forbearance, awarded in three (3) month increments, by making twelve (12) consecutive on-time principal and interest payments between each three (3)-month increment of forbearance. During a forbearance period, principal and interest payments are deferred and the interest that accrues during the forbearance period may be capitalized at the expiration of such forbearance period in accordance with the Credit Agreement. The repayment term will be extended by the total number of months of forbearance applied to the loan.
21. Applications may be accepted up to the earlier of (a) eighteen calendar months after the Applicant’s academic period end date or (b) eighteen calendar months after the Applicant’s graduation date.
Abe is a service mark of Monogram LLC.
Monogram LLC (NMLS #2542102) NMLS Consumer Access
Monogram LLC is not an affiliate of DR Bank.
DR Bank Privacy Notice | Terms & Conditions of Use | Monogram Privacy Policy | Monogram Privacy Information Request | Legal Notice
© Copyright 2024 Monogram LLC. All rights reserved.
*Comparisons based on competitors' websites (as of 8/9/24)
