Subject to credit approval, loans are made by INvestEd or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in INvestEd. Neither INvestEd nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by INvestEd or Bank of Lake Mills or their respective affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
1 Lowest rates shown are for eligible, creditworthy applicants and require a 5-year repayment term and our Automatic Payment discount of 0.25 percentage points. Rates advertised include an interest rate reduction of 0.25 percentage points for setting up automatic payments. Automatic payments are not required. Borrowers are eligible to receive a 0.25% ACH interest rate reduction for payments made via automatic debit. The ACH Discount will be applied the day that the ACH payment is approved by your bank and will remain in effect until you discontinue the ACH payments, are disqualified or the ACH Discount is suspended. You will be disqualified from this benefit if three (3) payments are returned for non-sufficient funds (NSF) within any twelve (12) month period. The ACH Discount is suspended during any deferment or forbearance period.
2 The variable rate is subject to increase after consummation. The maximum variable interest rate is 18.00%. The current APR range for the period of May 1 – July 31, 2020 is 1.87% to 5.76%. The variable interest rate that is charged to the borrower may change quarterly, may increase or decrease, and is based on an Index and Margin. The Index is defined as the daily average of the three-month London Interbank Offered Rate (LIBOR) (currency in U.S. dollars) that was published on the Wall Street Journal’s website (or any generally recognized successor method or means of publication) on each business day during the following periods: December 21st through March 20th, March 21st through June 20th, June 21st through September 20th; and September 21st through December 20th. The daily average of the three-month LIBOR index for the period December 21st – March 20th, 2019 is 1.617% (Effective May 1st – July 31st, 2020). Your rate will be calculated each quarter by adding a margin between 0.50% and 4.14% to the Index.
3 The fixed rate will not change during the term. The current APR range for the period of July 1 – December 31, 2020 is 2.92% to 6.89%.