Announcing our newest loan product: Abe
Paying for college has become more expensive and complicated than ever. Some universities and colleges announced they will soon begin charging up to $100,000 per year. Yet, federal student aid remains volatile, and 529 plans and scholarships are often not enough to help many families meet this increasing price tag.
In our decades-long mission to support students pursuing their higher education goals, we’re thrilled to announce our newest loan product, Abe.
What is Abe?
Our goal with Abe is simple: We want to remove the stress from getting a student loan *and* remove the stress from paying it back. We do this by providing easy-to-understand information and flexible product terms that meet the diverse needs of today’s undergraduate and graduate students.
Breaking down Abe’s offerings
Getting started is free.
Students can borrow up to 100% of qualified education expenses
There are no fees of any kind
Students can prequalify with no obligation or impact on their (or their cosigner’s) credit
Students can reduce the cost of the loan.
2% Graduation Reward — Abe will reduce the principal balance by 2% when students graduate, upon request
0.25% rate reduction when a student signs up for autopay
0.05% rate reduction for every six months of consecutive, on-time principal and interest payments
There are flexible repayment options and terms.
Abe provides various repayment options including:
Full interest and principal payments while in school
Interest-only payments while in-school or low, flat monthly payments
Full deferment of all payments until after graduation
Students can also select from five loan terms: 5, 7, 10, 15 or 20 years
Students can utilize a variety of payment relief options to pause payments.
We want to ensure every student feels supported during and after their higher education journey, so we offer the opportunity to pause payments if life gets interrupted. Students can pause payments if:
It takes them time to find a job after graduation
They are diagnosed with a serious illness or take FMLA
A natural disaster disrupts their lives
They are hit with unexpected financial hardship and need time to get back on their feet
Abe is the only product in the market that offers In-School default protection. This means that if a student chooses an In-School repayment option, but falls behind, we automatically change their loan status to “deferred.” This ultimately saves the loan from default and minimizes the impact on a borrower’s credit report.
Abe is also available to students pursuing less than half-time enrollment, as well as post-graduate certificate programs. And Abe is available for international students and DACA (Deferred Action for Childhood Arrivals) recipients, provided they have a U.S. or permanent alien resident cosigner.
Every student deserves a plain, honest and borrower-supportive experience. With your cosigner, visit abestudentloans.com to get your rate and configure an Abe loan to suit your financial situation.