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Reduce Interest Rates by up to 0.50%

During your repayment period, students can lower their interest rate by 0.25% by electing to have payments automatically deducted from their bank accounts.

What's Needed for the 1st 0.25% Reduction
The 0.25% interest rate reduction is available for borrowers who elect to have monthly principal and interest payments transferred electronically from a savings or checking account.
The interest rate reduction will begin when automatic principal and interest payments start, and will remain in effect as long as automatic payments continue without disruption.
This reduced interest rate will return to contract rate if automatic payments are cancelled, rejected or returned for any reason.

Also, borrowers can further reduce their interest rate by another 0.25% if they make 36 consecutive, on-time payments.

What's Needed for the 2nd 0.25% Reduction
Upon request, borrowers are also entitled to an additional 0.25% interest rate reduction if: the first 36 payments of principal and interest are paid on time, and at any time prior to the 36th on time payment, the borrower who receives the monthly bill elects to have monthly principal and interest payments transferred electronically from a savings or checking account, and continues to make such automatic payments through the 36th payment.
The reduced interest rate will not be returned to contract rate if, after receiving the benefit, the borrower discontinues automatic electronic payment.
The lender and servicer reserve the right to modify, continue or discontinue borrower benefit programs (except consigner release) at any time without notice.

 

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