Lender |
Direct Debit (ACH/EFT) Discounts |
On-time Payment Discounts |
Other Discounts, Notes |
Access Group |
0.25% interest rate reduction |
|
|
AlaskAdvantage |
0.25% interest rate reduction |
Additional 1% interest rate reduction after 48 months. |
3% principal reduction after full disbursement.
1.0% immediate interest rate reduction (Basic).
1% interest rate reduction for Alaska Presence Benefit (living or attending school in Alaska). |
ALL Student Loan (California - Grad PLUS) |
0.25% interest rate reduction |
|
0% default fee at select guarantors |
ALL Student Loan (California - Parent PLUS) |
0.25% interest rate reduction |
|
0% default fee at select guarantors. |
AMS (833067) |
0.25% interest rate reduction |
|
|
Arizona Higher Education Loan Authority (AHELA) |
0.50% interest rate reduction |
1.0% interest rate reduction at repayment. |
0%
default fee.
Prompt payment benefits lost if 60 days or more late. |
Associated Bank |
0.25% interest rate reduction |
|
|
Citizens Bank |
0.25% interest rate reduction |
1% interest rate reduction at disbursement. |
0% default fee. |
CollegeBound Loans |
0.25% interest rate reduction |
1.0% interest rate reduction after unspecified number of months |
|
College Foundation Inc. |
1.25% interest rate reduction |
0.75% interest rate reduction at repayment |
0%
default fee. 3% credit corresponding to the origination fee. |
College Pay Way |
0.25% interest rate reduction |
3% principal balance reduction after 1 month. 1% interest rate reduction after 24 months. |
|
Collegiate Funding Services (CFS) |
0.25% interest rate reduction (Parent PLUS). 0.30% interest rate reduction (Grad PLUS). |
3% principal reduction (current principal balance) after 36 months and 0.5% interest rate reduction after 36 months (Parent PLUS).
1.2% principal reduction (original principal balance) after 12 months
and 2.4% principal reduction (original principal balance) after 24
months (Grad PLUS). |
|
Connecticut Student Loan Foundation |
0.5% interest rate reduction |
|
0.5% interest rate reduction for using Susie Mae. |
Discover Student Loans |
0.25% interest rate reduction |
|
0% default fee.
3% origination fee credited back within 6 months of full disbursement.
2% cash back (principal reduction) at graduation.
|
Edamerica |
0.25% interest rate reduction (Parent PLUS) |
1% interest rate reduction at disbursement (Parent PLUS).
0.50% interest rate reduction at repayment (Grad PLUS).
Benefit repair option after 24 months of on-time payments.
|
0% default fee. 1.25% interest rate reduction at disbursement (Grad PLUS). |
Education Loan Resources |
0.25% interest rate reduction |
|
Existing borrowers only. |
Fifth Third Bank 808780 As of 3/23/09. Parent PLUS and Grad PLUS |
0.25% interest rate reduction |
|
|
Frost Bank |
0.75% interest rate reduction |
1% principal reduction after 12 months, 2% principal reduction after
24 months, and 3% principal reduction after 36 months.
All principal reductions are based on the current principal balance at
the time of the reduction and are independent. |
0% origination fees. Forgiveness of up to the final $599 of the loan. (Remainder of loan balance is forgiven when loan account balance is paid down to less than $600.) |
Graduate Leverage |
0.25% interest rate reduction |
|
|
M&I Bank |
0.25% interest rate reduction |
|
|
Massachusetts Educational Financing Authority (MEFA)
Parent PLUS
and Grad PLUS |
0.25% interest rate reduction |
1% interest rate reduction at repayment. |
0%
default fee. |
Michigan Higher Education Student Loan Authority (MHESLA) |
0.25% interest rate reduction |
|
Fixed
7.9% interest rate. Benefits are lost if the loans are
consolidated. These rates are offered by
lenders that sell their loans to MHESLA.
|
Nellie Mae (829076) |
0.25% interest rate reduction |
|
|
Nelnet |
0.25% interest rate reduction |
|
|
New Hampshire Higher Education Loan Corporation (NHHELCO) |
0.25% interest rate reduction |
|
|
New Mexico Student Loans (NMSL) |
0.25% interest rate reduction |
|
0% default fee |
Northstar Education Finance |
0.25% interest rate reduction |
|
0% or
1% default fee. |
Regions Bank (discounts) |
0.25% interest rate reduction |
|
|
Sallie Mae (802218) |
0.25% interest rate reduction |
|
|
Southwest Student Services (830630) |
0.25% interest rate reduction |
|
|
Student Assistance Foundation (SAF) |
0.50%
interest rate reduction (Grad PLUS) or 0.25% interest rate reduction
(Parent PLUS). |
2% principal reduction (based on original loan balance) after the first 12 months (Grad PLUS).
1% principal reduction (based on current loan balance) after each 12
months, with 10 year limit (Parent PLUS). |
1.0% interest rate reduction upon full disbursement. (Grad PLUS) |
Student Funding Group, LLC |
0.25% interest rate reduction (Parent PLUS and Grad PLUS). |
|
0% default fee.
StuFund will use no-fee guarantee agencies when available. Otherwise,
a guarantee fee of up to 1.0% will be assessed.
|
Student Loan Finance Association (833789) |
0.25% interest rate reduction |
|
|
Student Loan Funding (831455) |
0.25% interest rate reduction |
|
|
Student Loan Network |
|
|
Student Loan Network offers the same benefits as Student Loan Xpress. |
Vermont Student Assistance Corporation (VSAC) |
0.25% interest rate reduction |
|
0%
default fee. |
Wachovia |
|
1% immediate principal reduction at repayment, additional 1% principal reduction after 12 months, additional 1.5% principal reduction after 24 months (Parent PLUS). All principal reductions are based on the original principal balance.
0.60% interest rate reduction at disbursement, retained if first 12 payments
paid on time (Grad PLUS).
[In New England substitute a 1.25% interest rate reduction at
repayment for direct debit and on-time payments (Parent PLUS). In
Pennsylvania substitute a 1% rate reduction at disbursement and a
0.25% rate reduction for direct debit (Parent PLUS).]
|
3% principal reduction (based on original principal balance) 6 months
after disbursement (Grad PLUS). |
Wells Fargo |
0.5% interest rate reduction (if debited from Wells Fargo account).
0.25% interest rate reduction (if debited from a non-Wells Fargo account).
|
0.5% interest rate reduction at disbursement, increasing to
1.5% interest rate reduction at repayment (Grad PLUS).
0.75% interest rate reduction at repayment (Parent PLUS).
If late with a payment, the benefit is recovered after 24 on-time monthly payments. |
0% default fees.
Waives up to the last six originally scheduled loan payments ($4,500
minimum initial balance).
|
Wyoming Student Loan Corporation |
0.5% interest rate reduction |
|
$100 principal reduction to members of the United States Military,
including Reservists and members of the National Guard. |