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 2% interest rate reduction after 48 months.
|
0% default fee. 0% origination fees. 0.8% interest rate reduction during the in-school period and 0.5% interest rate reduction during the repayment period (AlaskAdvantage General Benefit). 1% interest rate reduction for Alaska Presence Benefit (living or attending school in Alaska). |
ALL Student Loan (California) |
0.25% interest rate reduction |
|
0% default fee at select guarantors |
AMS (833067) |
0.25% interest rate reduction |
|
|
Arizona Higher Education Loan Authority (AHELA) |
0.25% interest rate reduction |
1.0% interest rate reduction at repayment. |
0%
origination fees. 0% default fees.
Prompt payment benefits lost if 60 days or more late. |
Associated Bank |
0.25% interest rate reduction |
|
|
Carnegie Student Loans |
|
3.3% principal reduction (based on original principal balance) after 33 months |
|
Citizens Bank |
0.25% |
unspecified |
0% to 1% default fee, depending on guarantor. |
CollegeBound Loans |
0.25% interest rate reduction |
3.3% principal reduction after 30 months |
0% default fee. 0% origination fees. |
College Foundation Inc. |
1.5% interest rate reduction |
1% immediate interest rate reduction |
0% default fee. 0% origination fees. |
College Pay Way |
0.25% interest rate reduction |
3% principal balance reduction after 1 month. 1% interest rate reduction after 1 month. |
0% origination fees. |
Collegiate Funding Services (CFS) |
0.25% interest rate reduction |
1% principal reduction (current principal balance) after 12 months. 1% interest rate reduction after 36 months. |
0% default fee. 0% origination fees. |
Connecticut Student Loan Foundation |
0.25% interest rate reduction |
4% principal reduction (based on original loan balance) after 33 months |
0% default fee. 0% origination fees. |
Discover Student Loans |
0.25% interest rate reduction |
|
0% default fee. 0% origination fees.
2% cash back (principal reduction) at graduation.
|
Edamerica |
0.25% |
1% principal reduction after 12 months.
1% principal reduction after 24 months.
Benefit repair option after 24 months of on-time payments.
|
0% default fee. 0% origination fees. 1% interest rate reduction for graduation at repayment. |
Education Loan Resources |
0.25% interest rate reduction |
|
Existing borrowers only. |
Fifth Third Bank 808780 As of 3/23/09. |
0.25% interest rate reduction |
|
|
First National Bank of Omaha |
|
1% interest rate reduction after 24 months. Additional 1% interest rate reduction after 48 months. |
|
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 |
|
|
Higher Education Solutions |
0.25% interest rate reduction |
4.0% principal reduction (based on current principal balance) after 30 months |
0% origination fees. |
M&I Bank |
0.25% interest rate reduction |
|
|
Massachusetts Educational Financing Authority (MEFA) |
0.5% interest rate reduction |
0.5% interest rate reduction after 24 months. Additional 0.5% interest rate reduction after 36 months. Additional 0.5% interest rate reduction after 48 months. |
0% default fee. 0% origination fees. 0.25% immediate interest rate reduction at repayment.
Benefits are permanent once achieved. |
Michigan Higher Education Student Loan Authority (MHESLA) |
0.25% interest rate reduction |
0.0% interest rate after 36 months. |
0% origination fees.
The 0.25% interest rate reduction for direct debit is eliminated when
the interest rate drops to zero. 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 |
|
|
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) |
0.25%
interest rate reduction |
0.50% principal reduction (based on original loan balance) after 11 months.
1.25% interest rate reduction after 33 months.
0.75% interest rate reduction after 44 months. |
|
Student Funding Group, LLC |
0.25% interest rate reduction |
|
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. |
US Education Finance Corporation |
0.25% interest rate reduction |
0.5% interest rate reduction at repayment. |
Principal reduction at repayment equal to the interest that accrued during the first year after disbursement. 0% origination fees. (Provided as a credit at repayment for the amount of origination fees paid by the borrower at disbursement. In some cases part of the credit will be paid one year after entering repayment.) 0% default fee. |
Vermont Student Assistance Corporation (VSAC) |
0.25% interest rate reduction |
|
0% origination fee. 0% default fee.
|
Wachovia |
0.25% (Pennsylvania Only) |
1% immediate principal reduction at repayment. Additional 1% principal reduction after 12 months. Additional 1.5% principal reduction after 24 months. All principal reductions are based on the original principal balance.
(In Pennsylvania, a 2% interest rate reduction after 36 months.)
|
0% origination fees. (0% default fee in Pennsylvania.) |
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 after 48 months |
0% default fees. 0% origination fees. |
Wyoming Student Loan Corporation |
0.5% interest rate reduction |
|
0% default fees. 0% origination fees.
$100 principal reduction to members of the United States Military,
including Reservists and members of the National Guard. |