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1 The automatic debit benefit remains available during active repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s bank account.
2 Savings program effective for new Stafford loans guaranteed and/or first disbursed on or after January 1, 2008. The Direct Repay benefit is available only during active periods of repayment for as long as the borrowers monthly payment amount is successfully deducted from their bank account.
3 Upromise Loan LinkSM - Student borrowers who join Upromise® can link their Sallie Mae loan account to their Upromise account and use their Upromise rewards to help pay down their eligible Sallie Mae serviced student loans. Upromise members turn everyday spending into savings for education by shopping with participating companies who will contribute a portion of their qualified spending into their Upromise account. Once borrowers become Upromise members, they can invite family and friends to join and contribute their rewards to the borrower’s Upromise account to increase savings.
4 To qualify for interest rate reductions, borrowers must also, prior to entering repayment, sign up on Manage Your Loans to receive account correspondence and information by email. Borrowers must continue to pay as initially scheduled to retain the interest rate reduction. New for AY 2007/2008, a borrower who has earned the benefit and who makes a late payment can re-earn the interest rate reduction once by making 24 consecutive payments as initially scheduled. A borrower who fails to earn the interest rate reduction because of a late payment can re-qualify to earn the benefit once by making 24 consecutive payments as initially scheduled and then earn the benefit by satisfying the original, remaining on-time payment requirements.
5 Savings programs effective for Stafford loans first disbursed on or after 6/9/08. Effective 7/1/08, an origination fee of 1% and a default fee of 1% will be calculated based on, and deducted from, each disbursement. Borrowers must make all payments as scheduled and maintain enrollment in automatic debit to keep rate reduction in effect.
6Borrowers who authorize the automatic debit of funds from their checking or savings account to cover their monthly education loan payments will receive an interest rate reduction of 0.25 percentage point on eligible Stafford Loans. Assuming the loan is serviced by Sallie Mae, this benefit remains available during active repayment for as long as the borrower’s monthly payment is successfully deducted from the borrower’s account. If the loan is not serviced by Sallie Mae, other restrictions may apply as determined by the U.S. Department of Education.
Upromise and Upromise Loan Link are service marks or registered service marks of Upromise, Inc. Sallie Mae is a registered service mark and Direct Repay is a service mark of Sallie Mae, Inc. SLM Corporation and its subsidiaries, including Sallie Mae, Inc., are not sponsored by or agencies of the United States of America. Sallie Mae reserves the right to modify or discontinue loan programs at any time without notice. Terms and conditions apply.
The information on this Web page was gathered on behalf of the Financial Aid Office at Northern Virginia Community College and is believed to be correct as of this posting, but this information is not warranted and is subject to change without notice.
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