How do the rate benefits work?
Interest rate benefits help reduce time off your loan. Your monthly payment will not change, but the overall time you pay does. For consolidation loans over $10,000, if you take advantage of both discounts, on average you will save: • Almost 3 years on a 20 year loan • Almost 4 years on a 25 year loan • Almost 7 years on a 30 year loan The automatic debit discount is permanent as long as you continue to use automatic debit. The 1% discount for the first 36 consecutive on time payments is effective after the 36 months of payments. One of the best ways to ensure that your student loan payments are on-time is to take advantage of the automatic debit.
