Loan credit borrower benefit programs described above are based on the original loan amount (less cancellations, refunds and returns). To qualify for loan credit benefits listed above, borrowers must make the noted number of payments by the due dates as initially scheduled and sign up to receive account information by email prior to 1st payment due date.

To qualify for the 1 percentage point interest rate reduction the borrower signs up to receive account information by email prior to 1st payment due date. The 1 percentage point interest rate reduction benefit continues during active repayment for as long as the borrower continues to pay as initially scheduled.

Borrowers may take advantage of one of the following opportunities: (1) A borrower who has earned the benefit and makes a late payment can re-earn this interest rate reduction once by making 24 consecutive payments by the due dates as initially scheduled. (2) 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 and then earn the benefit by satisfying the original, remaining on-time payment requirements. Additional terms and conditions apply.

The automatic debit benefit is available during active periods of repayment for as long as the borrower's monthly payment is successfully deducted from his/her bank account.

Borrowers who join Upromise and link their eligible loans to their Upromise account can use their Upromise cash savings to automatically pay down their outstanding loan balance.

Other terms and conditions apply. The above benefit programs are available on PLUS loans first disbursed July 1, 2007 through January 31, 2008. Sallie Mae reserves the right to modify or discontinue borrower benefit programs at any time without notice.