Federal Stafford Loan Terms and Conditions
*Terms and conditions apply. Southwest Student Services will pay the 1.5% origination fee on the borrower's behalf on Stafford Loans for academic year 2007-2008. The automatic-debit benefit is available during active repayment for as long as the borrower's monthly payment is successfully deducted from his/her bank account. To qualify for the additional 0.50 percentage point interest rate reduction, the borrower must sign up on Manage Your LoansSM, prior to entering repayment, to receive account information by e-mail and make the first payment by the due date as initially scheduled. The 0.50 percentage point interest rate reduction continues during active repayment for as long as the borrower continues to pay as initially scheduled. A borrower who has earned the benefit and makes a single late payment can re-earn this interest rate reduction once by making 24 consecutive payments by the due dates 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 and then earn the benefit by satisfying the original, remaining on-time payment requirements. Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed July 1, 2007 through June 30, 2008. Not available to students attending school in Arizona.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE.