How Do I Repay My Loan?

Interest will continue to accrue during periods of deferment. This deferred interest, if not paid, will be capitalized (added to your principal loan balance, and interest will accrue on this new balance) at repayment.

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To be eligible, loan application must be received on or after August 1, 2011, and loan proceeds must be disbursed prior to graduation date. Graduation Perk requires proof of graduation date, and Good Grades Perk requires proof of graduation date and cumulative GPA of 3.30 or higher, which must be submitted by the borrower no later than 12 months after graduation date. 2% principal reduction for Graduation Perk and 1% principal reduction for Good Grades Perk will be credited to the student loan account balance and are based on the original amount financed, excluding loan fees, interest (including accrued and unpaid interest which may be capitalized at repayment) and any loan proceeds not disbursed. Borrower cannot be delinquent or in default at the time of request. Loans that are consolidated, refinanced or paid in full prior to redeeming the perk(s) are not eligible.

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The automatic payment is a requirement to be qualified for the interest rate reduction benefit. Auto-payment is set up through the loan servicer. If the auto-payment is cancelled by the borrower, the rate reduction benefit is lost but may be reinstated. If the auto-payment feature is revoked, the rate reduction benefit is lost and cannot be reinstated even if automatic payments are re-established on the loan.

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