Here's a list of lenders (bolded) and their benefits avaialble to borrowers. I'm not very well-versed in the ways of finance, and was wondering if anyone had any recommendations on which of the following to choose?
Access Group
Access OnTime: Borrowers receive a 2% interest rate reduction after they have made their first 48 scheduled payments on time.
Access Automatic: Borrowers also receive a 0.25% interest rate reduction for automatic debit payment from checking or savings account.
Bank of America
Borrowers receive a 1% principal reduction for each 12 month of on-time payments during the first 36 months of payments. Borrowers also receive a 0.25% interest rate reduction for automatic debit from checking or savings accounts.
Chela Education Financing
Chela Benefits: Borrowers receive an interest rate at repayment that is 1.5% lower than what is set by the federal government.
Borrowers also receive a 0.25% interest rate reduction for automatic debit from checking or savings accounts.
If any payment is ever more than 30 days late, the interest rate will permanently revert to the 91-day T-Bill + 2.3%.
Dollar Bank
Borrowers receive a 5.5% loan account credit based on the original principal balance after they have made their first 33 scheduled payments on time.
Borrowers also receive an additional 0.50% interest rate reduction for automatic debit payments from a checking or savings account.
These benefits are available for Stafford Loans first disbursed on or after July 1, 2003, to borrowers who are enrolled in Manage Your Loans and signed up to receive account information at a valid e-mail address.
Higher Education Solutions
Borrowers also receive a 3.3% principal reduction after 30 scheduled on-time payments. Borrowers must sign up to receive e-mail correspondence. An additional 0.25% interest rate reduction for automatic debit payments from a checking or savings account.
Nellie Mae
Borrowers receive a 5.5% loan account credit based on the original principal balance after they have made their first 33 scheduled payments on time.
Borrowers also receive an additional 0.50% interest rate reduction for automatic debit payments from a checking or savings account.
These benefits are available for Stafford Loans first disbursed on or after July 1, 2003, to borrowers who are enrolled in Manage Your Loans and signed up to receive account information at a valid e-mail address.
NorthStar / THE
Borrowers receive a monthly credit equal to a 1% annualized interest rate reduction beginning the first month of repayment.
Student Loan Express
Borrowers receive 3 months of repayment relief following thier grace period. Borrowers also receive an additional 0.25% interest rate reduction for automatic debit payments from a checking or savings account.
University Credit Union
Borrowers receive a 5.5% loan account credit based on the original principal balance after they have made their first 33 scheduled payments on time.
Borrowers also receive an additional 0.50% interest rate reduction for automatic debit payments from a checking or savings account.
These benefits are available for Stafford Loans first disbursed on or after July 1, 2003, to borrowers who are enrolled in Manage Your Loans and signed up to receive account information at a valid e-mail address.
Wells Fargo
Borrowers receive a 4.6% principal reduction after they have made their first 36 scheduled payments on time.
Borrowers also receive an additional 0.25% interest rate reduction for automatic debit payments from a checking or savings account.
Please help/advise, thank you!
Access Group
Access OnTime: Borrowers receive a 2% interest rate reduction after they have made their first 48 scheduled payments on time.
Access Automatic: Borrowers also receive a 0.25% interest rate reduction for automatic debit payment from checking or savings account.
Bank of America
Borrowers receive a 1% principal reduction for each 12 month of on-time payments during the first 36 months of payments. Borrowers also receive a 0.25% interest rate reduction for automatic debit from checking or savings accounts.
Chela Education Financing
Chela Benefits: Borrowers receive an interest rate at repayment that is 1.5% lower than what is set by the federal government.
Borrowers also receive a 0.25% interest rate reduction for automatic debit from checking or savings accounts.
If any payment is ever more than 30 days late, the interest rate will permanently revert to the 91-day T-Bill + 2.3%.
Dollar Bank
Borrowers receive a 5.5% loan account credit based on the original principal balance after they have made their first 33 scheduled payments on time.
Borrowers also receive an additional 0.50% interest rate reduction for automatic debit payments from a checking or savings account.
These benefits are available for Stafford Loans first disbursed on or after July 1, 2003, to borrowers who are enrolled in Manage Your Loans and signed up to receive account information at a valid e-mail address.
Higher Education Solutions
Borrowers also receive a 3.3% principal reduction after 30 scheduled on-time payments. Borrowers must sign up to receive e-mail correspondence. An additional 0.25% interest rate reduction for automatic debit payments from a checking or savings account.
Nellie Mae
Borrowers receive a 5.5% loan account credit based on the original principal balance after they have made their first 33 scheduled payments on time.
Borrowers also receive an additional 0.50% interest rate reduction for automatic debit payments from a checking or savings account.
These benefits are available for Stafford Loans first disbursed on or after July 1, 2003, to borrowers who are enrolled in Manage Your Loans and signed up to receive account information at a valid e-mail address.
NorthStar / THE
Borrowers receive a monthly credit equal to a 1% annualized interest rate reduction beginning the first month of repayment.
Student Loan Express
Borrowers receive 3 months of repayment relief following thier grace period. Borrowers also receive an additional 0.25% interest rate reduction for automatic debit payments from a checking or savings account.
University Credit Union
Borrowers receive a 5.5% loan account credit based on the original principal balance after they have made their first 33 scheduled payments on time.
Borrowers also receive an additional 0.50% interest rate reduction for automatic debit payments from a checking or savings account.
These benefits are available for Stafford Loans first disbursed on or after July 1, 2003, to borrowers who are enrolled in Manage Your Loans and signed up to receive account information at a valid e-mail address.
Wells Fargo
Borrowers receive a 4.6% principal reduction after they have made their first 36 scheduled payments on time.
Borrowers also receive an additional 0.25% interest rate reduction for automatic debit payments from a checking or savings account.
Please help/advise, thank you!
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