Susie Mae Stafford Loan terms and conditions

Susie Mae Stafford Loan - Terms and Conditions for Benefits

Susie Mae Stafford Loan benefits are available to borrowers whose Stafford Loans are made by Susie Mae (lender code 828614).

For loans guaranteed on or after July 1, 2008, borrowers will receive a one quarter of one percent (0.25%) interest rate reduction below the applicable federal interest rate by making monthly payments through the Automated Clearinghouse (ACH). The reduction will be cancelled if ACH payments are not maintained. Borrowers are required to pay a federal default fee and origination fee per Federal Regulation as defined in the Higher Education Reconciliation Act of 2005. For additional information, please refer to your Master Promissory Note. Actual loan terms are provided on the Loan Disclosure Notice. The Loan Disclosure Notice is sent to you when your loan is disbursed.

For loans guaranteed on or after January 1, 2008 but prior to June 30, 2008, borrowers receive a one half of one percent (0.5%) interest rate reduction below the applicable federal interest rate by making monthly payments through the Automated Clearinghouse (ACH). The reduction will be cancelled if ACH payments are not maintained. Borrowers are required to pay a federal default fee and origination fee per Federal Regulation as defined in the Higher Education Reconciliation Act of 2005. For additional information, please refer to your Master Promissory Note. Actual loan terms are provided on the Loan Disclosure Notice. The Loan Disclosure Notice is sent to you when your loan is disbursed.

For loans guaranteed on or after May 1, 2006 but prior to January 1, 2008, borrowers receive a four percent (4%) rebate on the original principal amount of the loan after making thirty-three (33) on-time, consecutive, monthly automated payments. Payments must be received within ten (10) days of the scheduled due date. Payments received during any deferment or forbearance period are not considered eligible on-time payments. Borrowers may receive an additional one quarter of one percent (.25%) interest rate reduction below the applicable Federal interest rate by signing up for automatic debit and making monthly payments through the Automated Clearinghouse (ACH). The reduction will be cancelled if ACH payments are not maintained. For additional information, please refer to your Master Promissory Note. Actual loan terms are provided on the Loan Disclosure Notice. The Loan Disclosure Notice is sent to you when your loan is disbursed.