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Many banks offer one or more of the following benefit programs to students taking out educational loans. Taking advantage of these programs can be an excellent way to save money on your loan repayment.

  1. Auto-Debit
    You can receive a lower interest rate from many lenders by authorizing them to automatically deduct your payment from your bank account each month. This reduction is typically 0.25%.

  2. On-Time Payments - Credit/Cash Back
    Many banks offer a refund of a portion of the origination fee after you make a set number of on-time payments. A typical offer would be a refund of the 3% origination fee (less $250) after 24 on-time payments on a Stafford loan.

  3. On-Time Payments - Interest Rate Reduction
    With most banks, if you make the first 24 to 48 payments on time (the number varies by bank), you will be eligible receive an interest rate reduction for the remaining term of the loan.

This calculator will allow you to find out just how much you may be able to save if you take advantages of these opportunities. You must check with your bank regarding the availability of these offers.

Amount of Loan: $
Annual Interest Rate: %
Term of Loan: Years
Minimum Monthly Payment: $


Rate Reduction: %

On-Time Payments - Credit/Cash Back

Months on Time: Months
Origination Fee Discount: %
Value Deducted from Credit: $

On-Time Payments - Interest Rate Reduction

Months on Time: Months
Rate Reduction: %

Note: Interest accrues on a monthly basis. Payments are made at the end of each month..

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