 |
|||||||
| Bank of America | CitiBank | Xpress | AMS | ||||
| Interest Rate | optional 2.0% interest rate reduction with automatic debit payments from a bank account | optional 0.25% interest rate reduction for automatic debit of monthly payments. | PLUS loan borrowers receive a 3% principal reduction once the loan has been fully disbursed. | optional 0.25% interest rate reduction with automatic monthly payments | |||
| Servicer | MOHELA | CitiBank | LoanStar | ACS | |||
| Loan Fee | Loan fee: 3% | Loan fee: 3% | Loan fee: 3% | Loan Loan fee: 3 | |||
| Guarantee Fee | Guarantee fee: 0% | Guarantee fee: 0% | Guarantee fee: 0% | Guarantee fee: 0% | |||
| Deferred? | Yes, interest will accrue; | Yes, interest will accrue | Yes, interest will accrue | Yes, interest will accrue | |||
| E-sign Application? | Beginning July, 2004; | Yes | Beginning July 2004 | No | |||
| Borrower Benefits | 2.0% interest rate reduction with automatic monthly payment; the monthly payments, however, would NOT be reduced, monthly payments are based on the current interest rate but the interest rate would be 2.0% less, this means that more of the payment would apply towards the principal thus reducing the length of the loan. | 0.25% automatic interest rate reduction when loan enters repayment; optional 0.25% automatic interest rate reduction with automatic payments | 3% principal reduction at full disbursement; optional 0.25% interest rate reduction with automatic debit of monthly payments | optional 0.25% interest rate reduction with automatic monthly payments; AMS also provides the interest-free monthly payment plan; apply for the PLUS loan at the same time arranging a payment plan; | |||
| Consolodation Benefits | 1% interest rate reduction after 48 consecutive on-time payments; NOTE: the 2.0% interest rate reduction does not apply to consolidation loans; | 1.0% interest rate reduction after 48 consecutive on-time payments; optional 0.25% interest rate reduction with automatic payments; NOTE: the 0.25% automatic interest rate reduction does not apply to consolidation loans; | 1% interest rate reduction after 36 consecutive on-time payments; optional 0.25% interest rate reduction with automatic debit of monthly payments | optional 0.25% interest rate reduction with automatic monthly payments; | |||
| Apply | Apply on-line at www.bankofamerica.com/studentbanking ; | Apply on-line | Apply on-line; receive pre-approval in 10 seconds! | Apply over the phone at 1-888-829-3880 |
