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Stafford Lender Recommendations

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Stafford Lender List
 CHASE CITIBANK IDAPP NATIONAL CITY SALLIE MAE
Servicer/
Guarantor
Great Lakes
Citibank/Texas Guaranty
IDAPP/ISAC
Great Lakes
Sallie Mae/USA Funds
Loan Information
Apply Online
Interest rate †
 6.8% fixed for life of the loan
Repayment Rate †
 6.8% fixed for life of the loan
Aggregate Loan Limit
 $224,000†
Origination
Fee
1%
1%
0%
0%
1%
Repayment Benefits
  • 1% automatic rate reduction received at repayment.
  • 1% principal rate reduction after 1st on-time payment.
  • .50% interest rate reduction at repayment for on-time payment.
  • .25% interest rate reduction for direct debit (ACH)
  • Zero payments for last six months of repayment term.
  • 1% rate reduction after 24 consecutive on-time payments, plus another 1% reduction after an additional 24 consectuive, on-time payments.
  • .25% interest rate reduction for payments made through ACH.
  • .30% interest rate reduction for ACH..
  • .30% additional interest rate reduction after making 24 on-time payments.
  • .40% interet rate reduction for ACH.
Guarantee
Fee
 Great Lakes will pay the 1%; no fee assessed to PSOM students.
Texas Guaranty will pay the 1%; no fee assessed to PSOM students. IDAPP will pay .5% and ISAC will pay .5%; no fee assessed to PSOM students. Great Lakes will pay the 1%; no fee assessed to PSOM students. USA Funds will pay the 1%; no fee assessed to PSOM students.
Capitalization
 Occurs on accrued interest at the end of forbearance, deferment, or grace as borrower enters repayment. Occurs at the start of repayment periods and at the end of deferment and forbearance periods. Occurs at the start of repayment peroids and at the end of deferment and forbearance periods. Occurs once at repayment. Interest is not capitalized during deferment or forbearance. Occurs once at repayment on unsubsidized Stafford loans following uninterrupted periods of grace and deferment.
Contact Customer Service
(877) 477-2633 (866) 515-8352 (800) 961-4327 (800) 377-9095 (800) 233-7575

 

† Aggregate limit increase effective as of April, 2008