THROUGH NORTHWEST EDUCATION LOAN ASSOCIATION® (NELA)
Choosing a lender is an important
decision, one that will affect you for the life of your loan. If you
have no prior federal Stafford Loans, we recommend that you borrow from
one of the lenders listed below. If you have previously borrowed a federal
Stafford Loan, please remain with the same lender. This will prevent
you from making payments to multiple lenders in the future. Clark College will certify your loan with any lender that you request on your Stafford Loan Application, even if they are not on this list.
Two to three weeks after e-signing
your MPN (on the Web), your lender will send you a disclosure statement.
This notification will list the terms of your loan, interest rate, estimated
disbursal date to the college and other important information.
|
Lender |
Benefits |
CITIBANK
800.967.2400
www.studentloan.com |
Principal or Interest Rate Reduction for Consecutive On-time Payments
- Save 2.50% up-front with Zero Origination and Zero Federal Default Fees
- Save up to 6.00% on your principal loan balance with Citibank’s ZERO payments the last 6 months when all payments are made on time
- Automatic 1.00% interest rate reduction at repayment
- Additional 0.25% interest rate reduction when you sign up for E-Z Pay auto debit and receive only electronic statements
- New! Benefit Recovery Feature: Unlimited chances to earn back automatic rate reductions lost as a result of late payments.
|
NELLIE MAE
800.634.9308
www.nelliemae.com/loancenter/ |
Principal or Interest Rate Reduction for Consecutive On-time Payments
- Zero origination fees for academic year 2007-2008.
- Zero default fee for loans guaranteed by NELA on or after July 1, 2007 - June 30, 2008
- Borrowers can receive a 3.3% loan credit after making the first 33 on time payments by the due date as initially scheduled.
- Borrowers can receive a 0.50 percentage point interest rate reduction for automatic debit.
- Unlimited savings through Upromise Loan LinkSM at www.salliemae.com/upromise
- An additional 10% loan credit based on original loan amount after first 36 on time payments for students who commit to a career teaching or nursing in Washington for three years.
|
U.S. BANK OF WASHINGTON
800.242.1200
www.usbank.com |
Principal or Interest Rate Reduction for Consecutive On-time Payments
- Zero origination fees for academic year 2007-2008
- 0.25% interest rate reduction for auto debit of payments from any account
- 5.00% of the original principal balance credited to the outstanding loan after 36 consecutive on-time* monthly
payments
- Payments considered on-time up to 20 days following the due date
- Last six months are payment-free for borrowers who make all payments on-time on a standard
|
WASHINGTON FIRST / STUDENT LOAN FINANCE
888.272.5543
www.slfaloan.com |
Principal or Interest Rate Reduction for Consecutive On-time Payments
- Zero origination fees for academic year 2007-2008.
- Zero default fees for loans guaranteed by NELA on or after July 1, 2007 - June 30, 2008.
- Borrowers can receive a 7% loan credit after making 36 payments by due date as initially scheduled.
- Unlimited savings through Upromise Loan LinkSM at www.salliemae.com/upromise
- An additional 10% loan credit based on original loan amount after first 36 on time payments for students who commit to a career teaching or nursing in Washington for three years.
|
BANK OF AMERICA
800.344.8382
http://www.BankofAmerica.com |
Principal or Interest Rate Reduction for Consecutive On-time Payments
- Zero origination fees and Zero Federal default fees
- 0.25% interest rate reduction at repayment with auto debit
- 1.0% outstanding principal reduction after first 12 months of on-time payments
- 1.0% outstanding principal reduction after second 12 months of on-time payments
- 1.0% outstanding principal reduction after third 12 months of on-time payments
- Missing a payment during one of the twelve-month periods does not disqualify borrower from receiving future
benefit(s).
- Payments up to 15 days late are still considered on time.
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