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Author: sprexumn Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 8206  
Subject: Re: Refinancing Student Loans Date: 2/20/2004 11:17 PM
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My loans are also handled by Sallie Mae. By agreeing to have your monthly payments directly deducted from your checking account, you may qualify for a reduction of interest. I think its .25% per year for a max of 2%, but call Sallie Mae to be sure. My original rate was 9% and is now at 7.75%. I looked into reducing the rate with another consolidator, but this was the best option when I looked into it.

I found info on this at:


http://www.salliemae.com/manage/borrower_benefit.html

for the smart loan consolidation account. 1% discount for 36 months of on time payments, .25% for electronic.
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