Benefits
- No default fee†
- A 0.25% interest rate reduction for automatic direct debit of
payment from any bank account**
† The federal default fee will be waived if the participating guarantee agency selected by the lender will pay the fee.
** To maintain the interest rate reduction benefit, all payments must be directly debited from a bank account. If automatic payment is stopped, the rate reduction benefit is lost and the rate will revert to the government-set rate for all Federal Stafford Loans. Benefits are effective for loans guaranteed on or after 5/23/08.
How to
Apply
Students must complete a Free
Application for Federal Student
Aid (FAFSA) to determine
aid eligibility, and a Federal
Stafford Loan Master Promissory
Note (MPN).
Borrower
Eligibility
- Students attending
any U.S. Department of Education
approved school
- No income requirement
- Must meet the standard Stafford
eligibility requirements
- Be a U.S. citizen or eligible
non-citizen
- Be accepted for enrollment
in a participating school; or
if enrolled, be making satisfactory
progress
- Be classified as at least a
half-time student and working
toward a degree or certificate
- Not be in default on an education
loan or owe any education grant
refund
- Be registered with the Selective
Service, if required
- Have financial need in order
to receive a Federal Stafford
Loan
For more information,
contact our customer service
center to speak with an education
loan specialist at 1-800-762-1001, Monday through Thursday from 8am to 9pm and Friday from 8am to 6pm Eastern time.
PNC Bank reserves the right to modify offered interest rates, fees and borrower benefits at any time without notice. |
