Through our National Discount
Loan Program, Federal Stafford
Loan borrowers will receive
savings now, and down the road!
Benefits
For loans disbursed between 3/1/07 and 6/30/08
- Zero fees - no default or origination fees
- A 0.25% interest rate reduction for automatic direct debit
of payment from any bank account*
|
For loans with first disbursement on or after 7/1/08
- No origination fee
- 1% federal default fee may be charged**
- A 0.30% interest rate reduction for automatic direct debit
of payment from any bank account*
|
*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.
**The 1% default fee will be waived if the participating guarantee agency selected by the borrower will pay the fee.
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
- Be a U.S. citizen or eligible
non-citizen attending any
school approved by the U.S.
Department of Education
- No income requirement
- Must meet the standard Stafford
eligibility requirements
- 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 800-762-1001,
Monday through 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. |
