Student Services




Parent Services


University/College Services



Current Interest Rates

6.8% fixed rate on loans issued beginning 7/1/2006.

For loans issued between 7/1/1998 and 7/1/2006, the interest rate is variable and resets every July 1. The in-school interest rate based on the 91 day T-bill + 1.7% and the repayment interest rate is based on the 91 day T-bill + 2.3%. The rate is capped to never exceed 8.25%



Company Information





Resources

 

 Student Loan Consolidation

 

At My Student Benefits, Inc., we understand that the process of student loan consolidation can be confusing.

Below we have outlined a step-by-step process of how we will consolidate your Federal Student Loans:



The Application. The application is the first step in the process of consolidation.  We provide 3 ways for you to accomplish this.
 1. You can apply online with our easy to complete application. The information that you provide will go directly to a personal loan counselor who will contact you and complete the application with you over the phone.
 2. You can request a free, no-obligation request to have an application mailed for you to complete.
 3. You can download an application that you can complete and mail back in.

Application Mail Out. Once you have completed your application with your personal loan counselor, your application will be mailed to you along with a postage-paid return envelope after a quality check has been performed on your application. We adhere to the strict guidelines and compliances with the Higher Education Act and therefore ensure that all information needed by the Federal Government is present and correct in order to process your application without delay. Once you receive your application, all you need to do is verify that the personal information on your application is correct, sign where indicated and put your application in the nearest mailbox.

Payoff Statements. Once we receive your signed application back in our office, we will request payoffs from your existing lenders by requesting an LVC - a Loan Verification Certificate. These certificates tell us exactly how much you owe on your student loans. Some lenders take longer than others to provide this information to us to it is imperitave that you send us back your application as soon as possible.

NOTE: We cannot stress this enough. If you are currently in repayment - CONTINUE TO MAKE YOUR PAYMENTS on your student loans until the consolidation process is completed and you receive your new payment information from your new lender. 

Payoff. The loan proceeds from your new federal consolidation loan will be used to pay off each of your existing loans from your other lenders. This will greatly improve your credit rating as BEACON scores are partially driven by the number of debts someone has. By consolidating, you are reducing the number of loans and at the same time shows that you have successfully paid off a series of loans.

Documentation. After the payoff process is completed, you will receive your new payment information from your new lender.

It is really that simple. A lot depends on how fast you can get back your signed application. In the very near future, we will be able to provide E-Signature for convenience.


Student Loan Fact Sheet &
Sample Repayment Chart

Federal Family Education Loan Program

Loan Program

Federal Stafford Subsidized

Federal Stafford Unsubsidized

Federal PLUS Loan

Federal Perkins

Application Process

Complete Free Application for Federal Student Aid
First-time borrowers, complete The Federal Stafford Loan MPN

Complete PLUS Loan MPN

Complete Free Application for Federal Student Aid

Borrower

 Dependent or Independent Student

Parent of Dependent Undergraduate Student
 Graduate Student (beginning 7/1/2006)

Dependent or Independent Student

Interest Rates

 For loans issued between 7/1/1998 and 7/1/2006, the interest rate is variable and resets every July 1. The in-school interest rate is based on the 91 day T-bill + 1.75% and the repayment interest rate is based on the 91 day T-bill + 2.3%. The rate is capped to never exceed 8.25%.

 For loans issued beginning 7/1/2006, the in-school and repayment interest rate is fixed at 6.8%

For loans issued between 7/1/1998 and 7/1/2006, the interest rate is variable and resets every July 1 based on the 91 day T-bill + 3.15%. The rate is capped to never exceed 9%.

For loans issued beginning 7/1/2006, the interest rate is fixed at 8.5%

5%

Eligibility

Based on Financial Need

 No Income Restrictions

Based on Financial Need

Yearly Loan Maximum

Year 1 - $2,625
Year 2 - $3,500
Year 3-5 $5,500
Graduate & Professional $8,500

Dependent Student
Same as Subsidized Stafford (less any amount of Subsidized Federal Loans received)

 Independent Student
Same as Subsidized Stafford plus an additional amount:
Year 1 & 2 - $4,000
Year 3 -5 - $5,500
Graduate & Professional - $10,000

Cost of education less any other financial aid awarded

$3,000
for Undergraduate Students

 $5,000
for Graduate Students

Total Loan Maximum

For combined subsidized and unsubsidized Stafford Federal Loan Programs: $23,000 undergraduate dependent maximum, $46,000 undergraduate independent and $138,500 graduate maximum

No Maximum

$15,000
for Undergraduate Students

$30,000
for Graduate Students and Professional Students

Interest Deferment Options

Yes. The government pays the interest while the borrower is in school

Yes. The interest accrues during deferment period. Students have options to pay the interest while in school; if the interest is not paid, it will be added to the principal loan balance.

No

No interest accrues while the student is in school and during grace and deferment periods

Grade Period

6 months
Interest still paid by Federal Government. Repayment of loan begins after the grade period

6 months
Borrower is responsible for interest accrued during in-school and grace periods. Repayment of loan begins after the grace period

No Grace Period
Repayment of principal and interest begins no later than 60 days after final disbursement of the loan

9 months
Repayment of principal and interest begins after the grace period

Sample Repayment Chart

This chart may be used as a guide to estimate monthly payments for a standard 10-year repayment period based on the principal balance of the loan when it enters repayment.

Note: Interest Paid is estimated based on payments made at a fixed rate over the life of the loan.
It does not include capitalization of interest or account for variable rates.

Total Amount Borrowed

4.00%

5.00%

6.00%

7.00%

8.00%

8.25%

9.00%

Monthly Pmt Amt

Total Interest
 at 4%

Monthly Pmt Amtt

Total Interest
 at 5%

Monthly Pmt Amt

Total Interest
 at 6%

Monthly Pmt Amtt

Total Interest
 at 7%

Monthly Pmt Amt

Total Interest
 at 8%

Monthly Pmt Amt

Total Interest
 at 8.25%

Monthly Pmt Amt

Total Interest
 at 9%

2,625

50

265

50

344

50

428

50

518

50

617

50

643

50

723

3,500

50

492

50

647

50

819

50

1,012

50

1,230

50

1,290

50

1,482

4,000

50

660

50

876

50

1,121

50

1,404

50

1,735

50

1,827

51

2,080

5,000

51

1,075

53

1,364

55

1,661

58

1,967

61

2,280

61

2,359

63

2,601

6,000

61

1,290

64

1,637

67

1,994

70

2,360

73

2,735

74

2,831

76

3,120

7,000

71

1,505

74

1,910

78

2,326

81

2,753

85

3,192

86

3,303

89

3,641

8,000

81

1,719

85

2,182

89

2,658

93

3,146

97

3,647

98

3,775

101

4,161

10,000

101

2,149

106

2,728

111

3,322

116

3,933

121

4,559

123

4,719

127

5,201

12,000

121

2,579

127

3,273

133

3,987

139

4,720

146

5,471

147

5,662

152

6,241

14,000

142

3,009

148

3,819

155

4,651

163

5,506

170

6,383

172

6,606

177

7,282

16,000

162

3,439

170

4,365

178

5,316

186

6,293

194

7,295

196

7,549

203

8,322

18,000

182

3,869

191

4,910

200

5,980

209

7,079

218

8,207

221

8,493

228

9,362

20,000

202

4,299

212

5,456

222

6,645

232

7,866

243

9,119

245

9,436

253

10,402

25,000

253

5,374

265

6,820

278

8,306

290

9,833

303

11,398

307

11,796

317

13,003

30,000

304

6,448

318

8,183

333

9,967

348

11,799

364

13,678

368

14,155

380

15,603

35,000

354

7,523

371

9,548

389

11,629

406

13,766

426

15,957

429

16,514

443

18,204

40,000

405

8,598

424

10,912

444

13,290

464

15,732

485

18,237

491

18,873

507

20,805

45,000

456

9,672

477

12,275

500

14,951

522

17,699

546

20,517

552

21,232

570

23,405

50,000

506

10,747

530

13,639

555

16,612

581

19,665

607

22,797

613

23,592

633

26,005

60,000

607

12,897

636

16,367

666

19,935

697

23,598

728

27,356

736

28,310

760

31,207