Kentuckians will be able to save big in several ways on their student loans with new and expanded borrower benefits from The Student Loan Peoplesm.
Kentucky students who get their Federal Stafford Loans through The Student Loan People’s BestStart program do not pay any loan processing or insurance fees, putting more money in their pockets for college expenses.
Parents don’t have to pay an insurance fee if they take out a Federal PLUS Loan with The Student Loan People. Under federal rules, parents must pay a 3 percent processing fee; but 90 days after they receive the last of the loan funds, they will get a 1 percent credit to the principal.
Students and parents can also save big when they repay the loans. After making 30 straight monthly payments on time, the interest rate they pay will be lowered by 1 percent, saving them hundreds or even thousands of dollars in interest costs.
Some nurses, educators and attorneys may qualify for interest and principal forgiveness when they repay their loans. Best in Care provides benefits for registered nurses, licensed practical nurses and licensed vocational nurses. Best in Class does the same for teachers, counselors and librarians in public and private nonprofit schools. Best in Law provides benefits for public defenders, assistant commonwealth’s attorneys, assistant county attorneys, state legal services attorneys and law clerks for the state Supreme Court and Court of Appeals.
For complete details about these borrower benefits or low-cost student loans, visit studentloanpeople.com or call 888.678.4625.