Benefits of Using Compass Bank
| Stafford: |
- 0% default fee available*
- .25% interest rate reduction for
auto debit payments from a
checking account
- Six-month grace period - no
payments are required immediately
following graduation or separation
from school
- Payments are considered on-time
if received within 15 days of the
due date
|
| PLUS: |
- Interest may be tax deductible
- .25% interest rate reduction for
auto debit payments from a
checking account
- Interest-only payment option available
- Parent may request to delay
repayment for up to 4 years while
student is enrolled at least half-time
- Payments are considered on-time
if received within 15 days of the
due date
|
| Grad PLUS: |
- .25% interest rate reduction for
auto debit payments from a
checking account
- Interest may be tax deductible
- Interest-only payment option available
- Payments are considered on-time
if received within 15 days of the
due date
|
*If borrower uses TG, NSLP, or OSFA as guarantor. Otherwise 1% default fee may be applicable
on Stafford loans.
Benefits apply to all Stafford and PLUS loans first disbursed on or after May 1, 2008. Compass
Bank reserves the right to change or discontinue its benefits at any time without notice, but
previously qualified loans will not be affected.
