Student loan monthly payments can be automatically deducted from your checking or savings account.

Advantages:

• Guarantees that monthly payments are never late or lost in the mail. Also, the electronic funds withdrawal is available with all of The Student Loan People's repayment plans.
• A 0.25% interest rate reduction on federal loans for EFT borrowers. This means you benefit with even lower interest rates for the convenience of having funds withdrawn automatically. (Do you have an Access Group loan? See the additional information below.)

Remember: You must select to have funds withdrawn on the 1st, 5th, 10th, 15th, or 20th of the month to be eligible for EFT. Make sure to check the date of your choice on the EFT application. The 10th will be used if you do not select a date on the form.

To set up electronic funds transfer for your account, download the Electronic Funds Transfer request form. Complete, sign and mail your form to:

The Student Loan People
P.O. Box 24328
Louisville, KY 40224-0328

Don't forget to put your account number on all correspondence. Any questions? Call us toll free at 800.693.8220.

EFT - Access Automatic
Some Access Group loans are eligible for a 0.25% reduction of the interest rate if you authorize your bank to automatically have payments transferred from your savings or checking account.

This incentive is NOT available for Access Group federal loans disbursed during the 1998-1999 academic year and it is ONLY available for Access Group private loans disbursed during the 1996-1997, 1997-1998, and 2002-2003 academic years and forward as announced.

This interest rate reduction will remain in effect as long as you have payments automatically transferred.

To set up electronic funds transfer for your account, download the PDF form and return it to the address above. If you have any questions about completing the application, you can call us toll free at 888.250.6401.

Please note: Additional payments or large payments will advance your due date and will prevent your EFT payment from being pulled. Please advise us if you do not want to advance your due date.

Updated: 09/05/2008