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 This means you benefit with even lower interest rates for the convenience of having funds withdrawn automatically.

Remember: You must select to have funds withdrawn on the 1st, 5th, 10th, 15th, or 20th of the month to be eligible for EFT.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. Note: The interest rate reduction will be removed if a payment is returned from your bank for reasons that include, but are not limited to, non-sufficient funds, invalid account information, or a closed account.

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.

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: 9/28/2009