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Two Ways to Save Money

Benefits for Mississippi residents or 
non-residents attending Mississippi schools:

1. Upfront Savings for Federal Stafford Loans (for students)
Loan Amount Your Stafford Loan proceeds with ESF's 0% Fees  Your Stafford Loan proceeds from lender with 3% Fees
$2,625 $2,625 $2,546
$3,500 $3,500 $3,395
$5,500 $5,500 $4,850
$5,625 $6,625 $6,426
$7,500 $7,500 $7,275
$10,500 $10,500 $9,700
$18,500 $18,500 $17,945

ZERO% Upfront Fee — Origination and Default Fees are deducted from the principal and paid to the federal government to partially offset the cost of the Federal Family Education Loan Program. As our partner, ESF will pay ALL of the 2% Origination Fee and 1% Default Fee on behalf of a Stafford Loan borrower.

The chart at the right shows a sample of the savings by taking the Planters/ESF loan as opposed to lenders who do not offer this benefit.

 

2. Upfront Savings for Parent PLUS and GradPLUS Loans

ESF will pay on behalf of the borrower the 1% Default Fee on PLUS Loans.  

3. Savings at Repayment for Stafford Loans (for students) and Parent PLUS and GradPLUS Loans 

Take advantage of a 2% interest rate reduction by having your monthly payment automatically deducted from your bank account.* 

The following chart provides you with an example of possible savings:

Loan Type Federal Interest Rate
(Effective July 1, 2006 ) 		Interest Rate with ESF Benefit
Stafford 
 		6.8% 4.8%
Parent PLUS and GradPLUS
 		8.5% 6.5%

*These repayment benefits for Stafford and PLUS Loans apply to Mississippi residents and to non-Mississippi residents who are attending a college or university in Mississippi. If you do not meet either of these criteria, you may still receive generous repayment repayment benefits on your PLUS Loan:
you will receive an immediate 0.25% interest rate reduction for having your monthly payment automatically deducted from a bank account; AND
make your payments on time for 48 consecutive months and receive a 2% interest rate reduction.

Benefits are subject to change.

 

Money-Saving Benefits plus the convenience of Electronic Processing

ESF's electronic processing of loan applications provides borrowers with quick loan approval and delivery of funds. Our student loan department is staffed with student financial aid professionals who provide quality customer support. If you are eligible for a Federal Student loan, select ESF as your lender to ensure you receive our exceptional benefits and services. Our team is here to serve you.

For additional information or borrower assistance, contact our student loan division toll free at 1-800-986-4322 or email help@esfweb.com. To Apply Yourself, click here to begin the loan application process. 

Planters/ESF lender code: 833575

Back to Planters Student Loans home page

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