Stafford Loan Discounts and Benefits
Take advantage of the amazing discounts and benefits offered by SMU
and North Texas Higher Education Authority, Inc. (NTHEA).
1. Process your Federal Stafford loan request with the Division of Enrollment
Services and choose SMU as your student loan provider (Lender ID
#833918). Be sure to follow the instructions provided to you by SMU via email.
2. For choosing SMU as your federal student loan provider, SMU will pay
the 2% loan origination fee usually deducted from the loan proceeds.
3. After graduating or leaving school, start making regular monthly
payments on your federal student loan(s) and be sure to sign-up for
auto-debit to save an immediate .25% from NTHEA.1
4. After making your first 48 consecutive monthly payments on time, you will
receive a 2.5% interest rate reduction from NTHEA for the remaining term
of your loan(s).2
5. Finally, once you pay your loan(s) down to less than $600, NTHEA will
forgive the remainder of your federal student loan account balance.3
These discounts and benefits can add up to a maximum
savings of 2% up front, 2.75% off the interest rate during
repayment, and the forgiveness of the final $599.
Applies to all borrowers who are in repayment (including Consolidation loans).
Applies to Stafford loans disbursed on or after 8/1/96 and PLUS loans disbursed on or after 7/1/04 (excluding Consolidation loans).
The Early Loan Forgiveness (ELF) program applies to all Stafford, PLUS and Consolidation loan borrowers as program allows. NTHEA holds the right
to discontinue the ELF program at anytime.
Savings are based on a 6.8% Stafford loan, 10-year repayment term, standard repayment plan, participation in auto debit through our servicing
agent, the maximum ELF benefit, and SMU's payment of the 2% loan origination fee. Savings are applied to the principal balance outstanding so
that payment amounts will not change, but the repayment period is shortened; however, the option to lower monthly payments is available.
NTHEA reserves the right to change or discontinue the program at any time without notice, but previously qualified loans will not be affected.