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Academic Finance Corporation

Academic Finance Corporation (AFC) Borrower Benefits

Academic Finance Corporation of Worcester, Massachusetts, offers a PLUS loan with an automatic interest rate reduction of 0.25% and an optional 1.75% interest rate reduction when payments are automatically debited from a bank account.

AFC is a not-for-profit education financing organization.

SPECIFIC INFORMATION ABOUT THE AFC PLUS LOAN:
* Loan holder: Brazos Hi Ed Service Corp., Austin, TX
* Loan servicer: Brazos Hi Ed Service Corp., Austin TX
* Guarantor: NSLP of Lincoln, Nebraska
* Loan fee: 3%
* Guarantee fee: 0%
* In-school forbearance is NOT available but may use up to 24 months of discretionary forbearance while student is enrolled; interest accrues during a forbearance;
* Ability to e-sign on-line application using Federal PIN number
* Automatic borrower benefits: 0.25% interest rate reduction at repayment;
* Optional borrower benefits: 1.75% interest rate reduction with automatic payment from bank account; the monthly payments, however, would NOT be reduced, monthly payments are based on the current interest rate but the interest rate would be 1.75% less, this means that more of the payment would apply towards the principal thus reducing the length of the loan and decreasing the total interest paid.


HOW TO APPLY:
Repeat borrowers, with a signed Master Promissory Note (MPN) on file, may call 1-877-232-4322 for a PLUS pre-approval credit check. Be sure to provide the amount you wish to borrow. Once you have been pre-approved we will be notified of your loan request. You do NOT need to complete another MPN.

New borrowers may apply over the phone at 1-877-232-4322. After being pre-approved you will be mailed a paper application and promissory note to complete and return. You may also apply and sign the MPN on-line.



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