Access Group Offers New Federal Student Loan Repayment Benefit

WILMINGTON, Del., Jan. 30 /PRNewswire-USNewswire/ -- At a time when increasing numbers of graduates are choosing Extended Repayment Plans as a preferable alternative to Federal Consolidation Loans, Access Group, the nonprofit graduate loan specialist, has introduced a new extended student loan repayment benefit that will save these borrowers money over the life of their loans.

Under the new Extended Repayment Release, Access Group will waive up to the last 12-monthly payments on federal education loans being repaid using the Extended Repayment Plan. This benefit is received after the borrower has been in active repayment for 288 months on the loan. Students who choose Access Group's Extended Repayment Plan are automatically enrolled for the Extended Repayment Release, have no on-time payment requirements for eligibility, and retain their other benefits, such as an interest rate reduction for auto debit payments.

Access Group Federal Stafford and Federal PLUS Loans with an application date of November 1, 2007 or later are eligible for the benefit. Savings can be substantial: on a Federal Stafford loan, a borrower could save approximately $832.89 on every $10,000 borrowed; on a Federal Graduate PLUS loan, a borrower could save approximately $966.27 on every $10,000 borrowed. There is no dollar limit to the amount that can be waived.

The Extended Repayment Plan is available only to those who first borrowed Federal Family Education Loan Program (FFELP) loans on or after October 7, 1998 and whose total federal student loan debt exceeds $30,000. Through the Extended Repayment Plan, borrowers can repay their student loans over 25 years, with either standard or graduated repayment.

About Access Group

As a nonprofit organization, Access Group has specialized in providing student loans for graduate and professional education for nearly 25 years. The organization offers Federal Stafford Loans with no origination fee, Graduate PLUS Loans, Parent PLUS Loans, Federal Consolidation Loans, and no-fee private loans.

In addition to competitive loan programs, Access Group offers a full range of educational materials to help students become wiser borrowers and manage repayment successfully. We also serve students and school administrators with a full suite of online services. Visit AccessGroup.Org for more information.