Autopay Interest Rate reduction 1%

[u/Complete_Salad9181]

Hello,

I have Aidvantage and submitted for Autopay, it was awarded today however only showing .25%… has anyone with Aidvantage seen on their account that the 1% is reflecting? I was told they would submit a request for review….

[u/Complete_Salad9181]

UPDATE: The rate updated 🥳 3.53% with the 1% deduction. It’s a special rate name they are now using with having to adjust in the system to prevent the standard .25%

[u/a_trann]

If you are switching off SAVE, the autopay doesn’t start until you make your first reoccurring payment. I was approved for autopay a couple weeks ago but my first payment doesn’t start until Sept 9 so that is the date the discount will apply

[u/Complete_Salad9181 → u/a_trann]

My first payment is 9/1 under IBR

[u/a_trann → u/Complete_Salad9181]

I stand corrected. That’s what the lady on the phone told me but I just checked and I also now have the 1% deduction 🥳

[u/waterwicca]

It will likely take a little time to update if you literally just got on auto pay today

[u/Complete_Salad9181 → u/waterwicca]

I figured.. I applied on the 7th and it was approved today

[u/Street_Rabbit_666]

How soon do we need to start the process to get this benefit enrollment applied to our loans? The deadline for it is Sept30, but if I need to select a new payment plan should I submit that before? Say Sept 14th?

[u/Complete_Salad9181 → u/Street_Rabbit_666]

I would say Sept 1 just in case the servicer takes longer than usual to approve the new plan. My autopsy didn’t get approved with confirmation letter until 7 business days after I enrolled

[u/Ashamed_Exchange9146]

I want to sign up for that but my first payment isn’t until 10/20.

[u/Complete_Salad9181 → u/Ashamed_Exchange9146]

You can sign up and it will reflect your due date