Incentives and Discounts
Many loan companies, such as Chela, offer programs that significantly reduce your interest rate for using automatic withdrawals from your checking or savings account and for making consecutive timely payments. Take advantage of these incentives and discounts - after all, it's truly free money with no strings attached.
Chela's Money-Saving Programs
We offer many ways to reduce your interest on Stafford and PLUS Loans. These discounts can add up to hundreds of dollars in savings over the life of your loan.
Special Interest Rate Reductions*
- Available to borrowers whose loans originated on or after September 4, 2001
- 1.50% interest-rate reduction for Federal Stafford Loans
- 0.75% interest-rate reduction for Federal PLUS Loans
- Begins IMMEDIATELY at the start of repayment
R2 Rate Reduction
- 0.25% interest-rate reduction for Federal Stafford and PLUS Loans
- For borrowers who make monthly payments by automatic withdrawal from their checking or savings account
R and R Rates for the Reliable
- Available to borrowers whose Stafford Loans were originated between June 1, 1993 and September 4, 2001
- 2.00% interest-rate reduction for Federal Stafford Loans
- For borrowers who make their first 48 monthly payments on time (payments are considered on time if we receive them no later than 14 days after the scheduled due date)
- Begins with the 49th payment and continues for the remaining loan term
* This is a limited time offer available only to borrowers taking out a new loan with Chela on or after 9/4/01. We may revoke this offer anytime. To qualify, Stafford Loan borrowers must have a total outstanding balance of at least $7,500 when they begin repayment; PLUS borrowers must have PLUS Loans whose original principal amounts total at least $7,500. If any of the borrower's loans become late (30 days past due) one time during the life of the loan, the interest rate will permanently revert back to the non-discounted rate.
