Student Loan Borrower Benefits: What are They?

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Have you looked into applying for loans to help you pay for college?

Student Loan Options

Loans can be a good option for many students—after they exhaust all scholarship, grant, and work study options, of course. In your research, you might have come across something called borrower benefits. Put simply, these could be considered small rewards or incentives for taking a loan out. As with any part of a loan, you want to be sure to read through everything before signing, so you know what you are signing for.

Borrower Benefits

There are a variety of borrower benefits, including automatic payment reduction, interest rate reduction, cash rewards, waiver of fees, and more! Some benefits are given to you as part of the loan without any prior requirements. Those that are not automatically given must be earned. To be qualified for these earned benefits, you will have to meet certain terms of eligibility as set by the lender. These terms of eligibility may differ from lender to lender, so be sure you are doing careful research before agreeing to anything.

Take a look at our many blog posts on student loans here for more helpful information on paying for college. You can also use our college match tool to see what schools are a great fit for you academically and financially.

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