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I've seen a number of these threads over the past few months, but unfortunately nothing that specifically compares these two lenders (Chase and T.H.E.). I've been trying to calculate the differences myself, but I have very little financial background. If anyone can point me to a website to help me calculate a loan repayment schedule, I would much appreciate it (the one I worked up in Excel doesn't match up with the no-bonus calculators I've seen).
Chase:
0.60% interest rate reduction for payments made automatically from a checking or savings account (ACH).
1.0% interest rate reduction after the first 12 scheduled on-time payments.
Additional 1.0% interest rate reduction after the first 36 scheduled on-time payments.
Students keep the two 1% interest rate reductions permanently after making the first 48 consecutive payments on time.
T.H.E.:
Immediate monthly credit upon entering repayment equivalent to reducing the outstanding principal by 1.3% annually (benefit is retained unless delinquent 60 days or more on a payment).
Chase:
0.60% interest rate reduction for payments made automatically from a checking or savings account (ACH).
1.0% interest rate reduction after the first 12 scheduled on-time payments.
Additional 1.0% interest rate reduction after the first 36 scheduled on-time payments.
Students keep the two 1% interest rate reductions permanently after making the first 48 consecutive payments on time.
T.H.E.:
Immediate monthly credit upon entering repayment equivalent to reducing the outstanding principal by 1.3% annually (benefit is retained unless delinquent 60 days or more on a payment).