*Terms and conditions apply. The automatic-debit benefit is available during active repayment for as long as the borrower’s monthly payment is successfully deducted from his/her bank account. To qualify for the other 0.50 percentage point interest rate reduction and the 3% loan credit, the borrower must sign up on Manage Your Loans^SM, prior to the first payment due date, to receive account information by e-mail and make the required number of payments by the due dates as initially scheduled. The 0.50 percentage point interest rate reduction after the first on-time payment continues during active repayment for as long as the borrower continues to pay as initially scheduled. A borrower who makes a single late payment can re-earn this interest rate reduction once by making the next 24 monthly payments by the due dates as initially scheduled. Loan credit borrower benefit is based on the original principal loan amount (less cancellations, refunds and returns). Borrower benefits are effective for loans owned and serviced by Sallie Mae and first disbursed July 1, 2007 through June 30, 2008. Sallie Mae reserves the right to modify, continue, or discontinue loan and borrower benefit programs at any time without notice.