Oxford Bank has been involved in helping students and families gain access to higher education since 1970. Innovative concepts have lowered the high cost of borrowing through our borrower benefit programs that set us apart from other lenders.

Federal Stafford Loans provide low federally regulated interest rates while in school and during repayment. Our borrower benefits include:

Upfront Fee Rebates

• Origination Fee – Oxford offers zero origination fees.
• Default Fee – For Stafford loans guaranteed on or after December 1, 2007, Oxford pays 1/2 or the 1% default fee and the guarantor ISAC will pay the other 1/2 of the default fee on behalf of the borrower. For loans guaranteed prior to December 1, 2007, ISAC pays the full 1% default fee on behalf of the borrower.

Repayment Benefits

Certain incentives are offered to encourage borrowers to work in Illinois, and especially to assist those pursuing careers in lower-paying jobs (e.g., teachers, social workers) that are crucial to the welfare of the citizens of Illinois.

• Direct Debit Program – By signing up for Oxford’s automated payment feature, the borrower can choose to have the loan paid for directly from a checking or savings account. Selecting this feature reduces the borrower’s interest rate by 0.3%. In order to qualify for any of the following borrower benefits, the borrower must reside and be employed in the state of Illinois:
• Regardless of income, a 0.5% interest rate can be earned immediately for obtaining Illinois employment. Eligibility begins once the borrower enters repayment and becomes employed in Illinois. Annual proof of employment is required.
• An interest rate reduction of 0.5% will be applied if the borrower’s income in between $30,001 and $50,000 per year. Annual proof of employment and income is required.
• An interest rate reduction of 1% will be applied if the borrower’s income is $30,000 or less. Annual proof of employment and income is required.

Federal PLUS Loans fill the gap for family expected contributions. Our borrower benefits include:

Upfront Fee Rebate

• Default Fee – For Stafford loans guaranteed on or after December 1, 2007, Oxford pays 1/2 or the 1% default fee and the guarantor ISAC will pay the other 1/2 of the default fee on behalf of the borrower. For loans guaranteed prior to December 1, 2007, ISAC pays the full 1% default fee on behalf of the borrower.

Repayment Benefits

• For Federal PLUS loans that are disbursed on or after July 1, 2003, Oxford Bank rebates 1% of the principal balance when the loans enter into repaymentstatus. The rebate shows as a credit on the loan account. This 1% represents a partial refund of the loan origination fees (3%) paid when the loans were disbursed. If no origination fee was charged, this benefit is not applicable.
• After we receive the borrower’s first 24 consecutive on-time* monthly payments, Oxford reduces the interest rate by 1%. Oxford reduces the interest rate again by 1% after the borrower’s first 48 consecutive on-time* monthly payments.
  (*A payment is considered on-time if it is received within 15 days of the due date. Eligibility of ALL benefits will be revoked when an account becomes more than 15 days delinquent. Subsequent eligibility is prohibited.)

Direct Debit Program

• By signing up for Oxford’s automated payment feature, the borrower can choose to have a loan paid directly from a checking or savings account. Selecting this feature reduces the borrower’s interest rate by 0.25%.

To Apply for a Federal Loan Click Here.

A well-rounded education starts with a well-rounded loan - the astriveAlliance Student Loan program.

astriveAlliance Student Loans are available for Undergraduate, Graduate, and Continuing Education students. We also have a loan to help finance Elementary and Secondary education.

Benefits of an astriveAlliance Student Loan

• Competitive interest rates
• Easy, fast, and no-hassle application process
• Funding in as few as 5 business days from receipt of completed application
• Generous loan amounts
• No prepayment penalty
• Available for past due tuition balances, too!

Apply for an astriveAlliance Student loan today!

For more information, send us an e-mail at studentloans@oxford-bank.com.