Borrower Incentive Programs definition
Borrower Incentive Programs means the incentive program of the Administrator which provides that Borrowers of Federal Consolidation Loans whose applications were received during the period from October 1, 1998 through January 31, 1999 and make their first 48 payments on time may receive a 1% per annum interest rate reduction for the remaining term of their Consolidation Loan and if such Borrowers use the USA Group Loan Services AutoCheck (R) auto-debit system to remit payments directly from their bank accounts, such Borrowers may receive a 0.25% per annum interest rate reduction on their Student Loans, as such program may be modified from time to time.
Borrower Incentive Programs means the incentive program of the Administrator which provides that Borrowers of Federal Consolidation Loans whose applications were received during the period from [ ] through [ ] and make their first 48 payments on time may receive a [ ] per annum interest rate reduction for the remaining term of their Consolidation Loan and if such Borrowers use the [ ] auto-debit system to remit payments directly from their bank accounts, such Borrowers may receive a [ ] per annum interest rate reduction on their Student Loans, as such program may be modified from time to time.