Commerce pays student loan fees

For the 2006-2007 school year, Commerce will pick up the tab on the mandatory 2 percent origination fee charged by the government on all student loans. The program applies to origination fees that are effective July 1.

Traditionally, students who take out loans must pay 2 percent of the loan amount to the government. If a student takes out a $5,000 loan, for example, the student would receive $4,900 after paying the origination fee.

Commerce’s program is available to undergraduate and graduate students who are financing their post-secondary education through Federal Stafford Loans.