Parent PLUS Loans - Preferred Lenders - Benefits
Note: If you prefer to select a lender that is not on this list, select "other" on the Parent PLUS Request Form and enter the name of your Lender there.
2009/10 Information
| Lender | Interest Rate Reduction at Time of Repayment 1 | Forbearance Option 2 | 2nd Look Feature 3 |
|---|---|---|---|
| Chase Bank | 0.25% | up to 4 years | Yes |
| Citibank | 0.25% Borrower must also agree to receive loan repayment statements electronically. | up to 4 years | Yes |
| Fifth Third Bank | 0.25% | up to 5 years | Yes |
| PNC Bank | 0.25% | up to 4 years | Yes |
| Wells Fargo | 0.25% | up to 5 years | No |
- Interest Rate Reduction: if borrower pays using automatic withdrawals for monthly payments
- Forbearance Option: Provides the borrower the option of not making any payments OR making interest-only payments for one year at a time while the student is still in school at least half-time up to the maximum number of years allowed by the lender. To request a forbearance call Great Lakes (800-236-4300).
- 2nd Look Feature: This option is available for parents initially denied the PLUS loan. The lender will review individual circumstances and re-evaluate eligibility.
Please note the following regarding the Federal Parent PLUS Loan Program:
- All Parent PLUS Loans are charged a 4% fee on loans certified beginning July 1, 2008; this fee is subtracted from each disbursement.
- Normally there are two disbursements each year (fall semester and spring semester)
- For further information concerning loan fees, go to this link: www.cedarville.edu/departments/financialaid/loan_fee_faq.pdf
- All Parent PLUS Loans accrue interest at 8.5% upon disbursement until the borrower qualifies for an interest rate reduction.
- Repayment normally begins within 60 days after the final disbursement for each loan, unless you request a forbearance.