Cedarville University

http://www.cedarville.edu/departments/financialaid/loanspreferredlenderparent.htm


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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

  1. Interest Rate Reduction: if borrower pays using automatic withdrawals for monthly payments
  2. 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).
  3. 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.
  • 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.