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Cedarville University

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


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.

Lender Interest Rate Reduction at Time of Repayment 1 Principal Balance / Additional Interest Rate Reductions Forbearance Option 2 2nd Look Feature 3
Chase Bank 0.25% N/A up to 4 years Yes
Citibank 0.25%

Borrower must also agree to receive loan repayment statements electronically.

N/A up to 4 years Yes
Fifth Third Bank 0.70% N/A up to 5 years Yes
National City N/A

Will credit 1% of the current prinicipal balance every 12 months when all 12 month paymenets are made on-time. Lender will give this credit each eligible year up to 5 years.

up to 4 years Yes
PNC Bank 0.70% N/A up to 4 years Yes
US Bank 0.25% N/A up to 5 years Yes
Wachovia 0.25% N/A up to 6 years No
Wells Fargo 0.25% N/A 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 the year, unless you request a forbearance.