Parent Loan Options:

The Federal Parent Loan for Undergraduate Students (PLUS):  All parents and legal guardians are eligible to apply for the PLUS Loan, regardless of income. Qualifying for a PLUS Loan is based solely on good credit and there are no debt-to-income ratio guidelines or employment verification requirements.

• Effective July 1, 2006 Federal PLUS Loan: fixed interest rate of 8.5%
  • Loan Amounts: Parents may borrow up to the total cost of attendance for the year, minus any other financial aid that the student receives. The total cost of attendance includes tuition and fees, room and board, books and supplies, transportation, and personal expenses.
    
    
  • Fees: An origination fee of 3% will be deducted from the loan amount prior to disbursement. 1% default fee.
     
  • Repayment: PLUS Loan repayment normally begins within sixty days after the loan has been fully disbursed. In certain circumstances, parents may elect to repay the loan on a graduated repayment schedule, making interest-only payments (the minimum is based on term of the loan or at least $50 per month) for a portion of the repayment term.

What a Recommended Lender List Means for You: Recommended lender list is a starting point when you are seeking an educational lender that offers a good combination of cost, convenience, and service. You are always free to borrow from any lender--whether on the list or not. Student Financial Services(SFS) selects lenders on the basis of value, reliability, and service when we create our lender list. We evaluate criteria such as rates, other borrower benefits, customer support, and technology. SFS has conducted an objective selection process for lenders. Please be in touch with us if you have any questions.

• Recommended Federal PLUS Loan Lenders for 2009-2010:
  • Citizens Bank
  • EdAmerica
  • RISLA(Rhode Island Student Loan Authority)
  • Chase
    
  • Sallie Mae
• You may use the Borrowsmart tool to determine your best option. Visit www.afford.com/borrowsmart for more information
• To apply, visit www.amsa.com

The MEFA Undergraduate Loan: please visit the website below for 2009-2010 details and loan terms.

• To apply, visit www.mefa.org

Student Financial Services
Created: September 9, 2007
Modified: March 10, 2010