PLUS Loans

Parents of dependent undergraduate students attending school at least half-time are eligible to apply for a PLUS loan. These loans are not based on the family's income or assets. A credit report from a national credit bureau by the lender will be obtained to determine if the parent will be eligible. Parent must be US citizens or eligible non-citizens. Parent must be credit worthy, which means that the parent borrower must not have any outstanding tax liens, judgments, delinquent or defaulted loans, extensive credit card debt, any bankruptcy, foreclosure, or wage garnishment with in the past five years.

If the borrower is not eligible for the PLUS loan, the student may be eligible for an additional unsubsidized Stafford loan. Additional information is available at the Student Financial Aid Office.

The interest rate on a PLUS loan may change for each year of repayment, but by law, it will never exceed 9 percent. The interest rate is adjusted each year on July 1. Interest is charged on the loan from the date that the first disbursement is made until the loan is paid in full. A 2.0% federal origination fee and up to 1.0% guarantee fee may be deducted from your loan proceeds prior to disbursement.

The maximum eligibility (yearly limit) on a PLUS Loan is equal to the student's cost of attendance budget minus any other financial aid the student receives. Funds are available based on enrollment in a minimum of 6 credits per term.

Choosing a PLUS Loan Lender is an important part of the financial aid process. Borrowers often ask our financial aid advisors for help in selecting a reliable lender. We encourage all borrowers to research lenders by visiting their websites and contacting them directly for more information regarding their products and services.

Below is a listing of PLUS Loan Lenders who are leaders in the education loan industry.

When you decide on a lender from the list below, click on the lender's name to proceed to the next step to complete the on-line application process.

	833067	Effective for loans guaranteed on or after June 9, 2008:   0.25% Interest Rate Reduction for automatic debit
	824421	Effective November 1, 2008, Bank of America will cease offering borrower benefits on FFEL Loans.
	803000	Effective for loans with a guarantee date on or after June 1, 2008: 3% Origination Fee 0.25% interest rate reduction for borrowers in repayment who have enrolled in and make payments through an auto-debit/ACH repayment program.
	831453	0% federal default fee with ECMC guarantee 0.25% interest rate reduction with auto-debit from any bank account Interest-only or postponement-of-payments options available Interest capitalized only once at repayment, saving you money Fast and easy online application with instant credit decision One point of contact with life-of-loan servicing for repayment simplicity 24/7 online account access 20 years of experience and a top-ten nationwide lender
	808780	0% Default Fee 0.25 percentage point interest rate reduction with auto-debt Combined billing for Sallie Mae serviced loans 24x7, online account access Postponement of payments for up to 60 months (available while student is enrolled at least half time)

The information in this list has been provided by each lender and is subject to change at any time. Accordingly, neither our ECMC nor the school can verify the accuracy of the information or how current it may be

The Financial Aid Office at Kendall College has selected a diverse list of lenders that offer the highest level of service and other benefits for our parent borrowers. We selected lenders for this list based on a number of considerations which include ease of processing, borrower benefits, customer service and whether or not the lender sells its loans. Borrowers have the right to choose any lender that participates in the federal student loan program and we are required to accommodate the borrower if he/she chooses a lender not on our list. However, we feel that a suggested list is a helpful tool for students and their families because the Financial Aid Office has selected these lenders after careful consideration of a number of lenders, and believes they will service our students with excellence during all stages of the education loan process.

If you would prefer to use a lender who is not on our lender list, please print a blank PLUS Loan Master Promissory Note online at http://www.ecmc.org/esign/images/plusmpn.pdf , complete it and mail it to the Financial Aid Office.