Virginia Union University - Financial Aid

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Virginia Union University

Dear Borrowers:

You are about to apply for a Federal Parent Loan (PLUS) through the Federal Family Educational Loan Program on-line. The lenders on this list are OPTIONAL. Please note that the Financial Aid Office WILL continue to process loans for any lender you may choose outside of the preferred lenders list.

A college education can be costly so you should make the best possible decision when selecting from whom to borrow. Virginia Union University (VUU) encourages all borrowers (parents and students) to use their resources and compare the various options that each lender has to offer. To assist you in your selection, VUU has provided the website addresses for each lender on our preferred list below. Please feel free to visit these sites for more detailed information. PLEASE NOTE THAT ONCE YOU VISIT THESE WEBSITES, YOU MUST RETURN TO THIS PAGE AND CLICK THE "APPLY NOW" BUTTON BELOW TO ACTUALLY APPLY FOR THE LOAN. .

VIRGINA UNION UNIVERSITY DOES NOT ACCEPT FINANCIAL INCENTIVES FROM ANY STUDENT LOAN PROVIDER AND HAS NO VESTED INTEREST IN ANY LENDER. WE NEED ONLY THE BEST FOR OUR STUDENTS/PARENTS.

Citibank More Info.	826878	Effective for loans guaranteed or initially disbursed after January 1, 2008 and for the 2008-09 academic year: 0.50% Automatic Interest Rate Reduction at repayment for all parents who continue to make on-time monthly payment Unlimited opportunities to earn back the 0.50% interest rate reduction! If a parent loses their automatic interest rate reduction benefit due to a late payment, the benefit can be recovered unlimited times during the life of the loan. A parent may regain the benefit by subsequently making 24 consecutive on-time monthly payments. 0.25% Interest Rate Reduction for parents who have their loan payments automatically withdrawn through Citibank’s auto-debit payment program and agree to only receive electronic statements.
Wachovia More Info.	830005	Effective for loans disbursed on or after July 1, 2008: Interest rate reduced 1% after first 36 scheduled payments are made on time by auto debit. Benefit repair: If borrowers miss one of the first 36 payments, they can restore their eligibility for the rate reduction by passing an online financial literacy course
AMS/A Sallie Mae Company More Info.	833067	Direct RepaySM - Borrowers who authorize the automatic debit of funds from their checking or savings accounts to cover their monthly education loan payments will receive an interest rate reduction of 0.70 percentage point on their eligible Parent PLUS Loans. This benefit remains available during active repayment for as long as the borrower's monthly payment is successfully deducted from the borrower's account.
SunTrust More Info.	819873	Fixed interest rate of 7.5% includes 1% interest rate reduction at repayment Additional 0.25% interest rate reduction for automatic payment deduction from a checking or savings account, which would lower your interest rate to 7.25% Parents can delay repayment through our Pay Now, Pay Later® option while student is enrolled in school at least half-time No pre-payment penalties Consolidation options available
Sallie Mae More Info.	802218	0% Default Fee with participating guarantors. .70 percentage point interest rate reduction on Parent PLUS Loans first disbursed 2/1/08-6/30/09, serviced by Sallie Mae and paid by automatic debit; available during active repayment for as long as the borrower’s monthly payment is successfully deducted from his/her bank account.

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