Page 65 - SCICU - College Guide (2018-2019)

Financial Aid Information Financial Aid Information

Federal Direct Parent PLUS
and Grad PLUS Loans Private Student Loan
• Parent PLUS: Parent • Student and cosigner (if required)
Borrower
• Grad PLUS: Student • Cosigner can be parent, relative or willing
sponsor
• At least half-time and degree seeking • Full-time, half-time, less than half-time degree,
certificate and licensure seeking depending on
Eligibility lender, check with lenders for availability
• Past due option may be available depending
on lender
• 7.6% fixed interest rate • Fixed and/or variable interest rate options
Interest Rates available depending on lender, check with
lenders for availability
Fees • 4.264 % origination fees deducted from loan • Fees may or may not apply depending on
amount lender
• Credit check required • Credit check required
• Approval determined by federal criteria and • Approval determined by lender criteria based
Credit is not based on credit score on credit score, credit history and income (if
Requirements • Additional unsubsidized Stafford may be credit-worthy applicant or cosigner required)
awarded to dependent undergraduate • Dependent undergraduate students are likely
student based on Parent PLUS credit to need a credit-worthy cosigner
denial
Servicer • US Department of Education contracted • Determined by lender, check with lenders
servicers
Repayment • 10 year repayment • Typically 15-25 years depending on lender
• May request deferment of payment • No payments while in-school
Terms during in-school and 6 month grace period
Grace Period • Please see above (Repayment Terms) • 6 to 9 months grace period after enrollment
ends depending on lender
• Can be consolidated with other federal • Private Loan Consolidation may be available,
Loan educational loans (i.e., Perkins and check with lenders for availability
Consolidation Stafford) through the Federal Loan
Consolidation Program
Loan • Loan forgiven in the event of permanent • Loan may be forgiven in the event of
Forgiveness disability or death of student permanent disability or death of student,
Options • Public Loan Service Forgiveness option check with lenders for availability
• 0.25% interest rate reduction for • Borrower Benefits offered to reduce interest
Electronic Debit Account Repayment rates and overall loan costs. Check with
Borrower lenders for availability and types of benefits
Benefits offered.
• Cosigner release option, check with lender for
availability and eligibility
• Various repayment options available, • Standard and interest-only options
including IBR, ICR, Graduate, Standard and • Forbearance options may be available
Repayment Extended depending on lender
Options • Deferment and forbearance options available
• Check with the Department of Education for
additional details
• Students may borrow up to the cost of • Students may borrow up to the cost of
Annual Loan Limit education less other aid received. education less other aid received.
Aggregate Loan • None • Yes, amount depends on lender
Limit • Check with lender

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