In order to assist you in selecting your Federal PLUS Loan lender, we are providing some resources to consider. In November 2007, we sent out a Request for Information (RFI) to nineteen lenders. We asked numerous questions within the following seven categories: Lender Stability, Servicer Information, Borrower Benefits, Products/Services, Customer Service, Default Prevention and Lender Operational Standards. Sixteen of the nineteen lenders responded to our questions. The information they provided was reviewed by the St. Lawrence University Financial Aid and Student Financial Services staff to identify several options to include on our Lender Resource List. The lenders chosen for inclusion on our list ranked high across all seven categories.  However, the Financial Aid and Student Financial Services staff placed the greatest importance on the categories of Borrower Benefits and Customer Service when making decisions about lending institutions to include on the Lender Resources Lists.

The chart below is a result of that process. Please note that you are not obligated to choose one of these lenders; we will process your PLUS loan through any lender you choose. St. Lawrence University does not receive any benefit, either financial or in-kind, for including a lender on our Lender Resources List. We have compiled this list as a resource for students and parents.

More information:

• The annual loan amount maximum for a Federal PLUS Loan is determined by the cost of attendance less all accepted financial aid.
• A credit report will be obtained from a national credit bureau once you submit a request for a Federal PLUS Loan pre-approval.
• Some lenders have a second look program in the event a family's PLUS loan is not approved. Contact your lender if you wish to inquire about this feature.
• There will be a 3% Origination Fee charged by your lender.  This fee will be deducted from the total loan amount to be disbursed.
• There may be a 1% Guarantee Fee charged by some Guarantee Agencies.  This fee will be deducted from the total loan amount to be disbursed.
  
  

New for 2008-2009!  For Federal PLUS loans made to parents that are disbursed on or after July 1, 2008, Federal Regulation now provides the borrower the option of beginning repayment on the PLUS loan either 60 days after the loan is fully disbursed or not until six months after the dependent student on whose behalf the parent borrowed ceases to be enrolled on at least a half-time basis.  This deferment is not automatic.  The borrower must request this deferment from their lender.  Please contact your lender for specifics.

Federal PLUS Loan Lender Options List
2008-09 Academic Year

Please Note: This information is for comparison purposes only. Please contact each individual lending agency for specific and up to date information on benefit and criteria used to qualify for and maintain eligibility for advertised benefits.

In today’s student loan marketplace there are a myriad of lenders offering all types of products and services. Even when looking at Federal Loan products the offerings from one lender to another may differ. To assist families with comparing the offering of different lenders, we offer a few online tools for your use:

Loan Discount Analyzer - Allows you to compare many different types of loan discounts, expressing them as the equivalent no-fee interest rate discount starting when the loan enters repayment.

Parent Loan Advisor - Provides you with an estimate of the amount of educational debt you can reasonably afford for your children's education, given your current salary and other debt obligations.

How Much To Borrow - This calculator helps you decide how much of the net college costs (e.g., the family contribution) should be paid from income and assets (or a short-term payment plan), and how much you should borrow through education loans to help pay the bill.