Federal Parent Loan for Undergraduate Students (PLUS) Lender Partners
EDAmerica
(800) 337-1009
Benefits
0% default fee for 100% of borrowers
0.60% interest rate reduction for auto-debit with continuous on-time payments
Option to postpone payments up to 48 months while students is in school
Life-of-loan servicing
Services
Instant credit decision and easy application process online and by phone
If denied, a “second look” can be requested
Flexible repayment options
24/7 online account maintenance
Not-for-profit funded
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Lender Name: Wachovia
Lender Code: 830005
Phone Number: 800-338-2243
URL: www.
wachovia.com/plusapp
Benefits:
1% off your interest rate after 36 on-time payments using auto debit
Benefit Rehabilitation: If a borrower is delinquent on one of the first 36 payments, they can re-earn the benefit by completing a financial literacy tutorial and making the remainder of their first 36 payments on time.
Services:
Borrow up to the total cost of education less other aid
Fast online application
No collateral requirements or income limitations
Defer payments up to four years with our forbearance option
Flexible repayment options
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Chase Education
http://www.chasestudentloans.com/applications/parents/plusmpn1.asp
(800) 487-4404
Benefits:
0% Origination fee
0% default fee
0.10% interest rate reduction immediately at repayment
Services:
Pre-approval in seconds online or over the phone
Loans are originated and serviced internally by Chase
Repayment can be postponed while student is enrolled in school
All Chase-serviced loans, including private loans, are combined into a single bill
Chase does not sell its PLUS loans originated under this lender code
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Lenders are not listed in any preference order. New England College will process Federal Stafford Loans from any participating program lender. NEC encourages all students to research lending terms to ensure you receive the very best rates and service. Please make sure to compare borrower benefits ranging from origination and default fees that can reduce the initial cost of the loan as well as benefits that can save money during repayment (automatic rate reductions, auto-debit interest rate reductions or other benefits.)
