| Plus Loan Terms & Conditions for Undergrad Students Internationally Fully Enrolled
ELIGIBILITY PLUS loans are available to the parents of dependent undergraduate students. Applicant must be a US citizen or permanent resident, and the child must be a student enrolled at least half time at an approved college or university.
LOAN AMOUNT Borrowers may borrow up to the full cost of attendance at the college or university, less other aid received.
RATES and FEES
| Parent PLUS Loan Interest and Repayment Benefits |
| Lender Code |
803000-55 |
830005 |
818334 |
| Lender |
Chase |
Wachovia |
Bank of America |
| Interest Rate - In school |
8.5% |
8.5% |
8.5% |
| Interest Rate at Repayment |
8.4%1 |
8.5% |
8.5% |
| Origination Fee |
3.0% |
3.0% |
3.0% |
| Default Fee |
0.00% |
1.0% |
1.0% |
| Other Benefits |
|
-3.5%2 |
|
1. JP Morgan Chase offers a .10% interest rate reduction at repayment and for the remainder of the loan term.
2. Make 12 on-time payments and receive a 1.2% deduction of original loan amount against interest; make 24 on-time payments and receive a 2.3% deduction of original loan amount deduction against interest.
REPAYMENT/DEFERMENT Applicant has up to 10 years to repay the loan in standard repayment; generally repayment must begin within 60 days after the final loan disbursement for the academic year. There is no grace period for these loans. This means that interest begins to accumulate at the time the first disbursement is made. Parents must begin repaying both principal and interest while the student is in school. Various deferment and forbearance options available. Please contact IEFC for more details.
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