Federal Parent PLUS Loan

 

• Fixed Interest Rate of 8.5%
• Fees range from 1-4% of the principal loan amount, depending on which lender is chosen
• Payments begin when the loan is fully disbursed for the year (depending on which lender is chosen, the borrower can apply to have the loan deferred while the student is in school)

Lender Selection List

There is a Master Promissory Note (MPN) that needs to be filled out on-line for PLUS loan borrowers.

When you click a link below, you will be able to complete the MPN.

Please choose a lender that you would like to service your Federal PLUS Loan.

Citibank - 826878

• 3% Origination fee
• 1% Default fee
• 0.25% interest rate reduction with E-Z Pay (auto-debit from bank account)
• Parents can defer PLUS loan payments (principal and interest) for up to 48 months with Forbearance option

SallieMae Educational Trust - 802218

• 3% Origination fee
• 1% Default fee
• 0.70% interest rate reduction for automatic debit

Chase Bank - 803000

• 3% Origination Fee
• 1% Default Fee
• 0.25% interest rate reduction for borrowers who enroll in auto-debit ACH repayment program.

Arvest - 800301

Secondary Market Servicer: Oklahoma Student Loan Authority

• 3% Origination Fee
• 0% Default Fee
• 2.00% interest rate reduction for automatic payment during repayment of PLUS Loan
• “No payment” option for up to 48 months while student is at least ½ time

Liberty Bank - 147509

Secondary Market Servicer: Arkansas Student Loan Authority

• 3% Origination fee
• 1% Default fee
• 0.25% interest rate reduction for auto debit participation

Commerce Bank - 813979

Secondary Market Servicer: Oklahoma Student Loan Authority

• 3% Origination Fee
• 0% Default Fee
• 0.25% Interest Rate Reduction for signing up for auto-debit of monthly payments

Other Lender

• If you wish to use a lender that is not on this list complete the application by clicking on the above link (“other lender”). Then contact Megan Riddle, MRiddle@jbu.edu or 877-528-4636 ext. 22, to provide her with your lender choice