Recommended PLUS Lender List
Some parents find it helpful to borrow some or all of their annual payment. If a student is a
dependent of his parents, his parents may qualify for a Parent Loan for Undergraduate Study (PLUS).
The PLUS loan is available without regard to financial need. The lender, however, is required to determine
whether the borrowing parent has a good credit history. The borrower must be the natural or adoptive parent
or stepparent of the student. Parents may borrow up to the full cost of attendance, minus all other aid
awarded. They are responsible for repaying the loan.
Repayment begins 60 days after the loan is fully disbursed. The interest rate is fixed at 8.50%. Some
lenders (see below) offer rate reductions but the incentives vary widely.
To apply for a PLUS loan, Thomas Aquinas College requires the student and parents to:
- complete the Free Application for Federal Student Aid (FAFSA) and
- complete a PLUS Loan pre-approval or application on-line with a lender as early as possible, prior
to the beginning of the school year.
Parents must inform the Financial Aid Office at Thomas Aquinas College if they intend to make use
of the PLUS Loan Program so the appropriate paperwork can be completed by the Financial Aid Office.
The Financial Aid Office can be reached at (800) 634-9797, extension 5936 or by e-mail at
finaid@thomasaquinas.edu. The fax number of the Financial Aid Office, if needed, is (805) 525-9342.
You can complete a PLUS Loan application on-line by visiting
the website of any participating lender.
Below is a partial list of lenders who participate in the Federal
Family Education Loan (FFEL) program. To make the process of selecting
a lender easier for you, Thomas Aquinas College has chosen four
lenders to be on our Recommended Lender List. In creating this
list, we have considered pricing and service.
Pricing: Our recommended lenders offer competitive benefits,
such as interest rate reductions for borrowers who sign up for
electronic payments.
Service: These lenders have all agreed to work within our processing
system to ensure a quick turnaround time. In our selection process
we also take into consideration any feedback from parents regarding
the level of service they have received. The lenders on our recommended
lender list have a history of providing excellent customer service.
You are welcome to use a lender who is not on this list.
Thomas Aquinas College's Recommended PLUS Lender
List
|
| Lender Name |
Website |
Origination and Default Fees* |
Borrower Benefits** |
| ALL Student Loan Corporation |
Apply |
3% |
- 0.25% rate discount for automatic payment
|
| CHASE Education Finance |
Apply |
3% |
- 0.25% rate discount for automatic payment
|
| EdAmerica |
Apply |
3% |
- 0.25% rate discount for automatic payment
|
| Total Higher Education |
Apply |
3%
|
- 0.25% rate discount for automatic payment
|
| *Parent PLUS Loans normally have
a 3% loan origination fee and a 1% default fee. Our primary
guarantor, TGSLC, is paying the 1% default fee for the 2008-09
school year. You may choose a different guarantor, if you
wish, by sending a written request by letter or e-mail to
the College's financial aid office. |
| *We have attempted to provide the most up-to-date information regarding
borrower benefits provided by the lenders listed above, but given the volatility of the economic markets
today, we recommend you visit the lenders' websites for any recent revisions that may have been made to
their borrower benefits. |
If you have any questions regarding PLUS Loans, please contact the College's financial aid office at
(805) 525-4417, ext 5936 or at finaid@thomasaquinas.edu
We would be happy to help you!
|
