Graduate Plus Loans are sponsored through the Federal Government. They have a fixed interest rate which will never exceed 9% and is valid from July 1st through June 30th. Graduate Plus Loans serve as another source of Financial Aid, should the aggregate limit in Federal Stafford Loans be reached.
Requirements for Graduate Plus Loan eligibility:
- Complete a renewal FAFSA annually on July 1st
- Must sign and submit a Federal Graduate Plus Entrance Exam with application
- Must be a U.S. citizen or eligible non-citizen
- Must not be in default with any other Federal Loans
- Credit check review, if not eligible for a Graduate Plus Loans must have an endorser
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Graduate Plus Loans qualify for deferments or forbearances; please contact your lender to determine eligibility.
Southwest College of Naturopathic Medicine offers the following information for students interested in applying for Graduate Plus Loans. The lists of lenders are listed in no particular order. Some of the options include:
Southwest Student Services Corporation
Lender Code: 830630
Borrower Benefits
- 0.25 percentage point interest rate reduction at disbursement.
- 1 percentage point interest rate reduction—after first on-time payment—with benefit reinstatement opportunity.*
- 0.50 percentage point interest rate reduction for automatic debit*
- 1.5% loan credit after first 18 on-time payments*
- Upromise Loan LinkSM to help pay down student loan balance*
Sallie Mae Education Trust
Lender Code: 802218
Borrower Benefits
- 0.25 percentage point interest rate reduction at first disbursement
- 1 percentage point interest rate reduction—after first on-time payment—with benefit reinstatement opportunity.*
- 0.50 percentage point interest rate reduction for automatic debit.*
- 1% loan credit after the first 12 payments by the due dates as initially scheduled.*
- Upromise Loan LinkSM to help pay down student loan balance*
Bank of America
Lender Code: 806746
Borrower Benefits
- 0% loan origination fee.
- 0% federal default fee.
- Receive a 0.25% interest rate reduction when you repay your loan with automatic payments from your checking or savings account.
- Lower your outstanding principal balance by up to 3%, just for making on-time payments during the first three years of repayment. Each set of 12 payments during the first 36 months of repayment is treated independently for the purpose of awarding these benefits. If you fail to make the first or second 12 payments on time, you can still qualify for the next 1% principal reduction if you make the next 12 payments on time.
Student Funding Group
Lender Code: 834312
Borrower Benefits
- 0.25 percentage point interest rate reduction at disbursement.
- 0.75 percentage point interest rate reduction at repayment.
- 0.50 percentage point interest rate reduction for automatic debit.*
- 1% loan credit after first 12 payments by the due dates as initially scheduled.*
- An additional 1% loan credit after first 30 payments by the due dates as initially scheduled.*
Chase
Lender Code: 811925
Borrower Benefits
- 0.30% Interest Rate Reduction - applied immediately after the first disbursement. You can lock-in this interest rate reduction for the life of the loan if you make our fist 48 consecutive payments on time.
- 0.30% Interest Rate Reduction - for having your funds directly withdrawn from your bank account (ACH).
- 1.20% Principal Balance Reduction - based on the original loan amount after making the first 12 payments on time.
- 2.4% Principal Balance Reduction - based on the original loan amount after
making the first 24 payments on time.
Key Bank
Lender Code: 813760
Borrower Benefits
- No Federal Default Fee with Key Bank Grad PLUS loans.
- 0.50% interest rate reduction immediately at 1st disbursement.
- 0.75% interest rate reduction after 36 consecutive on-time monthly payments.
- 1.00% interest rate reduction after 48 consecutive on-time monthly payments.
- 0.25% interest rate reduction when payments are made via auto-debit from any savings or checking account.
Wachovia
Lender Code: 811323
Borrower Benefits
- 7.9% Fixed Rate – A 0.60% interest rate reduction immediately after the first disbursement. This incentive rate is retained for the life of the loan, provided that the first 12 regularly scheduled payments are made on time. Automatic payments are not required and deferred repayment will not affect the rate reduction.
- 3% Rebate – A 3% interest credit in an amount equal to the origination fee will be applied against accrued interest 180 days after full disbursement.
Additional qualification requirements may apply for each benefit listed above. Visit each lender's web site to learn how to earn their benefits.
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