The Graduate PLUS Loan is for graduate and professional students who need assistance financing an education that is not covered by other forms of financial aid. It's an affordable alternative to using savings, income, or private loans for educational costs. Graduate PLUS Loans are available to credit worthy, U.S. citizens or eligible non-citizens. To process a loan you must submit the Free Application for Federal Student Aid (FAFSA) and initially apply for a Stafford loan. The amount you will be eligible to borrow will be determined by the total cost of your educational program less the amount you receive from the Stafford loan and other financial aid. The Graduate PLUS loan has an origination fee of 3% and carries a fixed rate of 8.5%. Please find below a list of our suggested lenders, and the special rates and benefits they offer students at Sacred Heart University. If you would prefer to work with another lender or have borrowed in the past and would like to continue working with that lender, please contact our office for further instruction.
**ATTENTION ALL GRAD PLUS LOAN BORROWERS** Per Federal Regulations, all Plus borrowers must complete a Grad Plus Loan Entrance Interview before the loan can be certified. You can complete this process on-line by pointing your browser to:
http://mappingyourfuture.org/OSLC/
Click the link for "Grad Plus Entrance"
* Lender | Special Benefits/Incentives |
Key Bank
800-539-5363
Lender Code: 813760
Servicer: Great Lakes Higher Education
www.key.com/gradplus
| Key Bank - 0% Default fee through 12/31/08
- 3% Origination fee
- 1.00% Interest rate reduction for borrowers who sign up for automatic debit
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Connecticut Student Loan Foundation/Susie Mae
800-237-9721
Lender Code: 828614
Servicer: Ed Financial
www.cslf.com/shu/eplus
| Connecticut Student Loan Foundation/Susie Mae - 1% Default Fee
- 3% Origination Fee
- 0.50% interest rate reduction during repayment when payments are made through automatic debit.
|
CitiBank
(800) 967-2400 Lender Code: 826878 Servicer: Citibank
www.studentloan.com/schools/sacredheart
| Citibank - 0% Default Fee
- 3% Origination Fee
- 0.50% automatic interest rate reduction at repayment for borrowers who continue to make on-time montly payments.
- 0.25% interest rate reduction when borrower signs up for auto debit payment program and agrees to only receive statements electronically.
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*Information is accurate as of 5/08, changes may occur with lender benefits. Please contact lenders directly to obtain "truth in lending information". All lenders listed have confirmed with the University in writing that they will disclose if the loan will be sold to another lender, that the loan terms and benefits will not change if the loan is sold to another lender and that the loan benefits may change if the borrower chooses to consolidate their loans.
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