Parent PLUS Loan Process
2008-09
Application Process
UW-L's 2008-09
Preferred Lender List
Eligibility
Disbursement of
Funds
Interest Rate,
Fees, etc.
Parent PLUS Loan funds are applied electronically to the student's bill.
If the parent chooses, instead, to receive a paper check, they should realize that the process will take longer before the funds are received.
Parents
wishing to apply for a Parent PLUS Loan MUST complete a Free Application
for Federal Student Aid (FAFSA).
Application
Process
The application process for PLUS Loans is as easy as 1 - 2 - 3.
1- Pre-Approval. A parent can be pre-approved for the Parent PLUS Loan. If the parent is denied during the Pre-Approval process, contact the FAO for additional options.
2- Parent PLUS Loan Request Form. The parent MUST complete a 2008-09 UW-La Crosse Parent PLUS Loan Request Form and send the form to the UW-L Financial Aid Office. You will need to indicate what lender you are choosing to borrow from and the amount you wish to borrow.
3- Parent PLUS Loan Master Promissory Note (Parent PLUS MPN). The parent MUST complete a Parent PLUS MPN. The parent can sign the Parent PLUS MPN electronically with the Department of Education PIN. If the parent does not have the DOE PIN, they will need to print out the MPN, sign it and mail it to Great Lakes Higher Education Corporation. (If the parent is using a lender not serviced by Great Lakes, they will not be able to use the online PLUS MPN). If the parent does not complete the PLUS MPN on line, a paper PLUS MPN will be mailed to them.
You may borrow from any lender that
you choose.
UW-L's
2008-09 Preferred Lender List
Information about each lender and the
benefits they offer is available below.
Wachovia
U.S. Bank
Citibank
Sallie
Mae Education Trust
UW Credit Union
Wells Fargo
Associated Bank
EdAmerica
AnchorBank
Chase
Wachovia (870005)
Tom Hansen
(877) 689-0763
(651) 739-7996
www.wachovia.com/education
* 3% Origination Fee
* 1% interest rate reduction after 36 on-time payments with
auto debit
* Benefit rehabilitation - a borrower who misses one of the
first 36 payments can re-earn the principal reduction by completing a
financial literacy tutorial and making the remainder of the first 36
payments on time.
U.S. Bank (821654)
Linda Brumm
(800) 242-1200 ext. 5438
(920) 484-3505
www.usbank.com/studentloans
* 3% Origination Fee
* 1% credit of original principal balance after 12
consecutive monthly on-time payments
* .25% interest rate reduction for auto debit
Citibank (824756)
David Wiegmann
(888) 867-5968
www.studentloan.com
* 3% Origination Fee
* .25% interest rate reduction for auto debit
Sallie Mae
Education Trust (862218)
Aaron Berktold
(888) 272-5543
(612) 724-7700
www.salliemae.com
* 3% Origination Fee
* .70 interest rate reduction for auto debit
UW Credit Union (818611)
UW Credit Union Lending Center
(800) 533-6773 ext 2900
www.uwstudentloans.com
* 3% Origination Fee
* .50% interest rate reduction for auto debit
* .25% interest rate reduction after 36 consecutive, on-time
payments
Wells Fargo (807176)
Ben Osmond
(800) 658-3567
(866) 239-1634
www.wellsfargo.com/student
*3% Origination Fee
* .25 interest rate reduction for auto debit
Associated Bank
(830492)
Brian Lamers
(800) 789-6765
(608) 843-5996
www.associatedbank.com
* 3% Origination Fee
* 2% interest rate reduction for 48 consecutive on-time
monthly payments
* .25% interest rate reduction for auto debit
* PLUS borrowers receive a credit of total paid origination
fees, minus $250, after 24 consecutive on-time payments
EdAmerica (834060)
Jo Woodward
(715) 531-0276
(800) 337-6884
(651) 485-3261
(cell)
www.edamerica.net
* 3% Origination Fee
* .60% interest rate reduction for auto debit
with continuous on-time payment
AnchorBank (823011)
Bill Venne
(800) 236-8769
(608) 252-8769
www.anchorbank.com
* 3% Origination Fee
* 2% interest rate reduction if first 48 payments are made
on-time
* .25% interest rate reduction for auto debit
Chase Bank
(808956)
Lisa Albers
(800) 487-4404
(888) 487-4404 ext 0776
www.chasestudentloans.com
* 3% Origination Fee
Eligibility
To be eligible, a parent must:
* be a natural, step or adoptive parent of a dependent student
* be a U.S. citizen or eligible non-citizen, and provide a valid Social
Security Number
* be creditworthy The student must:
* be less than 24 years of age
* have no dependents
* be enrolled at least half-time
* be unmarried
Disbursement of Funds
PLUS Loan funds will be disbursed electronically and applied directly to
the student's university bill. ANY RESULTING CHANGE CHECK WILL BE
DISBURSED TO THE STUDENT.
However, if the parent wishes to receive a paper check instead, they must indicate that in the appropriate place on the PLUS Loan Request Form. The paper check will be written out to the parent and the school. The Cashier's Office will endorse the check and mail it to the parent. The parent then endorses the check and deposits it in their own bank account.
IT IS THEN THE PARENT'S RESPONSIBILITY TO
APPLY THE FUNDS TO ANY OUTSTANDING BALANCE THE STUDENT MIGHT HAVE. A
paper check will take longer to process than having the fund applied
electronically to the student's bill.
Interest Rate, Fees, etc.
Interest Rate: Effective July 1, 2006, the
Parent PLUS Loan interest rate is a fixed rate of 8.5%. Interest begins
accruing once the loan is disbursed and repayment begins approximately
60 days after the loan is fully disbursed.
Annual Loan Limit: Cost of student's
education minus other financial aid.
Cumulative Loan Limit: None
Fees: Maximum 3% origination fee. Waived by
some lenders.
Repayment term: 10 years Deferment and
forbearance options available.
PLUS Borrower's Rights and Responsibilities Statement
2008-09 Other Financing Options Brochure
Methodology used in determining UW-La Crosse's Preferred Lender List
The UW-La Crosse Financial Aid Office does not and never has received favors or benefits from lenders in exchange for putting those lenders on our Preferred Lender List.
