Federal PLUS Loan

Lenders For Your Consideration

How UAlbany selects Lenders For Your Consideration

Why UAlbany has Lenders For Your Consideration

Am I required to use a Lender presented for my consideration?

Federal guidelines regulate the primary features of the Federal PLUS loan program, such as interest rates and repayment terms. However, there are differences in the services that lenders provide, including a variety of repayment options. We recommend that you borrow all your loans from one lender to simplify your repayment process.  Please be sure to borrow only what is necessary and take the time now to make the best financing decisions. Parents can borrow from any lender that participates in the Federal PLUS Loan program. Below are the names of PLUS lenders whom our student's parents have received exceptional customer service. It is not necessary to have a prior relationship with a lender to borrow a PLUS loan.

Bank of America ACS 1.0% default fee 1-800-835-1161   3.0% origination fee www.bankofamerica.com   0.25% interest rate reduction for having a Bank of America deposit account 831495   Automatic debit is not necessary to receive benefits     No need to sign up for the benefit, simply make 1st payment on-time     Benefits can not be lost once earned     Parent borrowers have the option to defer payments while their child is in school. Parents need to contact their repayment servicer (1-800-835-4611) to request the forbearance annually. Chase Chase 1.0% default fee 1-800-487-4404   3.0% origination fee www.chasestudentloans.com/   0.25% interest rate reduction for auto-debit 803000   Delay payments while child is enrolled in school     Parents may delay repayment for loans first disbursed after June 30, 2008 until 6 months after the student ceases to be enrolled at least half-time in school.  To request that the payments be delayed borrowers should call 1-800-849-5005 after the loan has been fully disbursed Citibank Citibank 1.0% default fee 1-800-967-2400   3.0% origination fee www.studentloan.citibank.com   0.50% automatic interest rate reduction when borrower enters repayment 826878   0.25% interest rate reduction when borrower signs up for auto-debit payment program     Unlimited benefit recovery. Unlimited opportunities to earn your automatic rate reduction back if you ever miss a payment. You may regain the lost interest rate reductions by subsequently making 24 consecutive on-time monthly payments, anytime during the life of the loan.     Defer Payments While Your Child is in School -     Interest Only Payment Option- Interest-only payments     A forbearance form is required to be completed and submitted on an annual basis. Forms can be found by visiting www.studentloan.citibank.com or by calling 1-800-967-2400. Citizens Bank Nelnet 1.0% default fee 1-800-708-6684   3.0% origination fees www.citizensbank.com/edu   0.25% interest rate reduction for automatic payment deduction from any bank account 807745   Borrower must enroll in automatic payment deduction from any bank. This benefit can be lost due to 3 non sufficient funds within a 12 month periord, or if the borrower stops automatic payments. Benefit may be reinstated if specific conditions are met.     Defer Payments While Your Child is in School - Borrowers can request that their loan payments be postponed while their student is enrolled in school at least half-time. Interest on the loan will continue to accrue during forbearance and will be added to the loan balance.     Additionally, Nelnet offers the following deferment and forbearance options.     Economic hardship     Unemployment     Military     Rehabilitation Training     Temporary total disability     Deferment and forbearance forms can be found on this website:     https://www.nelnet.net/forms/forms.asp?type=b&type=b&lang=en EdAmerica EdAmerica 1.0% default fee 1-800-337-1009   3.0% origination fee www.edamercia.net   0.25% interest rate reduction for auto-debit with continuous on-time payments 831453   Life of loan servicing     Interest Only Payment Option- Interest-only payments while your child is enrolled at least half-time (Completion of a Forbearance Form and verification of child's enollment status is required annually).     Defer Payments While Your Child is in School - Suspension of payments while your child is enrolled at least. Completion of a Forbearance Form and verification of child's enollment status is required annually. Forms can be found by visiting www.edamerica.net or by calling 1-800-337-1009. Key Bank Great Lakes 1.0% default fee 1-800-539-5363   3.0% origination fee www.key.com   0.25% interest rate reduction when a borrower enrolls in auto-debit payment program 811025   Ability to delay repayment while your child is in school - may delay repayment while child is enrolled at least half-time. No form is required however deferment must be requested in 12 month increments. Requests for delay in repayment may be made by contacting 1-800-236-4300 or by visiting www.mygreatlakes.org.   Wachovia Education Finance Wachovia 1.0% default fee 1-800-338-2243   3.0 % origination fee www.wachovia.com   0.25% interest rate reduction with auto debit payments. 830005   Parent borrowers have the option to defer payments while their child is in school. Parents need to contact their repayment servicer (1-800-338-2243) to request the forbearance annually.