Federal PLUS Loan (for parents and graduate/professional students)

The advantages of working with The Student Loan People

• Quick application processing
• Prompt guarantee of loans
• Quality servicing for the life of the loan
• Repayment Incentives

Borrower Benefits

	Origination Fee	Federal Default Fee*	Interest Rate Reduction
Kentucky	3%	0%	0.25% after auto debit
Alabama	3%	1%	0.25% after auto debit
Other States	3%	1%	0.25% after auto debit

*Guarantors other than Kentucky Higher Education Assistance Authority (KHEAA) may charge other fees.

Borrower Eligibility

• Be a U.S. citizen, permanent resident or eligible non-citizen.
• Pass credit check and
• Be a parent of an undergraduate student enrolled at least half-time or be a graduate/professional student enrolled at least half-time.

Application Requirement

• Complete a Federal PLUS Master Promissory Note. You can do this online or print out a paper copy.
• Print a blank PLUS Master Promissory Note
• Required credit check performed at no cost.
• Student is notified of additional Unsubsidized eligibility if PLUS loan is denied.

Maximum Loan Amounts (PLUS Loans)

Total annual cost of education (tuition, fees, housing, meals, etc.) less financial aid awarded (scholarships, grants, work-study and loans).

Interest Rate

Interest accrues while you or your son or daughter is in school. Loans disbursed on July 1, 2006, or later have a fixed interest rate of 8.5%. Loans disbursed before July 1, 2006, have a variable interest rate that changes every year. The variable rate is based on the 91-day Treasury bill rate. Your lender will let you know each year what the new interest rate is on any variable-rate loans you have.

Repayment

Payment of principal and interest begin approximately 30-45 days from the date the loan is fully disbursed. The repayment loan term is 10 years with a minimum payment of $50. Principal deferment options are available.

Billing

Convenient monthly statement

Disbursement

Checks are co-payable to the parent and school, and mailed directly to the school.

Lender

The Student Loan People
Lender Code: 826688

Telephone Number

Loan Origination	Loan Servicing
800.564.6068	800.693.8220