Financial Aid Channel - Comparison of Education Loans

What is My Peterson's?

Education Loan Comparison
Enter the competitive information for various student loans in the spread sheet below. Use the View and Print button at the bottom of the page to see the full comparison. You may compare up to 2 loans at a time.

PLUS Loan

Enter
Loan Name

Basic Loan Terms and Conditions

What is the current interest rate?

4.17%

Is this a variable or fixed interest rate loan?

Variable

If variable, how often does it change?

Every year
on July 1

How is the interest rate calculated?

T-bill + 3.1%

Is there a "cap" on the interest rate?

What is the minimum loan amount?

Contact financial aid

What is the maximum loan amount?

Cost of education, less financial aid received

What are the aggregate loan limits?

None

What are the enrollment requirements to receive a loan?

Student enrolled at least half-time

Who is the borrower?

Parent

What is the average length of time to process a loan from the time the application is received to the time the funds are ready to be disbursed?

Contact lender

When and to whom are the loan funds disbursed?

Contact lender

If any, what fees are attached to the loan?

Up to 4% origination fees

Is there an application fee?

Is this a credit-based loan?

Yes

Is a cosigner optional or required?

No option for cosigner

If yes, when is a cosigner required?

n/a

Is there an option to release a co-signer?

n/a

If yes, how does a co-signer get released?

n/a

If I am denied for the loan, what can I do to qualify?

Student may be awarded additional Unsubsidized Stafford Loan

Are pre-approvals available?

Yes, check with financial aid office

How long does it take for a pre-approval?

Contact financial aid office

Repayment Evaluation Questions

When does the loan enter repayment?

60 days after final disbursement

What is the grace period on the loan?

60 days after final disbursement

What is the standard repayment period of the loan?

10 years

Are deferment options available?

Yes

Are forbearance options available?

Yes

Is there a penalty for early repayment?

What is the minimum payment amount?

$50

What is the estimated monthly loan payment?
* Use the loan repayment calculator

What is the estimated total cost of the loan?(principal & interest)

Is the interest on the loan tax deductible?

Yes

Borrower Benefit Evaluation Questions

Do you offer any borrower benefit programs?
If so, how do I qualify?

Check with lender

What is an estimate on savings from qualifying for the borrower benefits?

Check with lender

What is the percentage of borrowers who qualify for each of your borrower benefit programs?

Check with lender

Loan Servicing Evaluation Questions

Will this loan be sold to another entity?
If so, who will be the servicer?

Check with lender

What is the contact information for the servicer?

Check with lender

Will the servicer provide combined billing for Federal and Private Education loans?

Check with lender

Does the servicer offer Federal Consolidation Loans?

Check with lender

Does the servicer offer Consolidation for Private Education loans?

Check with lender

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