Loans: Federal PLUS Loans for Parents

Federal PLUS Loans are non-need-based federal loans available to parents of dependent students for educational expenses.

The Office of Financial Aid will send you information about Federal PLUS Loans and our preferred lenders, as well as a Federal PLUS Loan Request Form, shortly after the College receives your matriculation deposit.

Terms of Federal PLUS Loans

• Maximum loan amount = cost of attendance minus financial aid received.
• Maximum loan fee = 4 percent of principal.
• Current (2008-2009) interest rate = 8.50 percent.
• Repayment begins 60 days after loan is disbursed.
• Standard repayment period is 10 years.
• Generally, there is no debt-to-income ratio test for creditworthiness.
• Loan funds are provided by private lenders and guaranteed by the U.S. government.
For more information, call 800-4FED-AID.

Choosing a Federal PLUS Loan Lender

Oberlin has working relationships with several preferred lenders and knows that they provide consistently good service to students and their families, including such services as electronic fund transfers and special repayment incentives.  Working with a preferred lender expedites the delivery of your loan funds to Oberlin.

Please note Oberlin's Preferred Lender List is only a suggestion of potential loan providers.  Oberlin receives no compensation, income or in kind support from these lenders in return for being placed on our Preferred Lenders List.  Students and families are highly encouraged to select a lender that best suits their individual needs regardless of whether or not that lender appears on Oberlin's Preferred Lender List.

You may start the application process by clicking on any of the lenders listed below.  You may also choose a different lender or complete a paper form instead of the online process, by clicking here to download the Oberlin PLUS Loan Request Form.

Oberlin College Preferred Federal PLUS Loan Lenders
 Lender code

 

Student Loan Funding - Apply online!

1-877-477-7537

  • 0.25% interest rate reduction for automatic debit
  • Defer repayment of the PLUS loan while your student is in school for up to five years through annual forbearance application.

*Benefit is available on loans first disbursed 2/1/08-6/30/09. Terms and conditions apply.

A 0.25 percentage point interest rate reduction for paying by automatic debit is available during active repayment for as long as the borrower's monthly payment is successfully deducted from his/her bank account.

STUDENT LOAN FUNDING AND SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE.

831455

 

Chase - Apply online!

1-800-487-4404

  • 0.25% interest rate reduction applied immediately after first disbursement

CHASE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE.

 803000

 

Citibank - Apply online!

1-800-967-2400

  • 0.25% interest rate reduction for auto debit
  • Benefit recovery: ability to regain the benefit after 24 consecutive on-time payments
  • Free identity theft assistance to all borrowers

CITIBANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE.

 826878

 

Wells Fargo - Apply online!

1-800-658-3567

  • 0.25% interest rate reduction at repayment for auto debit
  • Delayed payments: the parent borrower can postpone payments for up to five years when the student is enrolled at least half-time (borrower must request forbearance annually).
  • Wells Fargo does not sell your loans. You have one point of contact and one phone number from initial application through final payment.

WELLS FARGO RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE.

 807176