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Through the Federal PLUS Loan Program, parents of dependent students may borrow up to the cost of education less any other financial aid received by the student.
To apply for a Parent PLUS Loan, a parent must:
• complete the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)
• initiate a Federal PLUS Loan application. If you choose one of the recommended lenders below, simply call AES/PHEAA at 1-800-692-7392, or visit their website at www.aesSuccess.org.
• complete a Master Promissory Note (MPN); After “applying” as instructed above, the MPN will be sent to you to sign; or you can sign on-line at the www.aesSuccess.org website.
The Federal Parent PLUS Loan is a credit-based loan with a fixed interest rate of 8.5%, with default and origination fees of 3%. Students must be enrolled at least half-time in a degree-seeking program for parents to access a PLUS loan.
If a parent is denied a Parent PLUS Loan the student will automatically be considered for an additional unsubsidized Stafford loan in the amount up to $4,000 for freshman and sophomores and $5,000 for juniors and seniors.
Parent PLUS Loan Recommended Lender List
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Chase
Lender Code: 811571KB
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Citizens Bank of PA
Lender Code: 833880KB
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Edamerica
Lender Code: 831453KB
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National City
Lender Code: 810418KB
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PNC
Lender Code: 809921KB
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SunTrust
Lender Code: 811304KB
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Wachovia
Lender Code: 813830KB
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These recommended lenders provide opportunities to postpone repayment while the student is in school (forebearance), electronic processing/servicing, and quality customer service.
For additional information about the Federal PLUS Loan, students can click here .
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