| Parent
Plus Loans
The Federal PLUS Loan for parents is
available to help parents pay for their dependent child's education.
Parents with no unresolved credit issues may borrow for each dependent
child who is enrolled in school at least half time. Federal PLUS
Loans are not based on financial need, and parents of all income
levels may apply. Parents may borrow an amount equal to the cost
of attendance minus any other aid. For more information on a Parent
Plus Loan, you may wish to download our TTU
Parent Plus Brochure (PDF).
The lenders listed here have been selected based on past experience and qualifications and they offer excellent service and benefits to their borrowers. In addition, these lenders (and many others) work with our guarantor, ASA (American Student Assistance) in the EFT (electronic fund transfer) process. You are free to choose ANY lender that participates in the PLUS Loan program even if they are not on this list. If you select a non-ASA lender, you may be required to submit a paper application which may be a slower process. However, even these processes have been streamlined enough that the delay is not overwhelming.
If you have borrowed previously, we suggest you consider remaining with that lender or another lender that works with your same servicer. If you do select a different lender or servicer, be aware of the advantages and disadvantages of your decision.
The Financial Aid Office will strive to process your loan quickly and accurately regardless of the lender you choose. Your student loan is yours. Be informed and ask questions of your lender or prospective lenders.
How
to Apply for a PLUS loan
1. Select a lender*.
2. Call 1-800-999-9080, and select option 1.
3. Apply over the phone with an American Student Assistance (ASA) rep.
4. Follow ASA's instructions to complete a Promissory note.
5. Return a PLUS
Loan Excess Funds Form (PDF) to TTU FAO.
Preferred Lenders
|
Lender Code |
Borrower Benefits |
|
803000 |
•0% default fee
•1.2% principal reduction after the first 12 monthly payments are received on time.
•2.4% principal reduction after the first 24 monthly payments are received on time.
•0.30% interest rate reduction after the first disbursement
•0.30% interest rate reduction for automatic debit of payment
|
Bank of America |
830486 |
• Zero federal default fee.
• 0.25% interest rate reduction with automatic debit.
• Up to 3% outstanding principal balance reduction after making 36 consecutive on-time payments.
• Payments up to 15 days late are still considered on time. |
Edamerica
|
831453 |
• Immediate 1% interest rate reduction & immediate 0.25% interest rate reduction for auto-debit payments
• Flexible repayment choices
• Instant online pre-approval
• Deferred payment option and life-of-loan servicing |
Key Bank |
813760 |
• A 3.75 Principal Reduction after 36 consecutive, on-time monthly payments.
• Flexible Repayment Options
• Deferred Payments while your child is in school.
• Quick on-line approval
|
Regions |
810612 |
• 0% default fees
• 3% loan credit after first 18 on time payments
• 0.50 percentage point interest rate reduction after 1st on time payment
• 0.50 percentage point interest rate reduction for auto debit |
|
802218
|
• Default Fee: 1%
•Origination Fee: 3%
•Online or by phone instant credit decisions
•Flexible repayment options |
|
802218
|
• Default Fee: 1%
•Origination Fee: 3%
•Online or by phone instant credit decisions
|
| |
810691-01 |
• 0% default fees
• 1% immediate interest rate reduction at disbursement.
• 0.25% interest rate reduction with automatic debit. |
|
830005 |
• Interest rate reductions of up to 3.5% of original loan amount.
• Credit Counseling & Plus Pre-approval services.
• Payments may be deferred up to 4 years while the student is in school. |
Universal footnote: The above listed
lenders reserve the right to modify, extend or discontinue
offering these benefits at any time without notice. Borrower
benefits will terminate in the event of default or failure
to meet qualification criteria. Additional terms and conditions
apply; please contact your chosen lender for details.
|
Call American Student Assistance (ASA) at
1-800-999-9080, option 1 to apply!
Please note: Tennessee Tech University and its Financial Aid Office do not benefit from your choice of lender. No TTU financial aid employee serves on an advisory board to any lending institution.
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