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Suggested Federal PLUS Loan Lenders
(Scroll Down for Alternative Lender Information)
You are not obligated to choose any of these lenders. Wesleyan will process any approved PLUS Master Promissory Note you submit to the office. A Free Application for Federal Student Aid (FAFSA) for the 2008-09 academic year must be completed and on file with Wesleyan. Borrowers are encouraged to email faloaninfo@wesleyan.edu with details about any pending application. The PLUS interest rate for 2008-09 is a fixed 8.5%.The following list of lenders are in alphabetical order. This does not reflect any particular preference. (Printable .pdf)
Lender Guarantor Lender Code Origination Fee Default Fee Interest Rate Reductions Principal Reductions Maximum Bank of America EdFund 824421 3% 0% .25% after first on-time payment with BOA checking account (auto-debit not required) No Cost of Attendance minus Aid Citizen's Bank USAFunds 810240 3% 1% .25% with auto-debit No Cost of Attendance minus Aid Key Bank Texas Guarantee 813760 3% 0% 1% with auto-debit No Cost of Attendance minus Aid Sallie Mae USAFunds 802218 3% 1% .25% with auto-debit No Cost of Attendance minus Aid Wachovia EdFund 830005 3% 0% .25% with auto-debit No Cost of Attendance minus Aid Wells Fargo EdFund 807176 3% 0% No No Cost of Attendance minus Aid List last updated June 25, 2008 3:00pm
- Suggested Alternative Loan Lenders
You are not obligated to choose any of these lenders. Wesleyan will process any approved promissory note you submit to the office. Borrowers are encouraged to email faloaninfo@wesleyan.edu with details about any pending application. Interest rates on alternative loans will vary.The following list of lenders are in alphabetical order. This does not reflect any particular preference. (Printable .pdf)
Origination Fee Default Fee Interest Rate Reductions Principal Reductions Sell? Minimum Amount Aggregate Cover Past-Due Balances? Connecticut Student Loan Foundation: Solutions Alternative 0% 2-6% credit based .25% with auto-debit None No $2,500.00 $100,000.00 Yes, within 1 semester if currently enrolled or 3 months if no longer enrolled Key Bank: Key Alternative Loan 0% 0% None None No $500.00 $125,000.00 Yes, within 60 days (with continued enrollment) Signature Loan offered by Sallie Mae or Citizen's Bank 0% 0% .50% with auto-debit None No $500.00 $100,000.00 Yes, within 120 days (with continued enrollment) Wachovia: Wachovia Education 0% 0% .50% with auto-debit None No $500.00 $130,000.00 Yes, within 36 months (with or without continued enrollment) Wells Fargo: Collegiate Loan 0% 0% .50% graduation reward; .25% with auto-debit None No $1,000.00 $120,000.00 Yes, within 12 months (with or without continued enrollment) List last updated June 10, 2008 3:00pm
Disclosure Statement:
Students and parents have the right and ability to select the education loan provider of their choice, are not required to use any of the lenders on the suggested lender list, and will suffer not penalty from the University for choosing a lender that is not on said suggested lender list.
The University’s selection of preferred lenders and the University’s decision as to where or how prominently on the list the lending institution’s name appears shall be based solely on the best interests of student and parent borrowers, utilizing stated criteria that are limited to benefits provided to borrowers (such as competitive interest rates and repayment terms, quality of loan servicing, and whether loans will be sold) and the ability to work efficiently and effectively with the University to process loans, without regard to the pecuniary interest of the University or to any benefits provided by lending institutions to the University or any of the University’s officers, trustees, directors, agents or employees or their family members.
The University reviews its suggested lender list annually.
General Factors Used in University Suggested Lender Determination:
1. Loan Terms, including possible interest rate and principal reductions, repayment options, and average interest rates and approval rates for alternative loans
2. Observed and reported customer service to families
3. Student recommendations based on borrower interface
4. University staff evaluations of proposals sent by lenders
5. Likelihood of loans being sold, especially in cases in which borrower benefits and/or terms could be impacted
6. Projections by lenders of their companies ability to survive given current condition of the student loan market