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Federal
PLUS Loan |
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| Eligible borrower | Parent of a dependent college student enrolled in post -secondary program as at least a half-time student. College determines PLUS Loan eligibility. Borrower credit is reviewed. | |||
| Interest rate | Fixed rate of 8.5 | |||
| Loan Limit | No annual maximum. Parent may borrow up to full cost of students education less any other financial aid the student receives. | |||
| Interest Responsibility | Borrower is responsible for all interest costs. | |||
| Standard Repayment | Payments begin 30 to 60 days after full loan disbursement. Minimum monthly payment is $50.00. Loan must be repaid in 10 years | |||
Loan funds are sent by EFT (Electronic Funds Transfer) or paper check to CLC by the guaranty agency. If a paper check is sent, CLC will send the check to the parent to endorse and return to CLC. For the 2008-09 academic year the loan period is Fall 2008-Spring 2009 for a full year loan. If your loan period is for fall and spring terms, two disbursements will be issued. One half of the total loan amount requested will be disbursed each term. If your loan period is for one term only, you will receive your loan funds in one disbursement. Loan funds will first pay any outstanding charges on the student's account. If any loan funds remain a check will be issued in the student's name. Any remaining loan funds are to be used for educational expenses on the student's behalf.
If your CLC
college student has |
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