Federal PLUS Loans

The Federal PLUS loan is a long-term loan whereby a credit-worthy parent may borrow up to the cost of education per child less other financial aid. Parents need not fill out a Financial Aid Form in order to borrow a Federal PLUS, but they must begin repaying this loan 60 days after disbursement. The interest rate is fixed at 8.5%.

To apply for a Federal PLUS loan, contact Sallie Mae, our federal loan provider, at 1-800-891-1410 or on line at www.opennet.salliemae.com.

Federal Unsubsidized Stafford Loans

This is a non need-based student loan. See Grants/Scholarships and Loans page for details.

Sallie Mae Signature Loan

Credit worthy applicants may borrow the difference between the cost of education and financial assistance. The interest rate varies depending on the credit rating assigned to the borrower. There are no payments while in school but interest will accrue. Sallie Mae Signature Loans also offer several repayment benefits. For questions or an "Express Pre-approval," call 1-800-695-3317 or go to www.opennet.salliemae.com.

Private Loans

These also are available through special arrangements with various lenders. These plans typically offer multi-year fixed rate loans and educational lines of credit. Some of the more common loan programs are described below.

Key Education Resources offers the Key Alternative Loan (student borrower) and the Key Achiever Loan (parent borrower). The minimum amount which can be borrowed is $500 and the maximum amount is $10,000.

The Achiever Loan offers three borrowing options--Annual Loan; Annual Loan-Interest Only; and Multiple Year Loan with varying fees. The interest rate is tied to the 52-week T-Bill rate plus 3.1% and is adjusted quarterly. For more information contact Key Education Resources at 1-800-539-5363 or visit them on-line at www.key.com.

CitiBank Student Loans. Students may borrow up to the cost of education less financial assistance. The interest rate is Prime + .5%. No payments are required while in school, but interest will accrue. There are no origination fees and students must be creditworthy or have a creditworthy co-signer. For more information, call 1-800-745-5473 or apply on-line at www.studentloan.com.

Wells Fargo Education Connection loans have a minimum of $1,500 and a maximum of $25,000. The interest rate is variable based upon credit rating and can be as low as prime-0.5%. For more information call 1-800-378-5526 or visit www.wellsfargo.com.

TERI (The Education Resources Institute) offers loans with a minimum principal of $500 and a maximum principal of "the cost of education less aid." The variable interest rate is prime plus 0% and is adjusted monthly. For further information, TERI's phone number is 1-800-255-8374 or contact them on-line at www.educaid.com.