FASTCHOICE PLUS Loan Comparison Tool
PLUS Loan Basics
Federal PLUS/B-W PLUS Loans are non-need based student loans designed to help with the financing of a student's education and are available to parents of undergraduate students attending at least 1/2 time and maintaining satisfactory academic progress. PLUS/B-W PLUS borrowers must be U.S. citizens or eligible non-residents. Eligibility is based on credit worthiness, regardless of income.
PLUS/B-W PLUS Master Promissory Note (MPN):
The MPN allows eligible borrowers to apply for multiple loans, over multiple years, for a single dependent child. If a borrower is applying through a new lender, a new MPN is required.
Maximum Annual Loan Limit:
Cost of education less any other financial aid received.
Interest Rate for Federal PLUS Loans:
Variable rate that adjusts annually (Currently, not to exceed 9%.)
Current rate: The interest rate for Federal PLUS loans from July 1, 2008 to June 30, 2009 is 8.5%
Fees:
There is an origination fee of 3%.
Repayment:
Repayment begins 30-60 days after the final disbursement of the loan.
There are no prepayment penalties.
For more details on the Federal PLUS Loan, please click on the following link:
Student Guide Information on PLUS Loans (provided by the U.S. Department of Education)
How To Apply For PLUS/B-W PLUS Loans:
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Determine the amount that you wish to borrow. You may borrow up to the Baldwin-Wallace cost of education minus all other financial aid received. If you've applied for need-based financial aid, your award notice will help you determine the maximum amount that you can borrow. Note: Please keep in mind that the lender deducts a 3% origination fee from the loan prior to disbursement.
- Complete the online application process:
All PLUS and B-W PLUS borrowers have the option to apply through any lender.
The following lenders have been included on our lender list because of the high quality products and services they offer B-W students and their families. (You may, however, borrow a student loan through a lender not included on this list. If you wish to do so, please contact the B-W Office of Financial Aid for application instructions. )
Lenders: Lender Codes:
Links to the Online Applications:
Chase/Great Lakes 808956
Discover Student Loans 831312
Fifth Third Bank /Sallie Mae 808780
Key Bank/Great Lakes 813760
National City Bank/Great Lakes 808877
Sallie Mae Education Trust 802218
Student Loan Funding/Sallie Mae 831455
B-W School Code: 00301400
If you are applying for a loan through a new lender...
Please make certain to complete both the online application and the Master Promissory Note (MPN).
More details on the B-W PLUS Loan:
B-W PLUS Benefits:
For those families with B-W PLUS eligibility, Baldwin-Wallace College will subsidize up to $12,000 for up to four years of the student's active undergraduate enrollment. Families may borrow additional PLUS Loan, but the loan amount that exceeds $12,000 will be unsubsidized.
Eligibility:
Eligibility for the B-W PLUS Loan is determined by the financial aid office as part of your financial aid award.
Deadlines:
If you wish to take advantage of this opportunity for the 2008-2009 academic year, we must receive your B-W PLUS Loan request by September 30, 2008.
Special Note about the B-W PLUS lender changes:
Due to very recent changes (July 1, 2008) in Federal Financial Aid, particularly changes to the federal loan programs, we are now able to broaden the number of lenders that you can choose from in receiving the interest benefits on up to $12,000 that is borrowed through the B-W PLUS program.
All previous B-W PLUS borrowers need to choose a new lender, such as one of the lenders listed in the chart below. The previous B-W PLUS lenders are no longer able to provide PLUS loans.
For information related to eligibility, please feel free to contact:
The Office of Financial Aid at 440-826-2108.
275 Eastland Rd.