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Federal Parents Loan for Undergraduate Students (PLUS) and Graduate PLUS Loans
Loan Programs

Federal PLUS Loans are long-term, low-interest loans awarded to graduate students or parents of undergraduate students by SUNY ESF which are funded through a bank or other lending agent.  PLUS funds can be used to supplement other sources of aid to help meet the family contribution portion of the cost of education.  Parents at all income levels are eligible for consideration pending credit approval.

Eligibility for a PLUS Loan

In order to qualify for a PLUS loan, the student for whom the funds are intended must be attending school on at least a half-time basis in an approved program.  Eligibility is also based on the borrower's creditworthiness.  Students whose parents are unable to obtain credit approval for a PLUS loan may qualify for additional funding through the Federal Stafford Loan program.  Applicants who are denied a PLUS loan based on an adverse credit decision should contact the Office of Financial Aid and Scholarships to request an account review.

Federal PLUS Loan Amounts

The amount available in Federal PLUS Loan funding will vary for each borrower.  The maximum amount of each loan is determined by the SUNY ESF Financial Aid Office based on the students expected costs and other financial aid amounts.

Federal PLUS Loan Terms and Conditions

Interest Rates
Federal PLUS Loans disbursed on or after July 1, 2006 have a fixed interest rate of 8.50% for parents and 8.00% for graduate students.

Federal PLUS Loans disbursed before July 1, 2006 have an annually variable interest rate which is capped at 8.25%.  The effective rate for these loans from July 1, 2007 through June 30, 2008 is 8.02%.

Fees
All Federal PLUS Loans may be subject to an origination (1.5%) and insurance (1.0%) fee of up to 2.5%, taken from the value of the loan at the time it is disbursed to the school.  The loan amounts listed above and on financial aid award notifications represent the gross amount (amount before the fees have been paid).  Borrowers should consider the fees charged by each lender when choosing their loan provider.

Repayment
In most cases, regular loan payments begin 60 days after the loan has been fully disbursed for the academic year.  Interest will begin to accrue at the time of the first loan disbursement.  Repayment will initially be scheduled for fixed monthly payments over a 10 year period.

How to Apply for a Federal PLUS Loan

Graduate students or parents of undergraduate students should complete the following steps to apply for a Federal PLUS Loan:

1. Complete the Free Application for Federal Student Aid (FAFSA)
2. Accept the desired loan(s) on the Financial Aid Award Notification Letter

Borrowers accepting a Federal PLUS Loan for the first time at SUNY ESF or borrowers who would like to choose a new lender should also:

1. Review SUNY ESF's Guide to Selecting a Student Lender
2. Select a lender and complete a Master Promissory Note (Clink on lender name for additional information and an online promissory note/application)

PLEASE NOTE:  You are not required to select a lender from this list.  If you choose to work with a different lender, a blank application/promissory note can be downloaded and printed using the "Blank Application" link below.  If using this method, please return the completed form to the Office of Financial Aid and Scholarships.  We will electronically process the loan with the lender you have selected.  You may also apply electronically from many lender websites.  Always remember to indicate SUNY ESF using the school code 002851.

Please note that the lenders included in this list are not in alphabetical order.  Following a thorough evaluation process, SUNY ESF has determined that the products and services offered by these lenders are all comparable.  Location on the list does not indicate SUNY ESF's rating of any lender in relation to the others.

We recommend certain lenders who have a history of excellent service for our students.  They are as follows:
Wachovia Education Finance 800-338-2243 Lender Code: 830005	Edamerica 800-337-1009 Lender Code: 831453	Access Group 800-282-1550 Lender Code: 808851
Nellie Mae 800-634-9308 Lender Code: 822583	Blank Application Select a Different Lender School Code: 002851	Chase 800-487-4404 Lender Code: 803000
Bank of America 800-344-8382 Lender Code: 824421	Citizens Bank 800-708-6684 Lender Code: 807745	Citibank 800-967-2400 Lender Code: 826878

Last updated on May 12, 2008