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Federal Graduate Plus Loan Comparison Chart

Federal Graduate Plus Loan or Private Loan: What's Right for me?

After students exhaust all Federal Stafford and Federal Perkins Loan eligibility, the Federal Graduate Plus Loan may be borrowed up to the cost of attendance less any other financial aid. Students can apply for the for the Federal Graduate Plus Loan using the links below. The chart lists lenders for the Federal Graduate Plus loan with comparisons of loan terms and repayment incentives. When choosing a lender please pay close attention to the items listed below. These items should also be considered when trying to make the decision between Federal Graduate Plus and Private Loans.

Repayment Incentives
If a student has limited or no credit history, he/she may find it difficult to qualify for an alternative student loan. Federal Graduate PLUS Loans accept borrowers with limited or no credit history
The Interest rate for the Federal Graduate Plus loan is fixed. Interest rate for the private/alternative loans have a variable interest rate that is based on your credit score and Prime or LIBOR interest rates.
Federal Graduate PLUS Loans may charge as much as 3% to 4% in fees. Alternative loans can have lower fees or higher fees, based on the borrower's credit history and income.

To help you determine the amount of Federal Graduate Plus Loan funds you will need, please download the Estimated Cost Worksheet.

Select a Lender

You are free to select any lender you wish; however, IIT-DTC Office of Financial Aid has selected a number of lenders who offer the best benefits and services for our borrowers. Review our Lender List Information to learn more about the process we used to arrive at our selections.

The lender list is in alphabetical order.

	Access Group 808851	Citibank 826878	Discover 831312	Wachovia 830005
Student Eligibility	U.S citizen, or eligible non-citizens. Credit approval required and student must be enrolled at least half-time.
Origination Fee	3%	3%	3%	3%
Guarantor Fee	0%*	0%*	0%*	0*%
Interest Rate	Fixed at 8.5%
Annual Loan Limit	Cost of of Attendance Budget minus total financial aid received
Aggregate Loan Limit	None
Grace Period	Automatic 6 Months after graduation for loans disbursed after July 1, 2008.
Standard Repayment Term	Automatic standard repayment for up to 10 years. Other flexible repayment options are available	Automatic standard repayment for up to 10 years. Other flexible repayment options are available	Automatic standard repayment for up to 10 years. Other flexible repayment options are available	Automatic standard repayment for up to 10 years. Other flexible repayment options are available
Repayment Incentives or Borrower Benefits**	0.25% interest reduction for auto-debit. Have option to apply for Economic or Unemployment Hardship to defer payments.	.25% interest reduction for auto-debit. Have option to apply for Economic or Unemployment Hardship to defer payments.	0.25% rate reduction for automatic debit immediate 0.25% reduction on GPLUS. Have option to apply for Economic or Unemployment Hardship to defer payments.	Have option to apply for Economic or Unemployment Hardship to defer payments.
Items to Consider	Does not sell loans but is receiving short term financing from the Dept.of Education (DOE). This DOE program provides the option to sell.	As general rule they do not sell loans but sometimes sells to third party. May sell some loans to Department of Education.	Does not sell loans. Not participating any Department of Education programs for 2009-10.	Sells all loans to 3rd party after spring disbursement or grace period. May sell some loans to Department of Education. Can qualify for Bar Loan if you have a loan through Well Fargo/ Wachovia.
Online Loan Application/MPN	Click Here School Code 001691-01	Click Here School Code 001691-01	Click Here School Code 001691-01	Click Here School Code 001691-01
Telephone	1-800-227-2151	1-800-967-2400	1-877-728-3030	1-877-689-0763

*Some guarantors agencies will pay this 1% default fee on behalf of the student. For our students, this is being paid by Texas Guarantor. If you use a lender that is not on this list please be aware you may be charged this fee depending on which guarantee agency the lender uses.
**Student loan lenders have the right to change their repayment benefits structure whenever they choose. Please contact you lender directly to verify your repayment incentives.

Due to recent changes in their Federal Student Loan Program, Chase has been removed from the IIT Downtown campus lender list.

If you would like to see information regarding the lender selection process please contact out office finaid@kentlaw.edu.

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