Back | Chicago-Kent Home | Financial Aid Home

Federal Graduate Plus Loan Comparison Chart

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

Federal Graduate Plus Loans, like alternative/private student loans, 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 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 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. Graduate PLUS Loans accept borrowers with limited or no credit history
The Interest rate for the 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.
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 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 Finanical 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	Chase 803000	Citibank 826878	Discover 831312
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	1%*	1%*	1%*	0%
Interest Rate	Fixed at 8.5%	Fixed at 8.5%	Fixed at 8.5%	Fixed at 8.5%
Annual Loan Limit	Cost of of Attendance Budget minus total financial aid received
Aggregate Loan Limit	None
Grace Period	None. Payment is due within 60 days after graduation or if student drops below half-time status. 6 month forbearance available upon request.	None. Payment is due within 60 days after graduation or if student drops below half-time status. 6 month forbearance available upon request.	None. Payment is due within 60 days after graduation or if student drops below half-time status. 6 month forbearance available upon request.	None. Payment is due within 60 days after graduation or if student drops below half-time status. 6 month forbearance available upon request.
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	0.25% interest reduction for auto-debit	0.5% reduction after 48 months on time payments, Zero payments last 6 months, .25% interest reduction for auto-debit	0.25% rate reduction for automatic debit immediate 0.25% reduction on GPLUS
Online Loan Appication/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	1-800-487-4404	1-800-967-2400	1-877-728-3030

Due to the United States credit crisis, Edamerica has had funding problems. For this reason, Edamerica has been removed from IIT's Downtown Capus's lender list.

* Some guarantor agencies will pay this 1% default fee on behalf of the student.
**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.

Back | Chicago-Kent Home | Financial Aid Home