Financial Aid
Apply for a Parent Loan
Federal PLUS Loan Information and Application Instructions
Federal PLUS Loans are for parents, to assist them in meeting the educational costs for their dependent student. These loans have a fixed interest rate of 8.5 percent. Loan repayment for a Federal PLUS Loan begins immediately, and the first payment will be due within 60 days after full disbursement of the loan funds. Federal PLUS Loans borrowed through our suggested lenders are disbursed to the college via electronic funds transfer (EFT). Funds are disbursed equally, half at the beginning of fall semester and half at the beginning of spring semester. A 3 percent origination fee and a 1 percent Federal Default Fee may be deducted from the loans prior to disbursement.
Click on the link below to review the 2008-09 borrower benefits for Reed’s suggested Federal PLUS Loan lenders. After you have decided on a lender, use the same link to complete an online application.
Suggested 2008-09 Federal PLUS Loan Lenders
Borrower benefits subject to change without notice. Please confirm
current benefits directly with your chosen lender.
Federal PLUS loan borrowers may choose any lender that participates in the Federal Family Education Loan (FFEL) program. The basic terms of the loan (such as, maximum interest rate, maximum fees, and deferment options) are set by the federal government. However many lenders offer their own repayment benefits and/or provide different types of customer services. To help make the selection process easier, we’ve has provided a list of suggested lenders. When evaluating lenders, we’ve considered lender-specific repayment benefits, customer service, length of participation in loan programs, and institution stability. The selection of our lenders is derived from information gathered from the lenders, our own experiences dealing with the lenders, and from experiences that students and parents report to us. Neither Reed College nor any Reed employee benefits from referring borrowers to any particular lender. You have the right to borrow from any lender that participates in the FFEL program and you are not required to borrow from our suggested lenders. Families are encouraged to select a lender that best suits their individual needs regardless of whether or not that lender appears on Reed’s list of suggested lenders.
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