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Lender List

Determine if the Federal PLUS loan is for you
Federal PLUS Loans are education loans for parents of undergraduate students who are pursuing an education. They are available to parents regardless of income or assets but there is a credit check that is preformed. The interest rate is fixed at 8.5%. Parents may borrow up to the cost of education minus any other financial aid the student has already received.  PLUS Loans scheduled to disburse after 7/1/2008 will go into repayment 60 days after the loan's final disbursement but the parent borrower can contact the loan servicer to request deferment of payments until six months after the student ceases at least half-time enrollment. Interest will accrue during the time the student is in school but interest can be paid during that time without penalty. This loan is in the parent's name and can never be transferred to the student's name.

Complete the FAFSA
To receive the Federal PLUS loan MSOE requires students to complete the Free Application for Federal Student Aid (FAFSA).  The FAFSA application can be completed online at www.fafsa.ed.gov.

Select a Lender
The lenders below are on our lender list because they offer generous borrower benefits, outstanding customer service and expedited processing capabilities. The purpose of this list is to display the competing loan programs/products and services offered by these lenders in order to allow you to make a comparison in relatively consistent terms, reducing confusion and helping you and your family make informed decisions.

Please note that you are not required to use these lenders. You have the right and the ability to select any eligible lender of your choice and MSOE will process your loan request in a timely manner.

Your loan will be serviced by Great Lakes Educational Loan Services, Inc. (1-800-236-4300) unless noted in the Borrower Benefits section for the lender below.


Lender

Orig
Fee

Borrower Benefits

Anchor Bank

 1% 

  • 0.25% interest rate reduction for automatic payments

Wachovia

 1% 

  • 0.25% interest rate reduction for automatic payments

Wells Fargo

 1% 

  • Loan serviced by Wells Fargo (800) 658-3567

Citibank

 1% 

  • 0.25% interest rate reduction for automatic payments

U.S. Bank

 1% 

  • 0.25% interest rate reduction for automatic payments


MSOE Financial Aid Office
OE Number 003868