Loan Comparisons

Students whose estimated costs are greater than eligibility from scholarships, grants, Federal Direct Loans, Federal Perkins Loans, Nursing Student Loans, Health Professions Loans, Lew Wentz Loans, or any other form of aid are eligible to apply for additional loan resources to meet their financial needs.

These additional loan funds can be applied for in the form of:

Please see below for comparison charts for Graduate Plus and Alternative Loans and Parent Plus and Alternative Loans.

Grad Plus loans are available for graduate or professional students only.  This debt is in the student's name, as the student is the borrower on the loan.  However, if a co-signer (endorser) is added, the endorser needs to be aware of the financial obligation he or she is assuming.

Alternative loans are available to students at any academic level and this debt will be in the student's name.  Students may qualify for a loan based on their own credit, while others may be required to add a co-signer, depending on the student and the lender's criteria. If a co-signer is added to the loan, he or she needs to be aware of the financial obligation assumed.

 

Click here to begin the application process for a Grad Plus Loan.

Click here to begin the application process for an Alternative Loan.

  Grad Plus Loans Alternative Loans
Borrower
  • The student
  • The student
Lender
  • The US Department of Education
  • The private lender of the borrower's choice
 
Application Process and Timeline
  • Students can apply online at www.studentaid.gov and the entire process can take as little as 5-7 days
 
  • Students can visit the Loans page to see additional information and to compare our office's list of recommended lenders
Interest rate
  • For loans first disbursed July 1, 2022 through June 30, 2023, the rate is fixed at 7.54%
  • For loans first disbursed July 1, 2023 through June 30, 2024, the rate is fixed at 8.05%
  • Varies by lender
  • Interest rate the borrower qualifies for is based upon his credit, or if added, a co-signer's credit
  • Many lenders offer fixed rate and variable rate products
Fees
  • Loans with a first disbursement on or after October 1, 2020 incur an origination fee of 4.228% deducted from amount disbursed to student
  • Varies by lender
  • Many lenders offer a 0% fee loan
  • Some lenders may charge an origination and/or repayment fee based upon borrower's or co-signer's, where applicable, credit score and history
Credit Criteria
  • Plus loan approval is based upon a lack of adverse credit (delinquency, bankruptcy, default, wage garnishment, etc. as reported to at least one national credit reporting agency
  • A lack of credit history is not considered adverse credit
  • A co-signer (endorser) can be added in the case of a student's adverse credit
  • Alternative loan approval is based upon a lender's unique standards.  Each lender is entitled to define it's own approval minimums.
  • Approval is based upon the lender's minimum credit score requirement
  • A creditworthy co-signer can be added
  • Some lenders require a co-signer be added to the loan, regardless of the status of a borrower's credit
Cosigner Release Option
  • None.  If a endorser is required, there is NO release and the endorser is making a commitment to repay the loan, for the life of the loan, if the borrower cannot.
  • Varies by lender
  • Many offer releases for the co-signer after a specific number of on-time payments made by the borrower, upon the borrower's approved request
Borrower Benefits
  • Same deferment and forbearance provisions as Subsidized and Unsubsidized federal loans
  • Payments can be combined with other federal debt in the situations of a common loan servicer
  • Same death and disability provisions as Subsidized and Unsubsidized federal loans
  • Varies by lender
  • Many lenders offer interest rate reductions in repayment upon qualification by the borrower
  • Other benefits, such as deferment and death and disability provisions, are offered by many lenders, but terms vary
Grace Period
  • Has no automatic grace period, however the borrower can request a 6 month deferment after enrollment ceases to be at least half-time to align repayment with other federal loans
  • Varies by lender, but most offer 6-9 month grace periods
Consolidation & Repayment
  • Consolidation provides a way to combine federal debt, allowing for more efficient loan repayment
  • Many repayment options exist, providing flexibility in the length of repayment, minimum monthly amount, and even a debt forgiveness option
  • Varies by lender
  • Private loan consolidation options exist, depending on the lender, but private loans and federal loans can only be consolidated together under a private consolidation loan
  • Repayment options (length of repayment, minimum monthly amount) vary by lender

 


 

Parent Plus loans are available to the parents of dependent undergraduate students only.  This debt is in the parent's name, as the parent is the borrower on the loan.  However, if a co-signer (endorser) is added, the endorser needs to be aware of the financial obligation he or she is assuming.

Alternative loans are available to students at any academic level and this debt will be in the student's name.  Students may qualify for a loan based on their own credit, while others may be required to add a co-signer, depending on the student and the lender's criteria. If a a co-signer is added to the loan, he or she needs to be aware of the financial obligation assumed.

Click here to begin the application process for a Parent Plus Loan.

Click here to begin the application process for an Alternative Loan.

  Parent Plus Loans Alternative Loans
Borrower
  • The parent
  • The student
Lender
  • The US Department of Education
  • The private lender of the borrower's choice
Application Process and Timeline
  • Parents can apply online at www.studentloans.gov and the entire process can take as little as 5-7 days
  • Students can visit the Loans page to see additional information and to compare our office's list of recommended lenders
Interest rate
  • For loans first disbursed July 1, 2022 through June 30, 2023, the rate is fixed at 7.54%.
  • For loans first disbursed July 1, 2023 through June 30, 2024, the rate is fixed at 8.05%
  • Varies by lender
  • Interest rate the borrower qualifies for is based upon his credit, or if added, a co-signer's credit
  • Many lenders offer fixed rate and variable rate products
Fees
  • Loans with a first disbursement on or after October 1, 2020 incur an origination fee of 4.228% deducted from amount disbursed to student
  • Varies by lender
  • Many lenders offer a 0% fee loan
  • Some lenders may charge an origination and/or repayment fee based upon borrower's or co-signer's, where applicable, credit score and history
Credit Criteria
  • Plus loan approval is based upon a lack of adverse credit (delinquency, bankruptcy, default, wage garnishment, etc. as reported to at least one national credit reporting agency
  • A lack of credit history is not considered adverse credit
  • A co-signer (endorser) can be added in the case of a parent's adverse credit
  • Alternative loan approval is based upon a lender's unique standards.  Each lender is entitled to define it's own approval minimums.
  • Approval is based upon the lender's minimum credit score requirement
  • A creditworthy co-signer can be added
  • Some lenders require a co-signer be added to the loan, regardless of the status of a borrower's credit
Cosigner Release Option
  • None.  If an endorser is required, there is NO release and the endorser is making a commitment to repay the loan, for the life of the loan, if the borrower cannot.
  • Varies by lender
  • Many offer releases for the co-signer after a specific number of on-time payments made by the borrower, upon the borrower's approved request
Options for Denied Loans
  • If parent applies and is denied, the student is eligible for additional Federal Direct Unsubsidized Loans
  • Student could apply with a different lender or reapply with a co-signer or a different co-signer
Borrower Benefits
  • Deferment and forbearance provisions do exist if the parent has trouble repaying the loan
  • Death (in the case of the student on whose behalf the loan was borrowed) and disability provisions
  • Varies by lender
  • Many lenders offer interest rate reductions in repayment upon qualification by the borrower
  • Other benefits, such as deferment and death and disability provisions, are offered by many lenders, but terms vary
Grace Period
  • Has no grace period, however the parent borrower can request a deferment while the student on whose behalf the loan was borrowed is enrolled at least half-time
  • The parent can request an additional 6 month deferment period after the student ceases to be enrolled at least half-time
  • Varies by lender, but most offer 6-9 month grace periods
Consolidation & Repayment
  • Parent Plus loans cannot be consolidated with the debt of the student on whose behalf the loan was borrowed
  • Repayment options exist, providing flexibility in the length of repayment, minimum monthly amount, and even a debt forgiveness option
  • Varies by lender
  • Private loan consolidation options exist, depending on the lender, but private loans and federal loans can only be consolidated together under a private consolidation loan
  • Repayment options (length of repayment, minimum monthly amount) vary by lender