Loan Programs
Federal Graduate/Professional PLUS Loan (Grad PLUS)
IMPORTANT NOTICE:
Due to the recent legislation regarding student loans, passed by Congress and signed by the President, we regret to inform you that we are unable to accept Federal Stafford, PLUS, and Graduate/Professional PLUS Loan applications for the summer session after June 17, 2010. Loans must be fully disbursed on or before June 24, 2010.
Federal loan applications for the 2010-2011 academic year must be originated through the William D. Ford Federal Direct Loan program, rather than through a lender chosen by you. Please contact your college financial aid office for more information. You may want to consider applying for our Palmetto Assistance Loan (PAL). The PAL has a fixed interest rate as low as 7.15%.
Thank you for giving us the opportunity to serve you. If you have any questions or need additional assistance, please do not hesitate to contact our office at (800) 347-2752.
Repayment Information
For Grad PLUS Loans first disbursed on or after July 1, 2008, borrowers may defer repayment an additional six months after he or she is no longer enrolled on at least a half-time basis. The borrower will need to Contact Us to make this request.
- Standard Repayment Plan
This plan provides for substantially equal monthly payments during the life of the loan, not to exceed 10 years ($50 minimum per month). - Graduated Repayment Plan
This plan allows for a reduced payment initially with an increase in your payments every 24 months, providing the greatest relief from the 'cash crunch' of starting your career. - Income-Sensitive Repayment Plan
Monthly payments are adjusted annually based on expected total monthly gross income from all sources. - Extended Repayment Plan
Available for outstanding Graduate PLUS loans exceeding $30,000 and first disbursed on or after October 7, 1998, this plan provides an extended repayment period, not to exceed 25 years ($50 minimum per month). You can choose a standard or graduated payment amount. - Income-Based Repayment Plan (IBR)
This plan is available July 1, 2009 for FFELP borrowers who are experiencing a “partial financial hardship.”
- Parent PLUS Loans and Consolidation Loans that repaid Parent PLUS Loans are not eligible.
- You may be eligible for forgiveness on your remaining balance after 25 years of eligible
payments. However, at this time, any amount that is forgiven is considered taxable income.
- The 10-year Public Service Loan Forgiveness Program is only eligible for loans made under
the Federal Direct Student Loan Program.
- Estimate your monthly payment amount by using the IBR calculator.
- You are encouraged to contact a representative at our office to discuss all repayment options
prior to downloading and completing an IBR application. Please note: The application must
be mailed to our office - faxed applications will not be accepted.
To compare repayment plans, please see our Repayment Comparison Chart.
Loan Discharge
Your loan may be discharged (forgiven) when:
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Acceptable documentation of the borrower’s or student’s death is given to your lender;
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The student cannot complete a course of study because the school closes;
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The school falsely certifies your loan eligibility;
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A loan in your name was falsely certified as a result of a crime of identity theft; or
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You become totally and permanently disabled and meet certain other requirements.
Your loan may also be discharged up to the amount of any refund that the school should have made, but did not send to your lender.
Your loan will not automatically be discharged in bankruptcy.
More questions? Contact Us
