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FINANCING OPTIONS
Parent PLUS Loan
Parents of dependent undergraduate students borrow the Parent PLUS Loan to help their children pay for college or career school. The Parent PLUS Loan offers a fixed interest rate and flexible loan limits. The maximum amount that parents are allowed to borrow through a Parent PLUS Loan is the total cost of attendance minus all financial aid (including other Federal loans). The Direct Parent PLUS interest rate for the 2020-2021 is fixed at 5.3% (an additional .25% interest rate reduction is applied to the loan when using auto-debit for repayment). An origination fee of 4.226% is automatically deducted from the loan amount. Parents apply for a Parent PLUS Loan directly through the Department of Education.
Below are banks providing Parent Private Loans:
Private Education Loans
Private (alternative) loans are offered by various banks, lending institutions, credit unions, and state agencies. The borrower is the student and in most cases a credit-worthy co-signer is required. These loans are not associated with the federal government. You can apply via telephone or online with the lender of your choice.
Interest rates can be either variable or fixed will generally start to accrue after the loan funds are disbursed to the school. Depending on the lending institution, interest payments may be required while the student is enrolled in school. Students who receive the best interest rates typically have good credit or have a co-signer with good credit. Many lenders require that students have a co-signer.
In the past, Siena students have used the following banks for private loans: