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Parent Federal Direct PLUS Loan
The Federal Direct Parents PLUS loan is administered through
the Department of Education at a fixed interest rate of 7.9 percent.
Parents of dependent students can borrow the funding necessary
to meet the direct and indirect cost of their child's education
that remains after all financial aid resources have been exhausted.
The Coe College Financial Aid Office manages the processing
of this loan and the Department of Education's Direct Loan
Servicing Center handles the servicing and repayment. Approval
to borrow through the PLUS loan program is determined by a credit
check. A parent who is denied the PLUS loan
for credit reasons has the opportunity to work with the loan
servicer to resolve the credit issue or secure a co-signer. In
the event that the parent can't resolve the credit issue
nor secure a co-signer, the student becomes eligible for increased
unsubsidized Stafford Loan limits of up to $4,000 during their
freshman and sophomore years and up to $5,000 during their junior
and senior years.
Get more information
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Student Alternative Loans
For your convenience, we are providing a list of alternative
loans available from private lenders. The list represents
private loan products that have been utilized by Coe students
during the past three academic years. This list of loan products
is not all-inclusive and does not imply endorsement by Coe College.
We recommend that you use our guidelines for evaluating and comparing
private alternative loan programs before you choose
a lender.
Coe
College does not participate in revenue-sharing practices, referral
fee arrangements, or private loan application fee payments.
Additional information about private alternative loans and a
comprehensive list of the most popular
student loans can be found at www.finaid.org*.
This site also has a loan
calculator that can assist you in comparing the cost
of your loan based on a variety of factors.
Coe College will certify a loan from whatever lender you determine
best meets your needs. Please be aware that we are required
by federal statute to comply with individual lender terms and
cannot certify a loan for more than your eligibility as determined
by the student cost of attendance minus any other available financial
aid.
* FinAid! The SmartStudent Guide to Financial Aid is an
independent source for financial aid information. The site
is published by Mark Kantrowitz.
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