Graduate Plus Loan Comparison

Comparison of Lender Benefits

National City (Lender Code: 808942)

Loan Fees Paid by Student 3% origination fee

Student Benefits zero default fee
7.65% interest rate, a .85% discount off the fixed rate on 8.50%

Condition Required to Achieve Benefit None- no hidden qualifiers

Under What Conditions Are Benefits Lost? Default or Consolidation

Under What Conditions Can Benefits Be Re-Instated? n/a

Chase (Lender Code: 811571)

Loan Fees Paid by Student 3%

Student Benefits 0% Default Fee

Condition Required to Achieve Benefit NONE

Under What Conditions Are Benefits Lost? NONE

Under What Conditions Can Benefits Be Re-Instated? N/A

Citibank (Lender Code: 826878)

Loan Fees Paid by Student 3% Origination Fee

Student Benefits

Receive a 0.25% interest rate reduction when you enroll in our auto-debit payment program

A Federal Default Fee as low as 0.00% depending on the guarantor of the loan

Interest only option- Interest only payments for either 24 or 48 months

Federal Loans are originated and held by Citibank, N.A. as trustee for The Student Loan Corporation. Specific terms and conditions apply to these offers. Visit studentloan.com or call 1-800-STUDENT for full details and disclosures.

Condition Required to Achieve Benefit On-time payments

Under What Conditions Are Benefits Lost? Delinquent Payments

Under What Conditions Can Benefits Be Re-Instated? 50% Interest rate reduction can be reinstated after 24 on-time payments

Citizens Bank (Lender Code: 833880)

Loan Fees Paid by Student All PLUS loan borrowers are federally mandated to pay the 3.00% origination fee. 0-1.00% Default Fee, based on guarantor chosen by the school. With AES servicing and a PHEAA guarantee, the default fee is 0%.

Student Benefits 0.70% interest rate reduction for automatic payment deduction from any bank account. 1.00% principal credit on the original loan balance after making the initial 12 consecutive payments ontime as scheduled.

Condition Required to Achieve Benefit Must enroll in automatic payment deduction from any bank account payments to achieve 0.70% interest rate reduction benefit. Must have 12 consecutive, ontime payments to achieve 1.00% principal credit benefit.

Under What Conditions Are Benefits Lost? Must enroll in automatic payment deduction from any bank account payments to achieve 0.70% interest rate reduction benefit. Must have 12 consecutive, ontime payments to achieve 1.00% principal credit benefit.

Under What Conditions Can Benefits Be Re-Instated? If the borrower lost the interest rate reduction benefit due to stopping automatic payments, they can regain the benefit by re-enrolling in automatic payment deduction from any bank account. If the borrower lost the interest rate reduction due to non sufficient funds they can regain the interest rate reduction by re-enrolling in automatic payment deduction from a different bank account. This 1.00% principal credit benefit cannot be regained once it is lost.

Wachovia Education Finance (Lender Code: 813830)

Loan Fees Paid by Student • 3% origination fee
• 1% default fee unless using a guarantor that does not charge the fee such as AES/PHEAA

Student Benefits Benefits applicable to loans first disbursed on or after July 1, 2008 are:
Instant 1% savings with zero default fees when using a guarantor subsidizing the fee
0.25% interest rate reduction with auto debit payments

Condition Required to Achieve Benefit • First 12 payments must be made on time to receive the 1.20% rebate
• Auto-debit must be used to earn the 0.25% rate reduction

Under What Conditions Are Benefits Lost? • If students miss one of the required 12 payments and do not pass an online financial literacy course or make the remainder of the first 12 payments on time.
• If borrowers have more than two NSF events in one year, they may no longer be eligible to participate in auto debit and the reduced interest rate is lost.

Under What Conditions Can Benefits Be Re-Instated? • If students miss one of the required 12 payments, they can restore their eligibility for the rebate by passing an online financial literacy course and making the remainder of the first 12 payments on time.
• Once a borrower is determined ineligible for the auto-debit incentive, the incentive cannot be regained.

Borrower Eligibility:
US citizen and creditworthy parent, adoptive parent, or stepparent of a dependent undergraduate student who is enrolled at least half-time at an eligible institution.

FEES
Zero federal default fee
3% origination fee

Annual Loan Limits
Borrow the total cost of attendance minus other financial aid.

Standard Repayment
Begins 60 days after loan funds are disbursed to the school. Borrower make take up to 10 years to repay. This method
provides borrowers with the lowest total loan cost.

• SALLIE MAE UPromise Loan Link -
Borrowers who join UPromise can link their eligible Sallie Mae loan account to their UPromise account and designate a percentage of the rewards earned through UPromise to help pay down their student loan balances.

To qualify for Sallie Mae loan credits, the borrower must, prior to entering repayment, sign up, on Manage Your Loans, Sallie Mae’s online account management tool, to receive account correspondence and information by email.

The above lenders are listed alphabetically, based on the amount of loan fees paid by the student. Currently, lenders may charge a 1% origination fee and a 1% default fee on each Stafford Loan. Those lenders who don’t assess the full 2% in fees offer this as an automatic benefit.

Lenders may offer other benefits with these loans. Some require students to meet certain conditions and these conditions are listed in the chart above. Also displayed are under what conditions a student can lose the benefit. Finally, if a student loses a benefit, some lenders offer provisions under which the student may rehabilitate the benefit.

IMPORTANT: Except for payment of fees, most borrower benefits will be lost if the loan is consolidated or goes into default. If you are uncertain about any benefit, contact your prospective lender for clarification.

To select a lender, click on the lender or program name and follow the instructions for completing your Stafford Loan application.

Due to the current credit climate, many lenders continue to change loan fees and benefits. While UArts updates this information as soon as we receive it from the lenders, we cannot confirm the fees and benefits listed below will be the final terms of your loan, even if you are currently applying or have already applied for your loan. If you have concerns, please contact your lender.

How Lenders Were Ranked

The University of The Arts submitted a request for information to lenders who have established reputations in the student lending business and those with whom current and past UArts students have had student lending relationships. The chart above represents the results of this lender survey, along with follow up requests for changes in terms and benefits.

The lenders are listed based on whether or not all fees are waived; they are listed alphabetically within each group. In some cases, the default fee is paid by the loan guarantor, rather than by the lender. If a lender uses multiple guarantors, at least one of which pays the default fee, we have assumed the default fee is paid for purposes of this Lender List, and have included on the lender page only those guarantors who pay the fee. It is possible that conditional benefits could exceed automatic benefits, BUT ONLY IF YOU QUALIFY FOR AND RETAIN THEM.

Please note you are not required to use any of the listed lenders and will not be penalized or disadvantaged if you choose to borrow from another lender. Be sure to compare the fees and terms of all student loan products to determine which are best suited to your needs. If you choose not to use a lender listed, please contact your lender for application procedures.

National City (Lender Code: 808942)
Loan Fees Paid by Student	3% origination fee
Student Benefits	zero default fee 7.65% interest rate, a .85% discount off the fixed rate on 8.50%
Condition Required to Achieve Benefit	None- no hidden qualifiers
Under What Conditions Are Benefits Lost?	Default or Consolidation
Under What Conditions Can Benefits Be Re-Instated?	n/a

Chase (Lender Code: 811571)
Loan Fees Paid by Student	3%
Student Benefits	0% Default Fee
Condition Required to Achieve Benefit	NONE
Under What Conditions Are Benefits Lost?	NONE
Under What Conditions Can Benefits Be Re-Instated?	N/A

Citibank (Lender Code: 826878)
Loan Fees Paid by Student	3% Origination Fee
Student Benefits	Receive a 0.25% interest rate reduction when you enroll in our auto-debit payment program A Federal Default Fee as low as 0.00% depending on the guarantor of the loan Interest only option- Interest only payments for either 24 or 48 months Federal Loans are originated and held by Citibank, N.A. as trustee for The Student Loan Corporation. Specific terms and conditions apply to these offers. Visit studentloan.com or call 1-800-STUDENT for full details and disclosures.
Condition Required to Achieve Benefit	On-time payments
Under What Conditions Are Benefits Lost?	Delinquent Payments
Under What Conditions Can Benefits Be Re-Instated?	50% Interest rate reduction can be reinstated after 24 on-time payments

Citizens Bank (Lender Code: 833880)
Loan Fees Paid by Student	All PLUS loan borrowers are federally mandated to pay the 3.00% origination fee. 0-1.00% Default Fee, based on guarantor chosen by the school. With AES servicing and a PHEAA guarantee, the default fee is 0%.
Student Benefits	0.70% interest rate reduction for automatic payment deduction from any bank account. 1.00% principal credit on the original loan balance after making the initial 12 consecutive payments ontime as scheduled.
Condition Required to Achieve Benefit	Must enroll in automatic payment deduction from any bank account payments to achieve 0.70% interest rate reduction benefit. Must have 12 consecutive, ontime payments to achieve 1.00% principal credit benefit.
Under What Conditions Are Benefits Lost?	Must enroll in automatic payment deduction from any bank account payments to achieve 0.70% interest rate reduction benefit. Must have 12 consecutive, ontime payments to achieve 1.00% principal credit benefit.
Under What Conditions Can Benefits Be Re-Instated?	If the borrower lost the interest rate reduction benefit due to stopping automatic payments, they can regain the benefit by re-enrolling in automatic payment deduction from any bank account. If the borrower lost the interest rate reduction due to non sufficient funds they can regain the interest rate reduction by re-enrolling in automatic payment deduction from a different bank account. This 1.00% principal credit benefit cannot be regained once it is lost.

Wachovia Education Finance (Lender Code: 813830)
Loan Fees Paid by Student	• 3% origination fee • 1% default fee unless using a guarantor that does not charge the fee such as AES/PHEAA
Student Benefits	Benefits applicable to loans first disbursed on or after July 1, 2008 are: Instant 1% savings with zero default fees when using a guarantor subsidizing the fee 0.25% interest rate reduction with auto debit payments
Condition Required to Achieve Benefit	• First 12 payments must be made on time to receive the 1.20% rebate • Auto-debit must be used to earn the 0.25% rate reduction
Under What Conditions Are Benefits Lost?	• If students miss one of the required 12 payments and do not pass an online financial literacy course or make the remainder of the first 12 payments on time. • If borrowers have more than two NSF events in one year, they may no longer be eligible to participate in auto debit and the reduced interest rate is lost.
Under What Conditions Can Benefits Be Re-Instated?	• If students miss one of the required 12 payments, they can restore their eligibility for the rebate by passing an online financial literacy course and making the remainder of the first 12 payments on time. • Once a borrower is determined ineligible for the auto-debit incentive, the incentive cannot be regained.