Proposal

Presentation on the Federal Parent plus Loans- Stanford University

The Federal plus program is a popular financing option for parents of dependant undergraduate students . The loans are borrowed in the parent 's own name . The details involved are

Loan amount : up to the full amount can be borrowed . The costs include tuition , room board , allowance for books , personal expenses , and transport

Credit qualification : borrowers will need to meet a minimum requirement to be able to apply . For instance , a credit check is conducted . Parents who don 't qualify can borrow additional

federal Stafford student loan funds

Interest rate : a fixed interest rate of 8 .5 is charged if loans are borrowed after July 1st

Loan fees : 3 original fee and a federal default fee of up to 1 will be deducted from each disbursement of your loan

Disbursements : it will be done in thirds at the beginning of each academic quarter . Funds are disbursed directly to Stanford via Electronic funds Transfer and applied to your student 's University bill A refund can be given if your disbursement exceeds the balance due

Repayment : done after 60 days of full disbursement . Repayment is 10 years

The plus loans are funded by private lenders like banks and credit unions . The federal government sets the limits on fees , interest rates and minimum deferment options . Lenders however offer more benefits beyond minimum government requirements . When re-applying , the same lender can be used

How to apply

The following steps are followed

Go to the link HYPERLINK "https /www .nela .net /hosted /stan1 .aspx https /www .nela .net /hosted /stan1 .aspx to request for the loan . You can specify the amount you want to borrow . The link is easy to use

In 2-4 weeks , an email from Sallie Mae , the Company managing our online process will be received . The email will direct you to the website where you can specify you lender and complete your promissory note which , can be signed by electronic signature

If the email is not received , check for your promissory note on Stanford 's OpenNet page

For inquiries , you can call our loan processing agency , Northwest Education Loan Association (NELA , toll-free at (800 ) 979-4441 . Be sure to identify yourself as a Stanford parent requesting a PLUS loan

REFERENCES

Federal Parent PLUS Loans , HYPERLINK "http /www .stanford .edu /dept /finaid /loanprocessing /plus .html http /www .stanford .edu /dept /finaid /loanprocessing /plus .html viewed on 3rd April 2008...