The amount of loan funds available to students is sometimes insufficient to cover all college expenses due to grade level maximums. Parents may wish to borrow funds through the federal PLUS Loan program to cover the student’s remaining educational costs.
St. Cloud State University does not endorse any one lender. While the borrower may choose any participating lender in the PLUS Loan Program, we provide a list of experienced lenders that have demonstrated a commitment to providing efficient service, have borrower benefits, outstanding customer service, and have state of the art electronic capabilities.
If you choose not to use one of the lenders from the list below, please contact the lending institution you have chosen to inquire about borrower benefits and select “My Lender is Not Listed” from the table below to complete and return a Loan Request Form to our office.
If you have previously borrowed through the Federal PLUS Loan Program you are encouraged to remain with the same lender. First time borrowers should review the borrower benefits offered prior to selecting a lender.
- To review borrower benefits, click on the lender name(s) from the list below to review any borrower benefit details offered by the lender(s). Due to changes in federal regulations regarding educational loans you are encouraged to contact the lender to confirm any current borrower benefits.
- To select a lender, click on the name of your chosen lender to continue the application process.
The lender and a guarantee agency may deduct an origination fee (3.0%) and a default aversion fee (1.0%) from the loan prior to disbursement.
- To apply for a PLUS Loan with your chosen lender, select the "Apply for a Loan with..." link listed with the specific lender's borrower benefits.
Some parents
may prefer to serve as a co-signer for their son or daughter
and utilize a Minnesota SELF loan or alternative loans available through various
lenders. Additional information on all loan options is available at: www.stcloudstate.edu/financialaid/studentloans.
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Borrower Benefits
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While all federal PLUS loans have the same interest rates and fees, some lenders offer payment discounts to borrowers that can reduce the cost of the loan.
These incentives, called “borrower benefits”, include interest rate reductions, full or partial origination fee rebates, principal balance reductions, and rewards for using automatic direct debit of monthly payments and/or making on-time monthly payments. Borrower benefits may vary by lender so review each of the lenders’ borrower benefits to determine your best option.
Click on the lender name from the lender list on the left to see the Borrower Benefit details.
AFG PROVINCIAL BANK
AFG is no longer origninating, disbursing, or guaranteeing federal PLUS loans.
COLLEGE LOAN CORPORATION
College Loan Corporation is no longer making loans.
KEYBANK
- check with the lender for borrower benefits
STUDENT LOANXPRESS
- check with the lender for borrower benefits
TCF BANK
Twin City Federal (TCF) is no longer making federal loans.
My Lender is Not Listed
Selecting a lender that is not on our lender list may limit our ability to process, track, or revise
your loan if necessary, and may delay
the processing of your loan. While we will process your loan through any lender,
selecting a lender on our lender list assures you that we will be able to process
in a timely and efficient manner.
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The information is intended to be accurate, but the publisher does not assume liability for errors or omissions.
Please contact your lender for detailed information about borrower benefits.
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