Affordable PLUS Loan

For parents of dependent undergraduate students and graduate student borrowers

• Affordable PLUS loan borrowers may be eligible to receive a discounted rate of 7.80%.¹
• Effective July 1, 2006, the fixed rate, set by the federal government, is 8.50%.
• Effective July 1, 2007-June 30, 2008 the variable rates for existing loans (taken prior to July 1, 2006) is 8.02%.
• 3% federal origination fee

• 0-1.00% default (guarantee) fee depending on guarantor chosen by the school.
• 0.70% interest rate reduction for automatic payment deductions from any bank account.
• Graduate students are also eligible for a 1.00% principal credit after the initial 12 consecutive, on-time payments.
• Borrowers may be eligible for an extended repayment term of up to 25 years.
• On a $20,000 Affordable PLUS Loan, the savings represent $1,340 or more for parent borrowers and $1,800 or more for graduate student borrowers.²

• No annual limits; may borrow up to the cost of education less financial aid.

• For parents of dependent undergraduate students, or
• Graduate student borrowers.
• Borrowers of all income/asset levels are eligible.
• Approval is based on borrower's good credit standing alone. No debt-to-income ratio is calculated or proof of employment is needed.

• Payable to the school and borrower.
• Usually disbursed in two equal amounts, one at the beginning of each semester

• PLUS loan repayment begins 60 days after the loan is fully disbursed.
• Delay Repay Option: Postpone payments for at least 48 months.
• Graduate students may defer payments while enrolled in school at least half-time.

Parent Borrowers:

• Application for Delaware, Pennsylvania, and West Virginia Residents/Schools
• Application for Ohio Schools
• Application for Illinois, Indiana and Michigan Schools
• Application for all other states

Graduate Student Borrowers:

• Application for Delaware, Pennsylvania, and West Virginia Residents/Schools
• Application for Ohio Schools
• Application for Illinois, Indiana and Michigan Schools
• Application for all other states

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Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Citizens Bank is a division of RBS Citizens, N.A. and Citizens Bank accounts and other RBS Citizens, N.A. accounts are not separately insured by the FDIC. Citizens Bank of Pennsylvania is not part of RBS Citizens, N.A.
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