Parent Plus Loans

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Parent Plus Loans

The Federal PLUS Loan for parents is available to help parents pay for their dependent child's education. Parents with no unresolved credit issues may borrow for each dependent child who is enrolled in school at least half time. Federal PLUS Loans are not based on financial need, and parents of all income levels may apply. Parents may borrow an amount equal to the cost of attendance minus any other aid. For more information on a Parent Plus Loan, you may wish to download our TTU Parent Plus Brochure (PDF).

The lenders listed here have been selected based on past experience and qualifications and they offer excellent service and benefits to their borrowers. In addition, these lenders (and many others) work with our guarantor, ASA (American Student Assistance) in the EFT (electronic fund transfer) process. You are free to choose ANY lender that participates in the PLUS Loan program even if they are not on this list. If you select a non-ASA lender, you may be required to submit a paper application which may be a slower process. However, even these processes have been streamlined enough that the delay is not overwhelming.

If you have borrowed previously, we suggest you consider remaining with that lender or another lender that works with your same servicer. If you do select a different lender or servicer, be aware of the advantages and disadvantages of your decision.

The Financial Aid Office will strive to process your loan quickly and accurately regardless of the lender you choose. Your student loan is yours. Be informed and ask questions of your lender or prospective lenders.

How to Apply for a PLUS loan

1. Select a lender*.
2. Call 1-800-999-9080, and select option 1.
3. Apply over the phone with an American Student Assistance (ASA) rep.
4. Follow ASA's instructions to complete a Promissory note.
5. Return a PLUS Loan Excess Funds Form (PDF) to TTU FAO.

Preferred Lenders	Lender Code	Borrower Benefits
Edamerica	831453	• Immediate 1% interest rate reduction & immediate 0.25% interest rate reduction for auto-debit payments • Flexible repayment choices • Instant online pre-approval • Deferred payment option and life-of-loan servicing
Nelnet	833669	• .25% interest rate reduction for making payments using auto-debit * • 24/7 student loan application and account access online at www.nelnet.com • Toll-free access to helpful Nelnet advisors: 1.877.804.3603 • Flexible repayment options • Free practice tests for standardized exams, scholarship searches, and FAFSA assistance online at www.nelnet.com
Regions	810612	•25 percentage point interest rate reduction for automatic debit during active periods of repayment. •No payments are required while your student is in school at least half time. •Low, fixed interest rate
SALLIE MAE	802218	•You may qualify for a 0.25 percentage point interest rate reduction when you make payments on your Sallie Mae Parent PLUS loan by automatic debit.
SALLIE MAE Graduate PLUS	802218	•You may qualify for a 0.25 percentage point interest rate reduction when you make payments on your Sallie Mae Graduate PLUS loan by automatic debit.
SunTrust	810691-01	• 1% default fees • 3% orgination fees •Online instant credit decisions • 0.25% interest rate reduction with automatic debit.
Universal footnote: The above listed lenders reserve the right to modify, extend or discontinue offering these benefits at any time without notice. Borrower benefits will terminate in the event of default or failure to meet qualification criteria. Additional terms and conditions apply; please contact your chosen lender for details.

Call American Student Assistance (ASA) at
1-800-999-9080, option 1 to apply!

Please note: Tennessee Tech University and its Financial Aid Office do not benefit from your choice of lender. No TTU financial aid employee serves on an advisory board to any lending institution.

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Tennessee Tech University Financial Aid
P.O. Box 5076
Cookeville, TN 38505
Phone: (931) 372-3073 or (800) 268-0236 FAX: (931) 372-6309
Questions or Comments, please e-mail financialaid@tntech.edu

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