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
Chase	803000	• 0.25% interest rate reduction for automatic debit
Bank of America	830486	• Zero federal default fee. • 0.25% interest rate reduction with automatic debit. • Up to 3% outstanding principal balance reduction after making 36 consecutive on-time payments. • Payments up to 15 days late are still considered on time.
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
Key Bank	813760	• A 3.75 Principal Reduction after 36 consecutive, on-time monthly payments. • Flexible Repayment Options • Deferred Payments while your child is in school. • Quick on-line approval
Regions	810612	• 0% default fees • 3% loan credit after first 18 on time payments • 0.50 percentage point interest rate reduction after 1st on time payment • 0.50 percentage point interest rate reduction for auto debit
SALLIE MAE EDUCATION TRUST	802218	• Default Fee: 1% •Origination Fee: 3% •Online or by phone instant credit decisions •Flexible repayment options
SALLIE MAE EDUCATION TRUST GradPLUS	802218	• Default Fee: 1% •Origination Fee: 3% •Online or by phone instant credit decisions
Suntrust	810691-01	• 0% default fees • 1% immediate interest rate reduction at disbursement. • 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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