PLUS Pre-Approval Process
The Federal PLUS Loan application process requires that the student and parent satisfy several eligibility requirements. One of the eligibility requirements is that the parent borrower must pass a credit check (no adverse credit history), which is initiated by the lender. The PLUS Pre-Approval process is designed to allow the parent borrower to request their lender to perform a credit check to make sure they are credit eligible before proceeding with the rest of the PLUS application process. If approved, the lender will send the parent and the school an approval notice. The parent borrower would then proceed with the PLUS Loan Application process.
Below we have listed the lenders that offer the PLUS Pre-Approval process and the links to their on-line application. Also, we have listed their telephone numbers for parents to call if they are unable to access the on-line PLUS Pre-Approval application or have questions.
Before you select a lender, you may wish to visit our Lender Comparision Chart to review the fees and repayment benefits that each lender offers.
PLUS (Parent) Lenders• View lender list
• Compare Lender Fees and Benefits
| Parent (PLUS) Lenders | |||||
| Name | Default Fee | Origination Fee | Repayment Benefits and Incentives |
Other Benefits and Incentives | |
|
Chase |
1 | 3 | 0.25% interest rate reduction for borrowers who enroll in an auto-debit ACH repayment program. | Life of loan servicing. | |
|
Citibank |
0.5 | 3 | Receive a .25% interest rate reduction when you enroll in our auto-debit payment program. | Life of loan ownership. Life of loan servicing. | |
|
Citizens Bank of Philadelphia (Ms) |
1 | 3 | None | ||
|
Discover Student Loans |
1 | 3 | 8.25% fixed interest rate. 0.25% repayment interest rate reduction when payments are set up for auto debit. | ||
|
Education Services Foundation |
.5 | 3 | None | ||
|
First Tennessee National Bank |
0 | 3 | None | Life of loan servicing. | |
|
Hancock Bank |
.5 | 3 | None | ||
|
Merchants and Farmers |
.5 | 3 | None | ||
|
Regions Bank |
1 | 3 | 0.25 percentage point reduction for auto-debit. | Life of loan servicing. | |
|
Sallie Mae Education Trust |
1 | 3 | 0.25 interst rate reduction for automatic debit during active periods of repayment | Life of loan ownership. Life of loan servicing. | |
|
The Student Loan People |
1 | 3 | 0.25% interest rate reduction for ACH payments. | ||
|
Wachovia |
0 | 3 | 0.25 interest rate reduction for auto-debit payments. | ||
