SNB Federal Graduate PLUS Loans are federally sponsored loans for independent students attending graduate or professional school. The GradPLUS Loan may allow you to borrow up to the full cost of your education, as determined by the school you attend, less other financial aid received. SNB Lender Code: 809081
Fees
- A Loan Origination Fee paid to the Federal Government, is required and will be held by the lender at disbursement.
- A Federal Default Fee paid to a Guarantee Agency will be held by the lender at disbursement.
| Apply Online Complete the online application using OpenNet, Sallie Mae's online loan system. |
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Features of the Federal GradPLUS Loan - Annual Loan Limits are the total cost of attendance (as calculated by the school you attend) less other financial aid you receive.
- No repayment is required while you are in school.
- Manage your loans online 24/7.
- Interest may be tax deductible. (Contact your tax consultant for details.)
- No prepayment penalty.
- Receive all of your loans, Stafford and GradPLUS, from SNB and you can make all of your payments with one automatic debit or by writing only one check each month.
Eligibility - You must be enrolled in graduate or professional school at least half time.
- You must meet minimal credit standards and a credit check is required.
- You must be a U.S. Citizen, permanent resident or other eligible non-citizen.
- You must submit a FAFSA.
Interest Rates and Benefits - The federal maximum interest rate is 8.50% fixed.
Repayment Options Standard Repayment: Pay monthly payments of principal and interest up to a 10-year repayment term. This plan has the lowest total interest cost to the borrower. Graduated Repayment: You make reduced payments in the early years of repayment and increased payments thereafter, while still paying off the loans within the maximum 10-year period. This has higher total loan cost than the Standard Repayment option. Income Sensitive Repayment: Your payments are a percentage of your gross income. You must reapply each year for this plan, and payments are adjusted annually to reflect changes in your income. This plan has higher total loan costs than Standard Repayment. Extended Repayment: Based upon the total amount of your student loan debt, you may be eligible for up to a 25-year repayment term and choice of either standard or graduated payments to keep your payments affordable. The Extended Repayment option will have higher total loan costs than the Standard Repayment option. SMART Loan Consolidation: Rewrite all of your eligible loans into a new loan with a single monthly payment, extended term and a fixed interest rate. Keep your repayment without penalty and loan payment deferment options. While consolidation can reduce your monthly payments, it will generally result in a higher total cost. |
