Susie Mae PLUS Loan terms and conditions

Susie Mae PLUS Loan (for parents) - Terms and Conditions for Benefits

Susie Mae PLUS Loan (for parent) benefits are available to borrowers whose PLUS Loans are made by Susie Mae (lender code 828614).

For loans guaranteed on or after July 1, 2008, borrowers will receive a one quarter of one percent (0.25%) interest rate reduction below the applicable federal interest rate by making monthly payments through the Automated Clearinghouse (ACH). The reduction will be cancelled if ACH payments are not maintained. All PLUS Loan borrowers are required to pay a one percent (1%) federal default fee and three percent (3%) origination fee. Fees are deducted proportionately from each disbursement. For additional information, please refer to your Master Promissory Note. Actual loan terms are provided on the Loan Disclosure Notice. The Loan Disclosure Notice is sent to you when your loan is disbursed.

For loans guaranteed on or after January 1, 2008, but prior to June 30, 2008, borrowers receive a one half of one percent (0.5%) interest rate reduction below the applicable federal interest rate by making monthly payments through the Automated Clearinghouse (ACH). The reduction will be cancelled if ACH payments are not maintained. All PLUS Loan borrowers are required to pay a one percent (1%) federal default fee and three percent (3%) origination fee. Fees are deducted proportionately from each disbursement. For additional information, please refer to your Master Promissory Note. Actual loan terms are provided on the Loan Disclosure Notice. The Loan Disclosure Notice is sent to you when your loan is disbursed.

For loans guaranteed on or after August 1, 1999 but prior to January 1, 2008, borrowers receive a one half of one percent (.5%) interest rate reduction below the applicable federal interest rate during the principal and interest repayment period. If the loan defaults, the interest rate will revert to the applicable Federal interest rate. Borrowers will receive an additional one half of one percent (.5%) interest rate reduction below the applicable Federal interest rate by making monthly payments through the Automated Clearinghouse (ACH). The reduction will be cancelled if ACH payments are not maintained. Effective for loans guaranteed on or after July 1, 2006, PLUS Loan borrowers are required to pay a one percent (1%) federal default fee and three percent (3%) origination fee. Fees are deducted proportionately from each disbursement. For additional information, please refer to your Master Promissory Note. Actual loan terms are provided on the Loan Disclosure Notice. The Loan Disclosure Notice is sent to you when your loan is disbursed.