|
INDIANAPOLIS, March 31, 2006 - A new federal law enables graduate students, in addition to parents of undergraduate dependent students, to receive the benefits of the PLUS loan.
The new Chase PLUS loan offers the following benefits for graduate students and parents of undergraduate dependent students:
- Two interest rate reductions: A 0.30% rate reduction applied immediately after the first disbursement and a .30% rate reduction for having payments automatically debited from a checking or savings account (ACH). This lowers the 8.5% fixed rate to 7.9%!
- A principal balance reduction equal to 1.2% of the original amount borrowed after making the initial 12 payments on time.
- An additional principal balance reduction equal to 2.4% of the original amount borrowed after making the initial 24 payments on time.
Based upon these benefits, PLUS borrowers can save more than $1,500 per $10,000 borrowed as compared to a standard PLUS loan .
"This is exciting news for students who are looking for another resource to fund their cost of education," said Craig Anderson, National Director of Sales, Chase Education Finance.
This program will be in effect for loans to new borrowers certified on or after July 1, 2006.
Schools can contact Chase at 877-968-7331.
| 
