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Important Information Regarding Your Federal Direct Parent Loan (PLUS) This loan is subject to credit approval, which is determined by the Department of Education's Common Origination and Disbursement (COD) Center. Notification of approval or denial will be sent to your parent/step- parent/adoptive parent via mail/email. • Your parent/step-parent/adoptive parent must be a US citizen or permanent resident in order to apply for this loan. • It is not guaranteed and subject to credit approval. • The current interest rate on a Direct PLUS loan is 7.079%. • The amount of the loan disbursed will be reduced by the origination fee, which is currently 4.236%. Both rates are subject to change. • Payment on a Direct PLUS loan can be deferred until six months after the dependent student (for whom the loan is borrowed) graduates or falls below half-time (six credits) by contacting the servicer of the loan. Important Information Regarding Alternative Bank Loans For students/families who do not qualify for financial aid or who need additional help financing their education, consider alternative bank loan options: Alternative Bank Loans: An alternative loan is a private loan in the student's, parents', or sponsors' name which, depending on the applicant's credit worthiness, may require a co-signer. All first- year students require a co-signer. Students may borrow up to their cost of attendance (COA) minus any other accepted aid. We strongly advise students to apply for these loans at least 30 days prior to the billing due date. • Interest charges will begin once the funds are disbursed to the University • It is recommended that borrowers apply for these loans for the whole year (fall/spring) • If a student is applying for a loan to finance non-Pace housing, the student must provide the Financial Aid Office with a copy of his/her signed lease agreement (all parties' signatures must be present and the student must be a lessee on the agreement) prior to submitting the loan application • For additional information on alternative loans and a partial list of participating lenders you can visit: www.pace.edu/alternative-loan-lenders Pace University does not endorse any particular lender. Be sure to read all financial terms before signing for a private loan. 8