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18

Parent borrowers are charged a fee that goes to

the federal government to help reduce the cost of this

program. The fee is deducted from the amount your

parents borrow before the College receives the funds.

Go to

http://studentaid.ed.gov/types/loans/interest-

rates

for the fee amount.

Loan funds are sent to the College in two

disbursements, half for the fall semester and half for

the spring semester.

Repayment begins within 60 days after the loan

is fully disbursed. There is no grace period with this

loan. Terms of repayment includes 10-year repayment,

which may be extended under certain circumstances.

There is no penalty for early payment, and outstanding

loans can be consolidated into one monthly payment.

Parents also have the option of deferring payments

or making interest-only payments while the student

is enrolled in school. The PLUS Loan also provides a

built-in insurance for death and disability that applies

to both the borrower and student at no additional cost.

If your parents have any questions regarding the

Parent Plus Loan process, please have them contact

the Financial Aid Office for more information.

Monthly Payment Plan

Lycoming is pleased to offer families the opportunity

to meet educational expenses through a plan provided

by Higher One. The monthly payment plan is designed

to relieve payment pressure by allowing families to

spread the cost over the academic year.