A PLUS loan is a federal Parental Loan for Undergraduate Students. The College has an electronic interface with a limited number of lenders and we can track the processing and give more guidance when a parent chooses one of these lenders.  While you may borrow from another lender, Colby is limited in what we can do to remedy a problem or answer general questions.

A parent can borrow a PLUS for an amount up to the full cost of attendance less any financial aid including student loans. Eligibility is based on a satisfactory credit history. Repayment begins after full disbursement to the College for typically a 10 year term. The payment term can be extended depending upon the loan amount.

PLUS Loan Certification and Request Form

PLUS Lenders

Lender	Fees	Details
Wachovia PLUS	4%	8.5% interest rate, fixed  0.25% interest rate reduction with auto debit
MES HELPP PLUS	4%	8.5% interest rate, fixed
Maine Advantage PLUS	4%	8.5% interest rate, fixed
Federal Direct PLUS Loan	4%	7.9% interest rate   1.5%  upfront fee reduction requiring 12 initial on-time payments   0.25% interest rate reduction for electronic payments

Rates and terms are subject to change by lender at any time.

TDBanknorth is no longer participating in the federal loan program. If you have borrowed from TDBanknorth in the past, you must choose a new lender for the 2008-09 academic year.  Keep in mind that the federal loan program that TDBanknorth participated in - HELPP - is the same program as that offered by MES.

You may download the PLUS Loan Request Form if you wish to apply for a PLUS from one of the lenders above. Please fax the form to us at 207-859-4122, or mail it to us at Student Financial Services, Colby College, 4130 Mayflower Hill, Waterville, ME 04901-8841.