FFEL Loan Information

Stafford and PLUS loans awarded at SPU prior to April 1, 2010 were provided through the Federal Family Education Loan (FFEL) Program. All new federal Stafford and PLUS loans awarded after April 1st will be Direct Loans. Click here for information about this change.

FFEL Stafford and PLUS loans are made through banks, savings and loan associations, and credit unions.

FFEL Lender Selection

Borrowers of FFEL loans must select a lender for their loans. Seattle Pacific University carefully reviewed the policies and products of lenders to identify lenders who will provide good to excellent rates and services to our students. This list of lenders and comparative information about fees and benefits is available through a customized page through SimpleTuition. PLEASE NOTE: You are not required to use one of these lenders. You may use any lender that participates in the Federal Family Education Loan program (FFELP). Click here for information about how SPU selected lenders for 2009-10.

FFEL Stafford Loans

The Federal Stafford Loan interest rate varies depending on when the student borrows the funds and when they enter repayment. Information about Stafford loans including interest rates and repayment is available at http://studentaid.ed.gov. No interest is charged on subsidized Stafford loans while students are in school and during a six-month grace period thereafter. Interest on unsubsidized Stafford loans starts accruing from the time the funds are disbursed. Students with unsubsidized Stafford loans may chose to pay the accruing interest while in school or let it accrue. For information about paying accruing interest, please contact your lender.

FFEL Grad PLUS Loans

As of July 1, 2006, graduate and professional students have access to federal PLUS Loans which may be used to pay for their education. PLUS Loans are part of the Federal Family Education Loan Program (FFELP) which also offers Stafford Loans. The FFEL Grad PLUS Loan interest rate is 8.5%. Information about Grad PLUS loans including interest rates and repayment is available at http://studentaid.ed.gov. To be eligible for a Grad PLUS Loan you must have filed a current FAFSA. You must meet minimum credit requirements to borrow this loan. You can complete the FAFSA on-line at: www.fafsa.ed.gov. Please click here for information on comparing Grad PLUS loans and Alternative loans.

FFEL Parent PLUS Loans

Note: If you are requesting a subsequent FFEL loan for an SPU student the borrower only needs to complete a new Parent PLUS Authorization.

The federal government has created an educational loan that parents can borrow on behalf of their dependent, undergraduate students. The FFEL PLUS loan interest rate is 8.5%. Interest rates and other information about PLUS loans, are available at http://studentaid.ed.gov. A credit check will be performed; it is not guaranteed that all parents will qualify for this loan. PLUS loans enter repayment 60 days after the final disbursement is made. Postponement of payment while your student is enrolled may be arranged by contacting your lender.

Historical Loan Records

Cumulative information about a borrower’s Stafford, Grad PLUS and Parent PLUS loans, including the organization loan servicing information, is available through the National Student Loan Data System (NSLDS).