The Parent Loan for Undergraduate Students (PLUS) is an 8.5% Fixed Rate loan designed to help parents pay for their child’s undergraduate education. The PLUS is based on your credit rating, not on your household income or on the FAFSA. For each dependent child you may borrow up to the entire “cost of attendance” minus all other financial aid awarded. See Cost Of Attendance for Lyme Academy figures.

Since we are a small institution, it helps to keep things as efficient as possible. We have a working relationship with the following Lenders which makes it easier to help you if problems arise. You may of course, take out a PLUS Loan with any Lender you wish. Be sure to notify us with all pertinent information if you choose to use a Lender not listed. Also, check into the Connecticut Private Supplemental CHESLA Loan, which may work for you as well.
      

CSLF First Rate PLUS For pre-approval 1-800-237-9721x442 or CSLF PLUS

CT FELP - CHESLA For pre-approval 1-800-935-2275 or CHESLA - PRIVATE

WACHOVIA Educaid PLUS For pre-approval 1-877-916-7587 or WACHOVIA PLUS

Repayment generally begins 60 days after the loan is fully disbursed, however interest is charged on the loan from the date of the first disbursement until the loan is paid in full. The application fee is usually 3% with a sometimes added 1% guarantee fee. Currently the PLUS must be reapplied for annually.

• The Lyme Academy will receive the money in at least two installments. No one payment may exceed half of the loan amount. The college will require the parent to endorse any disbursement funds sent by  check and then send it back to the college. We will then apply it to the student's tuition and fees, and other institutional costs. If any money remains the parents will receive that amount as a check, unless they authorize that it be released to the student. Any remaining loan amount must be used for education expenses – off campus Room & Board, transportation, books and art supplies, etc.