Main Index Prospective & Incoming Students Current & Returning Students Bucknell Faculty & Staff

Financial Aid

Facts at a Glance Non-Need Based Financing Options Downloadable Forms Bucknell Admissions

 
Non Need Based Loans

Student Employment

Outside Scholarships

 

Non-Need Based Loans

  1. Parent Loan for Undergraduate Students (PLUS)
  2. Extended Unsubsidized Stafford
  3. PNC Resource Loan
  4. Alternative Loan Chart

Several loans are available to all Bucknell families regardless of their financial need. Each of these is described below. In addition, a number of private financial institutions offer educational loan programs. Contact the Bucknell Finance Office at 570-577-3733 to ask for a "loan chart" that provides a partial list of those possibilities.

1. Parent Loan for Undergraduate Students (PLUS)

Originator: Local Lenders; Bucknell's recommended lender is PNC Bank.
Eligibility: Parents or legal guardians of dependent undergraduate students.
Amount: Annually, a maximum of the cost of the student's education less any financial aid received.
Fees: Origination fee of up to 3 percent; insurance fee of up to 1 percent.
Interest Rate: Annual variable, capped at 9 percent.
Repayment Period: Repayment of principal and interest begins within 60 days of receipt of the loan proceeds; the term must be at least five years, but no more than 10 years. Note that a PNC option allows the family to elect the "Manageable PLUS" where repayment of principal can be deferred while the student is enrolled in college.
Disbursement: Funds are disbursed electronically to the institution.
Application: Contact Nancy Harvey, PNC Bank, 800-762-1001, extension 229 to discuss the flexibility of the "Manageable PLUS" offered by PNC Bank.

2. Extended Unsubsidized Federal Stafford Loan

Originator: Local lenders in any state.
Eligibility: Students enrolled at least half time in a post-secondary degree or certificate program. Dependent students are eligible only if their parents apply for and are denied the PLUS loan, and the student provides a copy of the denial letter to the Office of Financial Aid.
Amount: $4,000 per year for first and second years; $5,000 for third and fourth year undergraduates. The maximum total for all undergraduate Stafford is $23,000.
Fees: Origination fee of 3 percent; insurance fee of up to 1 percent.
Interest Rate: Annual variable, capped at 8.25 percent.
Repayment Period: Interest must either be paid during the in-school periods or capitalized before repayment. Repayment of principal and interest begins six months after the student leaves school and can extend for 10 years.
Disbursement: Extended Unsubsidized Federal Stafford loans are usually disbursed electronically in two payments directly to the college.
Application: Available from the Office of Financial Aid at Bucknell or from lending institutions in the student's home community.

3. PNC Resource Loan

Originator: PNC Bank of Pittsburgh, PA
Eligibility: Students at Bucknell with credit-worthy co-applicants.
Amount: Annually, a maximum of the cost of education less any financial aid received.
Fees: Dependent on Repayment Option.
Interest Rate: Variable; 3.95 percent over the LIBOR Index.
Repayment Period: Three repayment options, including payment deferral until six months after graduation or separation; twenty years to repay; twenty-five years for amounts over $40,000.
Disbursement: Resource Loans are disbursed electronically in two equal payments directly to Bucknell.
Application: Log on to www.eduloans.pncbank.com or call 1-800-851-2892 or call Bucknell Office of Financial Aid to get a paper copy that you can fax or mail.

4. Alternative Loan Chart

If you wish to see information on alternative borrowing, please download the following file: Alternative Loan Chart.
   

Bucknell University
Lewisburg, PA 17837
phone: 570-577-1331
fax: 570-577-1481
contact: finaid@bucknell.edu
last updated: November 2003
© Bucknell University 2003