Non Need Based Loans
Student Employment
Outside Scholarships
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Non-Need Based Loans
- Parent Loan for Undergraduate Students (PLUS)
- Extended Unsubsidized Stafford
- PNC Resource Loan
- 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.
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