Federal GradPLUS Master Promissory Note

For all students receiving a Federal GradPLUS Loan you will need to complete a new Master Promissory Note. In addition a credit check will be performed for qualification purposes. Generally MPN’s are valid for 10 years unless you change schools or change lending institutions.

The interest rate for Federal Stafford GradPLUS is fixed 8.5%. There is a 3% origination fee and can be up to a 1% federal default fee.

OCPM Financial Aid Officer have reviewed “Best Practices” and found the following suggested lenders (in alphabetical order). These lenders currently do not charge the mandated 1% federal default fee. You may, however, select a lender of your choice that is not on this list. Please contact the Financial Aid Office directly if you wish to do so and we will provide instructions on how to apply for a loan with that lender.

Lender	Origination Fee	Default Fee	Borrower Benefits
Charter One Bank Lender Code: 808140 www.charterone.com Click here to apply	3%	1%	0.25% interest rate reduction for auto-debit 1.00% principal credit after the initial 12 consecutive, on-time payments *Benefits are available on loans first disbursed 2/1/08-6/30/09. Terms and conditions apply. The 1% federal default fee will be paid on the borrower*s behalf on Grad PLUS Loans guaranteed by USA Funds 2/1/08-6/30/09. A 0.70 percentage point interest rate reduction for paying by automatic debit is available during active repayment for as long as the borrower*s monthly payment is successfully deducted from his/her bank account. To qualify for the one percent loan credit, the borrower must sign up on Manage Your LoansSM, prior to the first payment due date, to receive account information by e-mail and make the first 12 payments by the due dates as initially scheduled. CHARTER ONE BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE.
Fifth Third Bank Lender Code: 808780 www.53.com Click here to apply	3%	1%	0.25% Auto-Pay Reduction. Sign up for automatic payment from your checking or savings and you'll receive a .25% interest rate reduction.
US Bank Lender Code: 808628 www.usbank.com Click here to apply	3%	1%	0.25% Auto-Pay Reduction. Sign up for automatic payment from your checking or savings and you'll receive a .25% interest rate reduction. 1% credit of original principal balance after twelve consecutive monthly on-time payments (No more that 10 days past due date).

Interest Rate: Fixed 8.5%
Grace Period: 60 days after cease of enrollment

or view http://www.ocpm.edu/departments/student_affairs/financial_aid/index.asp for more financial aid information.

Financial Aid Office hours are from 9:00 am to 4:30 pm Monday through Thursday and 9:00 am to 3:30 pm Friday. If you would like to make an appointment to discuss your financial aid please contact me at (216) 916-7490.