Federal Stafford Loan

The Stafford loan is a need-based loan. There are two types of Stafford loans, subsidized and unsubsidized. The federal government pays the interest while borrower is in-school, in-grace, or any authorized period of deferment for the subsidized loan. The borrower is immediately responsible for the interest for the unsubsidized loan with the option to repay immediately or defer payment of it. Repayment for loan begins six months after graduation, drop below half-time or leave school for both loan types.

Qualifications:
Eligibility is based on family income, assets, cost of attendance and any financial aid received. Student must be a U.S. citizen or permanent resident; full or half-time undergraduate or graduate student.

To begin the E-Signature process of your Master Promissory Note (MPN),

Parent Plus Loan

The Federal PLUS Loan (Parent Loan for Undergraduate Students) is a low interest education loan designed specifically for parents to pay for their child’s education. Parents may borrow up to the cost of attendance annually, minus all other Financial Aid received. This means parents may borrow only up to the amount not covered by financial assistance.

Qualifications:
Eligibility for the PLUS Loan is not based on financial need, parents at all income levels are welcomed to apply. We will obtain a credit report from a national credit bureau before approving your loan.

To begin the pre-approval process and complete or E-sign your PLUS MPN,

  Please remember to select Plus on the next page.

Grad Plus

The Federal GRAD PLUS Loans are federally funded for a graduate/professional student borrowing a PLUS loan for his/her own education. Grad PLUS loan terms are the same as the parents loan. Graduate students are eligible for an in-school deferment until their status changes to less than half-time.

The Grad PLUS loan available for graduate/professional students is a fixed rate of 8.5%. The PLUS MPN addendum contains important information about the Grad PLUS loan for graduate/professional students.

To begin the pre-approval process and complete or E-sign your GRAD PLUS MPN,

   Please remember to select Plus on the next page.

If you choose not to sign your MPN electronically when you apply online, print the MPN, sign it and return to our Servicing Agent at the following address:

COSTEP

c/o Loan Origination Department

P.O. Box 60

Edinburg, Texas 78540