Summary Info
  More Detail Info
  PLUS Loan Rates
The PLUS loan is available to parents who can pass a credit check. You may want to check your credit report prior to application:
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PLUS Loans

about PARENT plus loans

Government Guaranteed, Fixed Rate Parent Loan
that covers up to 100% of your dependent child's cost of education, less any financial aid awarded the child. Designed to pay for education-related expenses as certified by the institution.

Loan Amounts: up to 100% of education costs minus aid given
Payments Begin: 60 days after the first loan disbursement
Interest Rates: fixed for the life of the loan: see rates
No Restrictions: no prepayment penalties; no collateral

For Information Below:

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Quick Summary Review

summary information
  • loan amounts:
    up to the total cost of education minus any student financial aid given awarded

  • interest rates:
    fixed for the life of the PLUS loan

  • no restrictions:
    does not require collateral; no prepayment penalities

  • PLUS loan processing:
    pre-approval within minutes; funding can be made within 30 days or less

  • PLUS loan eligibility:
    student must be enrolled at least half-time in an undergraduate degree or certificate program at an approved school. Borrower must have a satisfactory credit history.

  • PLUS loan terms:
    repayment begins 60 days after disbursement
apply online

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Advantages and Disadvantages

  • Pays the Entire Cost
    parents can borrow up to the total cost of education minus any financial aid received by the student

  • Low Interest
    federal PLUS loans are fixed rate loans that remain fixed for the entire term of the loan; current PLUS loan rates are about the same as most other financing options: view interest rates

  • Flexible Repayment Plans
    The federal government offers flexible repayment plans that can fit your budget. Loan payments begin 60 days after disbursements have been made to the school.
  • Loan Must be Repaid by the Borrower
    the loan is underwritten for the parent or graduate; the parent or graduate is responsible for repaying the loan

  • Requires Federal Filings
    you must file the FAFSA form with the federal government in order to apply for PLUS loans: see FAFSA file

  • Credit Check Required
    in order to qualify for the loan, you must pass a credit check as set by the federal government

  • Multiple Borrowings
    you have to file and apply for a loan each academic year.
apply online

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