Summary: Parent PLUS Loans

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	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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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:

parent PLUS loan summary review
parent PLUS loan advantages and disadvantages
detailed information

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

advantages

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.

disadvantages

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.

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student loans and other aid tips for starting college

PLUS Loans

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Advantages and Disadvantages