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What type of loan do you need?

I am applying as a:  Student Student & Co-signer

Credit Status:
Citizenship of Student:

Parent Plus Loan

 

The federal Parent Loan for Undergraduate Students (PLUS) loan is a minimal interest parent plus loans available for parents of dependent students. With a PLUS loan, parents can finance the complete cost of their child's education.

LoanTerms:

A parent may borrow up to the total cost of your child's tuition, minus any financial aid. 

Eligibility :

To qualify for a Parent Loan for Undergraduate Students loan, you must be a U.S. citizen, permanent resident, or eligible non-citizen. You are also required to have your undergraduate student listed as a dependent. Credit checks are also required before loan acceptance.

InterestRates:

PLUS loans first distributed on or after July 1, 2006 are at a fixed interest rate at 8.5%

Repayment :

With a PLUS loan, there are many flexible repayment options available:

  • Standard repayment: This plan has the lowest total interest cost. Monthly payments must be both interest and principal for up to the maximum 10-year repayment term.
  • Graduated repayment: The Graduate repayment plan requires lower payments in the early years and enlarged payments thereafter. Monthly payments must total the entire loan within the maximum 10-year period.
  • Income-sensitive repayment: The Income-Sensitive repayment option requires you to reapply every year and payments are changed yearly to reflect adjustments in income. Monthly payments are calculated using a percentage of your gross income.
  • Extended repayment: If you already have accumulated student loan debt, you may be qualified for a 25-year repayment term and the choice of standard or graduated repayment plans to keep monthly payments reasonable.
  • Student loan consolidation : Using student loan consolidation, you can considerably decrease your monthly payments; however it will result in a larger total loan cost. You normally merge your current loan debts into a new single loan with one monthly payment and a fixed interest rate.

Additional parent plus loans:

Student Loan Consolidation  Student Loans

 
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