PLUS Loans
PLUS Loans (Parent Loan for Undergraduate Students) are available to help fill in the final gap:
College Costs - Financial Aid Awarded = Parent PLUS Loan
Although it is still a federally backed loan; PLUS loans are not taken out by the student but rather their parents and/or cosigners. Although the loan considers the need basis of the student its award is a credit based decision. The funds are dispersed to the student but repayment is the sole responsibility of the parent. Similar to Stafford, PLUS loans can carry a fee of 3% but does not allow for Grace and does not require a FAFSA form to be filled out.
Benefits of a Parent PLUS Loans
- Low rates as determined by the Dept. of Education
- Further rate reductions available
- Ability to consolidate all your students PLUS loans
- Payment deferment and forbearance options
Apply Online for a PLUS Loan
or call (800) 964-0642 option 2 to discuss your options.
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