Federal Direct Parent PLUS

Private Student Loan

Borrower

• Parent PLUS: Parent

• Student and cosigner (if required)
• Cosigner can be parent, relative or willing sponsor

Eligibility

• At least half-time and degree seeking

• Full-time, half-time, less than half-time degree, certificate and licensure seeking depending on lender, check with lenders for availability
• Past due option may be available depending on lender

Interest Rates

• 7.9% fixed interest rate

• Fixed and/or variable interest rate options available depending on lender, check with lenders for availability

Fees

• 4.0% origination fees deducted from loan amount

• Fees may or may not apply depending on lender

Credit Requirements

• Credit check required
• Approval determined by federal criteria and is not based on credit score
• Additional unsubsidized Stafford may be awarded to dependent undergraduate student based on Parent PLUS credit denial

• Credit check required
• Approval determined by lender criteria based on credit score, credit history and income (if credit-worthy applicant or cosigner required)
• Dependent undergraduate students are likely to need a credit-worthy cosigner

Servicer

• US Department of Education contracted servicers

• Determined by lender, check with lenders

Repayment Term

• 10 year repayment
• May request deferment of payment during in-school and 6 month grace period

• Typically 15-25 years depending on lender
• No payments while in-school

Grace Period

• Please see above (Repayment Terms)

• 6 to 9 months grace period after enrollment ends depending on lender

Loan Consolidation

• Can be consolidated with other federal educational loans (i.e., Perkins and Stafford) through the Federal Loan Consolidation

• Private Loan Consolidation may be available, check with lenders for availability

Loan Forgiveness Options

• Loan forgiven in the event of permanent disability or death of student.
• Public Loan Service Forgiveness option

• Loan may be forgiven in the event of permanent disability or death of student, check with lenders for availability

Borrower Benefits

• 0.25% interest rate reduction for Electronic Debit Account Repayment

• Borrower Benefits offered to reduce interest rates and overall loan costs, check with lenders for availability and types of benefits offered
• Cosigner release option, check with lender for availability and eligibility

Repayment Options

• Various repayment options available, including IBR, ICR, Graduate, Standard and Extended
• Deferment and forbearance options available
• Check with the Department of Education for additional details

• Standard and interest-only options may be available, check with lender
• Forbearance options may be available depending on lender

Annual Loan Limit

• Students may borrow up to the cost of education less other aid received

• Students may borrow up to the cost of education less other aid received

Aggregate Loan Limit

• None

• Yes, amount depends on lender
• Check with lender