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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