| Federal PLUS Loans from NextStudent
The Affordable Parent Loan for Undergraduate Students.
Federal PLUS Loans are the easy, affordable way for parents to borrow up to the total cost of their child’s college attendance. PLUS loans are non–need-based loans, so eligible parents can qualify for PLUS aid regardless of income. - Lock in a low, fixed interest rate of 8.5%.
- Apply for your PLUS loan for free, with no application fees.
- Cover up to 100% of your child’s college costs—besides tuition and room and board, that includes school fees, books, and educational supplies, like a computer.
- Consolidate your PLUS loans, and you could cut your monthly payments almost in half and get up to 20 more years to repay.
- Your interest payments on your PLUS loan may be tax-deductible (consult your tax advisor).
 Eligibility for Federal PLUS LoansTo be eligible for a federally guaranteed PLUS loan from NextStudent, both parent and student must meet certain eligibility requirements. Parents- U.S. citizen or permanent resident
- Not in default on any federal loans
- Creditworthy—no derogatory credit items (such as collections, foreclosures or bankruptcies) over the past five years
Students- Enrolled at least half time as an undergraduate student and maintaining satisfactory academic progress, as determined by their school
- Less than 24 years of age
- Unmarried with no dependents
- Not a ward of the court, a military veteran, or in the military
- U.S. citizen or permanent resident
- Not in default on any federal student loans
Apply online, and you could have a preliminary approval in as little as 15 minutes. Rates, Fees and Terms for Federal PLUS LoansRates
All PLUS loans taken out after July 1, 2006, have a fixed interest rate of 8.5%. With a fixed rate, you have the security of knowing your monthly payments are locked in for the life of the loan. Fees
There’s no application fee for Federal PLUS Loans. Once awarded, every PLUS loan is subject to a 3% government-charged origination fee and a 1% guarantee fee (charged by the guarantor). These fees are taken out of the proceeds of the loan. Terms
The standard repayment term for a PLUS loan is 10 years, and repayment will begin 30–60 days after the final disbursement of your PLUS funds. There are no prepayment penalties on PLUS loans, so you can pay off your PLUS loan early without worrying about additional charges. Federal PLUS Loans feature several options that could help make repayment more affordable. Choose one of three alternate repayment plans, and you might be able to lower your monthly payment. If you need to postpone your payments altogether, you can request a deferment or forbearance that may allow you to temporarily stop making payments without affecting your credit rating. As soon as your PLUS loans go into repayment, they’re eligible for federal student loan consolidation. By consolidating your PLUS loans, you could lower your monthly loan payments and get up to 30 years to repay. Lock in your monthly payments now!
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