| PLUS Loans from NextStudent
Helping parents helping their kids pay for college.PLUS Loans—Parent Loans for Undergraduate Students—are federally guaranteed low-interest loans that give parents a way of borrowing up to 100% of their child’s college costs. PLUS loans are available throughout the academic year, and they’re awarded to qualifying parents regardless of income, so you can’t be turned down for PLUS aid because of how much money you make. PLUS loans are the smart way to help your children pay for college.- Fixed interest rate of just 8.5%
- No application fees
- No prepayment penalties
- Loan amounts that cover up to 100% of your child’s college costs—tuition, fees, even a computer
- Available throughout the school year, even if you’ve already started making tuition payments
- Eligible for federal student loan consolidation
Apply online for your PLUS loan, and you could have a preliminary approval in as little as 15 minutes!  Qualifying for a NextStudent PLUS LoanBoth parent and student need to meet certain eligibility requirements in order to qualify for a Federal PLUS Loan. Students- Enrolled at least half time as an undergraduate student
- Maintaining satisfactory academic progress, as determined by their school
- Younger than 24
- 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
Parents- Creditworthy, with no derogatory credit items (such as collections, tax liens or bankruptcies) within the last five years
- U.S. citizen or permanent resident
- Not in default on any federal loans
But don’t let credit concerns stop you from applying. With our “second look” policy, NextStudent’s PLUS Credit Resolution Team has been able to get nearly 90% of our PLUS and Grad PLUS applicants approved for their student loans. We have an established track record of helping applicants get past unresolved credit issues and approved for their PLUS loans. Rates
All PLUS loans taken out after July 1, 2006, have a fixed interest rate of 8.5%. Your PLUS loan fixed rate gives you the security of knowing your monthly payments are locked in for the life of the loan and you won’t ever have to worry about rising interest rates.
Fees
There’s no fee to apply for your PLUS loan.
Once you’re awarded your Federal PLUS Loan, the 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.
Repayment Terms The standard repayment term for a Federal PLUS Loan is 10 years. There are no prepayment penalties on PLUS loans, so you won’t ever be charged additional fees for paying ahead on your PLUS loan.
Repayment will begin 30–60 days after the final disbursement of your PLUS funds. As soon as your PLUS loans go into repayment, they’re eligible for federal loan consolidation. When you consolidate your PLUS loans, you could get up to 20 more years to repay and cut your monthly loan payments almost in half. You also have repayment options available to you on your Federal PLUS Loan that could help make repayment more affordable. And PLUS loans come with federal deferment and forbearance benefits, so when you’re experiencing financial difficulties, you may be allowed to temporarily postpone making payments without affecting your credit rating. Take two minutes to apply online, or call us toll-free at (800) 299-4639 |
