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	PLUS Loans — the Affordable Parent Loan for Undergraduate Students — from NextStudent Federal PLUS Loans are the easy, affordable way for parents to borrow up to the total cost of college attendance. PLUS Loans are not a need-based loan — almost everyone qualifies for this federally insured loan program. The interest rates on PLUS Loans are low—just 8.5%. Borrow up to 100% of college costs, less any financial aid awarded Automatic-debit discount of 0.25% plus an interest-rate reduction of 2.0% after 48 consecutive on-time payments Eligible for federal loan consolidation Interest may be tax-deductible Eligibility for PLUS Loans PLUS Loans allow parents to borrow federally guaranteed money at low interest to help pay for their child’s education. To be eligible for Federal PLUS Loans, the parent must be: A biological, adoptive or step-parent of a dependent undergraduate student A U.S. citizen or eligible non-citizen Able to meet federal minimum standards of creditworthiness In addition, students must be: U.S. citizens or eligible non-citizens Less than 24 years of age as of December 31 of the academic year Unmarried with no dependents Rates, Fees and Terms for PLUS Loans The interest rates on Federal PLUS Loans are variable and are adjusted July 1 of each year, based on the last 91-Day T-Bill rate in May. Borrowers pay the rate on that 91-day T-Bill + 3.1% (currently 8.5%). The interest rate is capped at 9% for the borrower for the life of the loan so that if the rate rises above 9%, the government pays the additional interest to the lender. Federal PLUS Loans have a 3% government origination fee and a 1% guarantee fee (which may be waived by the guarantor). Fees are taken out of the proceeds of the loan, so there is no out-of-pocket cost to obtain the loan. With a fully disbursed outstanding balance of over $7,500, a parent may choose to consolidate PLUS Loans immediately to extend the repayment term and reduce monthly payments. Other federal education loans borrowed in the parent’s name can be consolidated with PLUS Loans for payment convenience. Otherwise: The repayment term is usually 10 years. Level repayment begins within 60 days after the final disbursement is made to the student. Since funds are disbursed at the beginning of each semester, repayment typically begins in March. There are no penalties for prepayment. Take 2 Minutes to Apply Online or call us toll-free at (800) 299-4639
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All content Copyright 2006 NextStudent Inc., All Rights Reserved. Last Updated January 19, 2006