Student Loan Consolidation
Student Loans
Parent Loans
Compare Loans
Tools & Resources
Privacy Statement
Terms of Use
Directory of Schools
Tell a Friend

Federal Student Loan Consolidation Savings

Select Your Total Student Loan Amount*

Current Monthly Payment
$ 352
Your New Monthly Payment
$ 166
Monthly Savings
$ 186

*All payments on the payment calculator above are estimates.

 

Private Student Loans

Graduate PLUS Loans

Federal Parent (PLUS) Loans

Federal Parent (PLUS) Loans, the Parent Loan for Undergraduate Students

Federal Parent (PLUS) Loans are a very easy and affordable way for parents to borrow up to the total cost of college for their child. Federal Parent (PLUS) Loans are not a need-based loan, so just about everyone qualifies for a Federal Parent (PLUS) Loan. Federal Parent (PLUS) Loans are available for multiple students each year.

  • A low Federal interest rate of 8.50%.
  • Borrow up to 100% of college costs, less any financial aid awarded to student
  • No collateral required
  • Interest paid may be tax-deductible (check with your tax advisor)
  • Eligible for Federal PLUS Loan Consolidation
  • Deferments are available

Eligibility for Federal Parent (PLUS) Loans

Federal Parent (PLUS) Loans allow parents to receive federally guaranteed loans at low interest rates to help pay for their child’s education. To be eligible for Federal Parent (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

Apply Online Now!

Here are the Rates, Fees and Terms for Federal Parent (PLUS) Loans

Since July 1st, 2006 all Parent (PLUS) Loans that are disbursed after July 1st, 2006 will have a low fixed interest rate of 8.50%, any Parent (PLUS) Loans disbursed prior to that date will remain variable.

  • Parent (PLUS) Loans have a low fixed rate of 8.50%. For any Parent (PLUS) Loans disbursed before July 1st, 2006 check to see how Federal Parent (PLUS) Loan Consolidation can lock in the rate on any existing Parent (PLUS) Loans for the life of the loan.
  • The interest rate on Federal Parent (PLUS) Loans are capped at 9.00% for the borrower for the life of the loan, so when the interest rates rise above 9%, the government will pay the additional interest to the lender.

Federal Parent (PLUS) Loans currently have a 3.00% government origination fee and a 1.00% 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 the parent for the Federal Parent (PLUS) Loan.

Repayment terms are usually 10 years for a Federal Parent (PLUS) Loan. A level repayment schedule 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 around March.

Federal PLUS Loan Consolidation is a great way to lower your monthly payments on Parent (PLUS) Loans.

Apply Online for a Federal Parent (PLUS) Loan Now.
 Or talk to one of our Student Loan Advisors at (800) 575-1099

Related Information