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students and parents

Federal Parent PLUS Loan		Sallie Mae Preferred Lenders

The Parent Loan for Undergraduate Students (PLUS) is a low-cost education loan for parents sponsored by the federal government. Parents may borrow up to the full annual cost of education, minus any financial aid, regardless of income.

The interest rate on PLUS loans first disbursed beginning July 1, 2006 is fixed at 8.5%. Only one parent needs to apply for a PLUS Loan. Parents have up to 10 years for repayment.

With a Federal Parent PLUS loan serviced by Sallie Mae^®, you can borrow up to the total cost of your student's education, minus any financial aid received. This may include tuition, room and board, books, supplies and transportation. PLUS loans are available regardless of income or assets, and no collateral is required. You do not have to prove financial need; however, credit checks are required.

What are the features of a Parent PLUS Loan from Sallie Mae?

Many Sallie Mae lenders offer borrower benefits on Parent PLUS loans that can save you money in repayment.
Flexible repayment options are available.
Postpone repayment for up to 60 months including while your dependent child is in school.
You get life-of-loan servicing from Sallie Mae.
There is no prepayment penalty.
There are no income or collateral requirements.
Borrowers who are not Parent PLUS eligible on the basis of their own credit may become Parent PLUS eligible if they have a creditworthy endorser. The endorser must be a creditworthy U.S. citizen, permanent resident, or other eligible non-citizen.
If you have been denied a Parent PLUS loan, Sallie Mae's PLUS Success service will work with you to resolve your credit issues so you may become Parent PLUS eligible.
Endorsement is available.
Interest may be tax-deductible.
We have an easy application and approval process.

The eligibility requirements are?

You may apply for a Parent PLUS loan to pay for the higher-education-related expenses of an undergraduate, dependent child. Parents of independent students are not eligible.
You must be a U.S. citizen or permanent resident.

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After your student has applied for grants and scholarships that don't have to be repaid, and explores a low-cost Stafford Loan, consider an economical Parent PLUS Loan to help cover the costs of college. Choose us as your lender and you may be eligible for these borrower benefits: