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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 this borrower benefit: - 0.70 percentage point interest rate reduction for automatic debit*
*Learn how to earn these benefits.
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Parents, after completion of the PLUS loan, you must complete the PLUS loan request form and return it to the Office of Financial
Aid Office. |
Features:
- For FFELP Parent PLUS loans first disbursed beginning July 1, 2006, the interest rate is fixed at 8.5%.
- Flexible repayment options are available.
- Postpone repayment for up to 60 months including while your dependent child is in school. (Postponement may affect eligibility for borrower benefits.)
- 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.
- Interest may be tax-deductible. Consult your tax advisor for more details.
Federal Parent PLUS Loans are available to parents who wish to help their child pay for college. With a Parent PLUS Loan, parents may borrow up to the full cost of a student's education, including tuition, room and board, books and supplies, transportation, and living expenses, less other financial aid received. Parent Plus loans are fixed-rate loans at 8.5%. More information
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