PLUS Loans
Lower Payments for Higher Education The Parent Loan for Undergraduate Students (PLUS) is part of the Federal Family Education Loan Program (FFELP). Provided at a low interest rate of 8.5%, a PLUS loan allows you to fund up to 100% of the cost of your student’s education less any financial aid already awarded. It’s a cost-effective alternative to using savings, income, retirement accounts or home equity loans for education costs.
Benefits of a PLUS Loan
Many parents take advantage of the PLUS Loan due to the low interest rates, favorable repayment terms and borrower benefits not available through other types of financing or lenders, including:
- The ability to borrow up to 100% of the cost of college
- Reduce interest rate
- Free, no obligation pre-approval
- Postpone payments up to 3 years in cases of economic hardship while student is in school
