Federal PLUS Loans

Federal PLUS Loans are low-rate loans for parents of undergraduate students designed to help you afford a college education. With a PLUS loan, parents can fund the entire cost of the students’ education, minus other financial aid received. This includes books, supplies and living expenses, as well as direct costs like tuition and room and board.

The PLUS loan offers an 8.5% fixed interest rate. More importantly, education loan interest is deductible for most families. You can take up to 10 years to repay a PLUS loan and incur no penalties for early repayment. If you choose to make payments via automatic debit from your bank account, Student Loan Funding will subtract .25% from your PLUS loan interest rate.

PLUS loans require a basic credit check, but are not made based on income or assets and require no collateral. The only requirements of parent borrowers are that they be US citizens or permanent residents and have a child enrolled at least half time in an undergraduate program.

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