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Federal PLUS Loans are low-rate loans for parents of undergraduate students designed to help you afford the cost of your child's college education. With a PLUS loan, parents can fund the entire cost of the students' education, minus other financial aid received.
Federal Parent PLUS Loan provides funds for
indirect expenses like:
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Books
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Supplies
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Living Expenses
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Travel
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and direct costs like:
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Tuition
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Room
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Board
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Fees
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PLUS loans require a basic credit check but are not made based on income or assets and require no collateral. To be eligible for the PLUS loan, the parent(s) must be a U.S. citizen, eligible permanent resident or non-citizen, not be in default on any education loans, and have a dependent child enrolled at least half time in an undergraduate program.
With Student Loan Funding, parents can benefit from a 0.70 percentage point interest rate reduction for automatic debit.*
* Benefit is available on loans first disbursed 2/1/08–6/30/09 to parents of students attending four-year not-for-profit public and private colleges and serviced by Sallie Mae throughout repayment. Terms and conditions apply. A 0.70 percentage point interest rate reduction for paying by automatic debit is available during active repayment for as long as the borrower’s monthly payment is successfully deducted from his/her bank account.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE.
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