|
Federal PLUS Loans
The Federal Parent PLUS loan allows parents with good
credit histories to borrow up to the cost of a college
education for dependent undergrads. Below please find helpful repayment information about the
PLUS Loan.
Repayment info
Standard Payment Plan
- You pay the same amount each month for up to 10
years towards the principal and interest of the loan.
The minimum payment amount is at least $50 per month.
Graduated Payment Plan
- You begin repaying your loan with a lower payment
and increase that amount after two to four years. The
minimum payment amount is at least $50 per month.
Income-Sensitive Payment Plan
- You may repay your loan based on your gross monthly
income. You must show income documentation annually and
additional documentation may be required.
Extended Payment Plan
- You may take up to 25 years to repay your loan if
you received your first loan after October 7, 1998 and
your combined loans totals $30,000 or more.
PLUS In-School Forbearance
- You may forbear your loan payments while your child
is enrolled at least half-time for up to 48 months. You
must reapply every 12 months and your accrued interest
will be capitalized at the end of each forbearance
period.
Cover the Total Cost of Education
- Parents can borrow up to the student's total cost of
education minus the student financial aid awarded. This
total cost can include tuition and fees, room and meals,
books and supplies, transportation, and more.
|
