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Your Are Here: Pondered.org --> Financial Aid --> PLUS Loans

PLUS Loans:

PLUS loans are available to parents to help their children through college when they have good credit histories. They can apply for a loan when each child attends college.

A federal parent PLUS loan will let the parents get the tuition fees plus any other expenses that may be incurred during their child's time spent in college . This will include such things as room and board, supplies, expenses and other things that they may need. PLUS loans are different in that they are based on the parents’ credit rating, which has to be 625 or better. The amount of money needed is up to each individual parent.

The interest on these loans is adjusted annually by the Department of Education and is based on a 91-day treasury bill. Right now this stands at 4.17%. If the parent is the one that is getting the loan, they do not have to put up any collateral nor do they have to bother with home equity. With a PLUS loan, the repayment of this loan begins within at least 60 days after the loan has been granted. With this type of loan there is no grace period, this means that your interest begins to accumulate as soon as the disbursement is made. The parent must begin to pay the principal as well at the interests while you're still in school.

There are three ways to apply for this loan. You can go online and request an application, call the school to request an application, or you can print it off from your computer when you go online. Keep in mind that once you acquire the loan you will be required to pay fees of up to 4% of the principal loan. You will find that this includes the origination fee of 3%, which is charged by the federal government, then there is a guarantee fee of up to 1%, charged by the guarantee agent. When the money is approved these fees are deducted from the principal. Another important factor is to make sure your credit rating is what it should be before you apply for this loan. If it is not at least 625 and this will drastically reduce any chance of you getting the PLUS loan. This includes such things as bankruptcies, defaulted loans, or any accounts with payments overdue by 90 days and more.

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