Parent Loans for Undergraduate Students
These loans are awarded through the Federal Direct Loan Program. An origination fee of 4% is deducted by the federal government for processing the Parent Plus loans. The maximum loan amount is price of tuition per academic year. Any income may qualify for this loan. Approval is based on the federal governments requirements. Repayment begins 60 days after the final disbursement of funds.
Federal Direct PLUS Loan
Parent Plus loans are federally insured loans available to parents of dependent students. These loans are typically available to pay unmet educational expenses and may be used as alternatives to private loans.
- Borrower is subject to a credit check.
- Maximum Loan amount is the price of tuition per academic year minus other aid the student is awarded.
- Origination Fee of 4% is deducted by the lender for processing.
- The interest rate is fixed at 7.9%.
- There is no grace period. Repayment begins 60 days after the loan funds are fully disbursed.
- There may be forbearance options available to postpone payments. Check with your lender.
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