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Federal Parent Loans for Undergraduate Students (PLUS)

One of the easier ways for a parent to help finance a child's education. The Federal PLUS program can be either the sole financial vehicle or be used to supplement any of the Stafford Loan variations.

Historical Low Rates   

Eligibility

Parents of full or half-time dependent undergraduate students, based upon the parents' credit-worthiness. Financial need is not a consideration.

Borrowing Limits

Yearly Maximum: Total cost of educational program, less other financial aid received.
Lifetime Maximum: None.

Interest Rate

This number is set annually by the federal government,

Historical Low Rates   

Fees

Loan Origination: 3%
Loan Insurance: 1% (Most states waive this fee today.)

(There are "late fees" if you miss a payment.)

Repayment Period

Repayment of principal and interest begins within 60 days of final disbursement.
Payments may be spread over 10 years, depending upon amount borrowed.  Minimum monthly repayment of $50.

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