Parents can get a Direct PLUS Loan through the Department of Education to help fund their children’s schooling instead of relying solely on private student loans. Here is a brief overview of the terms and conditions for Direct Parent PLUS Loans: Eligibility: Parents with dependent children in ...
Additionally, federal student loans indefaultcan be consolidated and, in some cases, reconsolidated. To do so, borrowers must either make three consecutive monthly payments on the loan before consolidation or agree to pay the new direct consolidation loan under an income...
Loan discharge also occurs in the event of the student’s death, or the parent’s death if they took a parent PLUS loan. Generally less expensive: For most students, federal student loans are likely cheaper than private student loans. This is especially true for undergraduate students who don...
(1)DirectSubsidizedConsolidationLoans (2)DirectUnsubsidizedConsolidationLoans (3)DirectPLUSConsolidationLoans Evenifyouhaveloansfrommorethanone category,youstillhaveonlyoneDirect ConsolidationLoanandmakejustonemonthly payment. Whataretheadvantages ofaDirectConsolidationLoan?
Federal Direct Stafford Loan Federal PLUS Loan (education loans for graduate students and parents) Perkins Loan Parent PLUS Loan Grad PLUS Loan Grants Work-Study Programs Receiving Your Federal Loan Generally, you will receive your loan money in at least two payments called disbursements, and in mo...
Direct PLUS Loans Direct PLUS loans – Parent PLUS and Grad PLUS loans – are available to eligible parents and graduate or professional degree students, respectively. The maximum loan amount borrowers can take out is the total cost of attendance minus any other financial assistance rece...
Direct PLUS loans for parents of students attending loans Other things to know about federal student loans They carry fixed interest rates. The amount you can borrow is limited. Repayment options include income-based plans, waivers, deferrals and other options if you fall behind or default. ...
2024, and before July 1, 2025, have an interest rate of 6.53%. Unsubsidized student loans for graduate students have an interest rate of 8.08%. Direct PLUS loans for parents and graduate students have an interest rate of 9.08%, the highest interest rate of all federal student loans....
Master Promissory Note: Federal Direct PLUS LoanDirect, FederalStafford, UnsubsidizedLoan, FordLinda, Loma
They also carry a relatively low, fixed interest rate (but higher than the rates on other direct loan types) and offer flexible repayment plans, such as the ability to defer payment until the student graduates. PLUS loans require that the parent applicant pass a credit check (or obtain a co...