Private parent loan interest rates can be fixed or variable and are based on the borrower's creditworthiness. Private loans may offer lower rates than federal PLUS loans for well-qualified applicants. Parent PLUS loans have federal protections, such as in-school deferment and student lo...
Direct PLUS Loans:For graduate and professional students and parents of undergraduate students. Unlike other federal loans, PLUS loans require basic credit checks. Borrowers with adverse credit histories may need to meet additional requirements, such as adding an endorser to their applications and comple...
Parents should know that both private and federal student loans may offer tax benefits, and this includes Parent PLUS Loans. That’s because both private and federal student loans pave the way to deducting a certain amount of the interest paid on your taxes. Currently, theAmerican Opportunity Cr...
Eligibility.Just about anyone can get a federal direct student loan. The Department of Education requires a credit check forfederal PLUS loans, but you may still qualify even with an adverse credit history. Private student loans, on the other hand, always require a credit check and may also r...
The maximum borrowing limits in subsidized and unsubsidized loans can range from $5,500 to $20,500 a year per student based on several factors, such as whether you're a dependent or independent student and your year in college. Grad PLUS and Pa...
You can receive up to $20,500 in direct unsubsidized loans every year, minus any other funds you get from subsidized loans.3 Direct PLUS Loans Direct PLUS loans are available for both graduate students (grad PLUS loans) and parents of dependent students (parent PLUS loans).4You’re eligible...
Parent PLUS Parents of dependent undergrad students During all deferment Federal student loan origination fees over the years Federal student loans come with an origination fee deducted from your loan amount before disbursement. You’ll see a slight difference in the amount of loan funding you accept...
Parent PLUS loans: Up to the school’s reported cost of attendance, minus other financial aid received. Private student loan amounts Loan amounts forprivate student loansvary by lender. Each lender also sets its own borrowing criteria, interest rates and repayment terms. In general, private stud...
PLUS loans come with federal borrower protections but charge a loan origination fee. Meanwhile, many private lenders offer zero origination fees and lower interest rates for those with good credit. Plus, private lenders tend to have loans for specialized programs such as law school, medical school...