Federal
PLUS Loans are low-rate loans for parents of undergraduate
students designed to help you afford a college education. With a
PLUS loan, parents can fund the entire cost of the students
education, minus the financial aid received by their child. This
includes books, supplies and living expenses, as well as direct
costs like tuition and room and board.
The PLUS loan interest rate varies annually, but is capped never
to exceed 9%. The PLUS loan rate in effect from July 1, 2004
through June 30, 2005 is just 4.17%. More importantly,
education loan interest is deductible for most families. You can
take up to 10 years to repay a PLUS loan and incur no penalties
for early repayment. If you choose to make payments via automatic
debit from your bank account, Student Loan Funding will subtract
.25% from your PLUS loan interest rate.
PLUS loans require a basic credit check, but are not made based on
income or assets and require no collateral. The only requirements
of parent borrowers are that they be US citizens or permanent
residents and have a child enrolled at least half time in an
undergraduate program.
How do I Apply ?
Student Loan Funding provides many convenient ways for you to
apply for a Federal PLUS Loan. For quick pre-approval, select
apply on-line, apply by phone, apply by fax below.
Or, simply select Student Loan Funding as your lender when your
school financial aid office asks you to choose a lender or write
our name (Student Loan Funding) and lender code (831455) on the
PLUS Master Promissory Note or loan request form you receive from
your child's school