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The interest rate is currently fixed at 6.28% and charged from the date of the first disbursement until the loan is paid in full. For undergraduate students, the loan is a commitment by the parent, rather than the student. Several different repayment plans are available. Credit history is taken into account, while with Stafford loans it is not.
These loans are issued directly to parents and the interest rate for Parent PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, is currently 8.05%, according to Sallie Mae.
The rate remains 6.8%; PLUS loans made beginning July 1, 2006: 8.5% in FFEL Program; 7.9% in DL Program. For PLUS loans made before July 1, a variable rate applies (with a 9.00% cap). The House passed a resolution in May 2013 to tie student loan rates to free market loan rates. Every year, student loan interest rates will adjust to fit the ...
The Unsubsidized Stafford Loan and Grad PLUS loans are non-need-based loans available for both undergraduate and graduate students who do not qualify for need-based financial aid. [16] Even though these loans are not subsidized, interest rates are set by Congress, the programs are closely supervised, and they provide many protections that ...
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The FAFSA, which opens annually on Oct. 1 for the school year beginning the following calendar year, is used to determine eligibility for federal student aid as well as many forms of state and ...
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