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A PLUS Loan is a student loan, which is part of the Federal Direct Student Loan Program, offered to parents of students enrolled at least half time, or graduate and professional students, at participating and eligible post-secondary institutions. The original, now obsolete, meaning of the acronym was "Parent Loan for Undergraduate Students".
Graduate PLUS is a type of federal student aid, in the form of student loans, which is available to graduate and professional students. [1] Similar to the Parent PLUS loan for parents of dependent undergraduate students , the Graduate PLUS loan is an unsubsidized federally guaranteed education loan with no annual or aggregate limits.
Direct PLUS Loan: The direct PLUS loan is a federal loan that graduate or professional students and parents of undergraduate students can use to pay for their education. These loans can be used to help pay for education expenses not covered by financial aid. The Direct PLUS loan is not based on financial need, but credit is necessary.
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.
For the 2021-2022 school year, the Parent Plus loan has a 6.28% interest rate plus an origination fee of 4.228%,” according to the website. Discover: Do’s and Don’ts of Dollar Store Shopping ...
The federal forbearance pandemic pause — enacted in 2020 and expiring December 31, 2022 — gave many borrowers, especially parents still paying off their own student loans along with ParentPlus ...
Student loan deferment is an agreement between the student and lender that the student may reduce or postpone repayment of a student loan for a designated period. [1] Deferment or forbearance [ 2 ] will prevent the loan from going into default , but may increase the overall cost of the loan. [ 3 ]
Parent loans allow parents to take out student loans, the repayment of which will be their responsibility. The parents use these loans to pay for educational expenses on behalf of the student. For undergraduate students, there is the parent loan for undergraduate students or PLUS Loan. This loan allows parents to borrow up to the total cost of ...