PLUS Advantages

Parent Loans for Undergraduate Students (PLUS) can be great if it fits your situation. Here are advantages and requirements.

Advantages of the PLUS loans :

PLUS loans are not based on income or assets.

PLUS borrowers do not need collateral.

PLUS loans offer a low variable interest rate that will never exceed 9%.

PLUS loan interest may be tax deductible.

Parents may take up to 10 years to repay the loan. There is no pre-payment penalty.

Automatic Debit (automatic payment) customers get a .25 percentage point interest-rate cut. (Sallie Mae)

Requirements :

U.S. citizen or permanent resident.

Parent of a full-time or half-time undergraduate.

No adverse credit.

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