Federal Parent Plus Loan
What is a PLUS loan?
Federal Parent Loans for Undergraduate Students, also known as PLUS loans, are low-interest education loans that allow parents to fund the cost of their child’s education.
A Federal PLUS Loan allows parents who are eligible to borrow up to 100% of the estimated cost of your student’s college attendance, including student tuition, room and board, student books, transportation and additional expenses, minus any other financial aid awarded to the student.
Eligibility Requirements for parent plus student loan
Why do financial experts recommend the Federal PLUS Loan?
Many people take advantage of the federal parent plus loan loan due to the low interest rates and favorable repayment terms. With simple interest rates as low as 6.5%, many parents place the money that they were going to use for college into investments that earn more compounding interest.
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The PLUS loan is not income sensitive; this means that family income is not a factor when determining eligibility. Even Bill Gates qualifies.
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