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Parents PLUS Loan Consolidation is just as easy as consolidating student loans. Parents with PLUS Loans can apply to consolidate PLUS Loans today.|
What is PLUS Loan Consolidation & Requirements to Consolidate PLUS Loans
PLUS Loan Consolidation is a fixed-rate refinancing plan that cuts your monthly payments. You must have at least $2500 in Loans. You must have received the final disbursement for the current academic year Note: you do not have to wait until your child has graduated!
Apply now and you could secure a low fixed interest rate for the life of the loan.
Benefits of Federal PLUS Loan Consolidation :-
As a parent with PLUS loans to consolidate, you can take advantage of a Consolidation Assistance Program Loan interest rate lower than the maximum PLUS interest rate. Why? Variable interest rates on PLUS loans have fallen dramatically-and are at their lowest levels in history.
- Reduce your monthly payment! Beat inflation!
- Apply now and lock in a lower rate for the life of the loan.
- Make one loan payment a month.
- Improve your credit rating!
- Match your repayment plan and term to your financial situation.
- Reduce your interest rate through our benefits package.
- There are no fees, no credit checks, application or origination charges associated with your application!
And, while PLUS loan rates may go up again, your Consolidation Assistance Program Loan is fixed-you can lock in this low rate for the life of your loan!
You may consolidate your own student loans with PLUS loans you have taken out on behalf of your children. However, you may not consolidate your children's student loans with PLUS loans.
Why pay more? consolidate now !
If you do not consolidate now, while rates are possibly at their lowest in history, you could miss the chance to take advantage of these low, fixed rates. Just see how much you can save. And, for even more savings, you may wish to consider an extended term loan (length of term is dependent on amount of loan). Remember, you can choose to repay your loan early with NO penalty!
Parents Plus Loans Terms And Conditions
The PLUS Loan allows parents to borrow federally guaranteed money at low interest to help pay for their child's education.
- For a Federal PLUS Loan, the parent must be:-
- A biological, adoptive or step-parent of a dependent undergraduate student
- A U.S. citizen or eligible non-citizen
- Able to meet federal minimum standards of credit worthiness
- In addition, students must be:-
- U.S. citizens or eligible non citizens
- Less than 24 years of age as of December 31 of the academic year
- Unmarried with no dependents
- Federal PLUS Loan Amounts
- With a Federal PLUS Loan, parents can borrow up to 100% of the estimated total cost of education, less any financial aid awarded to the student.
- The estimated total cost of education may include tuition, books, room and board, transportation and other living expenses.
- Min. $2,500 debt
- 2 or more accounts.
- A source of income.