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Federal PLUS Loan interest rates are variable and are adjusted July 1 of each year, based on the last 91-Day T-Bill rate in May.

Interest Rate :-

The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2014.

Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%.

The following fixed interest rates are for Direct Loans first disbursed on or after July 1, 2015 and prior to July 1, 2016. Federal Direct Parent PLUS Loan Rate is 6.84%.

PLUS Loan Repayment Term :-

After you graduate, leave school, or drop below half-time enrollment, you will begin a one-time six month grace period before repayment begins. Due to new federal legislation, interest will now accrue during the grace period on subsidized Stafford loans disbursed after July 1, 2012. Your federal loan servicer will notify you of the date your loan repayment begins and will provide further details. for more information click here

You will be able to choose a repayment plan that meets your needs. The amount you pay and the length of time to repay your loans will vary depending on the repayment plan you choose. Typical loan repayment terms are 10 to 25 years.

Terms :-

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  • Otherwise: The repayment term is usually 10 years.
    Level repayment begins 30 to 60 days after the final disbursement is made to the student. Since funds are disbursed at the beginning of each semester, repayment typically begins in March.
  • There are no penalties for prepayment.
    Under certain hardship circumstances, alternate repayment options such as Deferment, Forbearance, and Income-sensitive repayment may be used to reduce or postpone repayment.
  • All PLUS debt is forgiven in the event of death or permanent disability of the borrower or death of the student.
Is there a credit check required for a Parent PLUS Loan?

Yes, parents must pass federal guidelines for credit worthiness. These guidelines are generally less stringent than for other types of consumer credit, such as home equity loans and credit cards.

How much does a Parent PLUS Loan cost?

The Federal PLUS Loan has a 3% government origination fee and a 1% guarantee fee, which may be waived by the guarantor. Fees are taken out of the out of the proceeds of the loan, so there is no up-front money required to obtain the loan.

How are loan funds disbursed?

The funds will be distributed directly to the schools financial aid office for scheduled payments over the course of the academic year. All federal loans have at least two disbursements, typically one for each school term. At most schools, the last disbursement will take place in January, and the repayment will normally start between February and March.

NOTE :- Due to Federal Policies & Plan Loan Rates are keep chaining, please clear with loan provider about interest rates and terms.



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