Federal Parent Loan for
Undergraduate Students (PLUS) Loan
The PLUS Loan is a loan in the parent’s name. The PLUS has a fixed interest
rate of 8.5%. This loan goes into repayment 60 days after the loan is disbursed.
The amount of repayment depends on the total borrowed. For example, minimum repayment
on a $4,000 loan is $50 per month. There are no pre-payment penalties. The amount
of the loan is subject to loan approval. Both students and parents must be US
Citizens. If parents are determined to be ineligible for a PLUS Loan, students
may be eligible to receive additional Unsubsidized Stafford Loan.
Alternative
Loans
Alternative loans are available to degree-seeking students who need additional
funds to meet the Cost of Attendance. They are only awarded after the student
has received a Stafford Loan. Students applying for an alternative loan may
borrow up to the total budget for the current academic year. These loans are
in the student’s name and approved based on the borrower’s credit
and work history. The interest rates on these loans are variable, and most
go into repayment six months after the separation date.
Additional
Alternative Loan Programs:
Tuition
Management Systems
Tuition Management Systems offers choices for financing your education including
monthly payment plans, education
loans, e-payment options and one-on-one education payment counseling. Please
visit them at www.afford.com
