Parent PLUS Loan
A Parent PLUS Loan is a federal education loan available only to parents. It is often a good option after Stafford loan limits have been reached and additional funding is needed. Funded by Graduate Leverage, guaranteed by the Federal Government and managed by your school, this loan provides parents the opportunity to help their students attain additional support.
Terms and Benefits:
- 0.25% ACH: Interest rate is reduced by 0.25% if automatic payments are made directly from your bank account.
- Repayment period: Up to 25 years
- Loan Limits: Cost of attendance minus other financial aid
- Not based on financial need, but credit guidelines apply
- Option to defer payments while your student is enrolled in school at least half-time
- 24/7 Account access
Parent PLUS Loan details for the 2009-2010 academic year:
| Loan Type |
Interest Rate |
Fees |
| Parent PLUS |
8.5% |
0% Federal Default Fee*
3% Origination Fee |
Notes and Assumptions
* Graduate Leverage has elected to work with national guarantors that have waived the Federal Default Fee on behalf of its borrowers. If your loan is processed with another guarantor you may be subject to a 1% default fee. Programs are subject to change.