Refinance Parent PLUS Loans

Best Lenders to Refinance Parent PLUS Loans in 2020

	View Disclosures To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest fixed rate loan rates range from 3.45% APR (with Auto Pay) to 6.99% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 6.89% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of November 21, 2019, and are subject to change based on market conditions and borrower eligibility. Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. The information provided on this page is updated as of 11/21/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product. © 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.	View Disclosures Figure’s Student Refinance Loan is a private loan. If you refinance federal loans, you forfeit certain flexible repayment options associated with those loans. If you expect to incur financial hardship that would impact your ability to repay, you should consider federal consolidation alternatives.	View Disclosures Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution. Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of 5 years and is reserved for applicants with FICO scores of at least 810. As of 12/07/2019 student loan refinancing rates range from 1.90% to 8.59% Variable APR with AutoPay and 3.49% to 7.75% Fixed APR with AutoPay.	View Disclosures Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 1.76% effective November 10, 2019.	View Disclosures Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association. As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest. ANNUAL PERCENTAGE RATE (“APR”) This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate. FEE INFORMATION There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account. LOAN AMOUNT For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans. For eligible Associates degrees in the healthcare field (see Eligibility & Eligible Loans section below), Lender will refinance up to $50,000 in loans for non-ParentPlus refinance loans. Note, parents who are refinancing loans taken out on behalf of a child who has obtained an associates degrees in an eligible healthcare field are not subject to the $50,000 loan maximum, refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for more information about refinancing ParentPlus loans. ELIGIBILITY & ELIGIBLE LOANS Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment. All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions. For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned. INTEREST RATES The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency. DISBURSEMENT OPTIONS The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired. POSTPONING OR REDUCING PAYMENTS After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends. We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment. If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments. KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This information is current as of November 8, 2019 and is subject to change.	View Disclosures Lifetime interest savings of $20,657 is a hypothetical calculation and may not be representative of your actual situation. The savings calculation assumes an original loan amount of $65,000 with a 10-year term and a rate of 7.15%, refinanced to a shorter, 5-year term with a fixed rate of 3.25% APR, which is PenFed’s lowest available 5-year fixed rate as of 7/1/2018. The calculation also assumes no pre-payment amounts and on-time payments for the duration of the refinanced term. Not all applicants will qualify for the lowest rate as they are reserved for the most creditworthy applicants. Your actual savings may vary based on interest rates, balances, remaining repayment term and other factors. Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rates range from 3.48% APR to 6.03% APR and Variable Rates range from 2.32% to 7.06% APR. Both Fixed and Variable Rates will vary based on application terms, level of degree and presence of a co-signer. These rates are subject to additional terms and conditions and rates are subject to change at any time without notice. For Variable Rate student loans, the rate will never exceed 9.00% for 5 year and 8 year loans and 10.00% for 12 and 15 years loans (the maximum allowable for this loan). Minimum variable rate will be 2.00%. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.	View Disclosures Student loan Refinance: Fixed rates from 3.46% APR (with AutoPay) to 7.61% APR (without AutoPay). Variable rates currently from 2.31% APR (with AutoPay) to 7.61% (without AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.31% APR assumes current 1 month LIBOR rate of 2.31% plus 0.75% margin minus 0.25% for AutoPay. If approved for a loan, the fixed or variable interest rate offered will depend on your credit history and the term of the loan and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.	View Disclosures Education Loan Finance Program from SouthEast Bank – Loan Interest Rates & Fees Your Starting Interest Rate (upon approval) The interest rate you pay will be determined after you apply. It will be based upon your credit history, the loan term you select, and other factors. If approved, we will notify you of the rate you qualify for. Your Interest Rate during the life of a loan: Fixed-Rate Loans Your rate is fixed and will depend on the loan term that you select. This means that your interest rate will never change during the life of your loan. Your Interest Rate during the life of the loan: Variable-Rate Loans Your rate is variable. This means that your rate could move lower or higher than the rates on your disclosure. This loan has a variable interest rate that is based on a publicly available index, the 3-month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.29% and 3.91% to the 3-month LIBOR. Your rate will not increase more than once quarterly. Although the interest rate will vary after you are approved, the interest rate will never exceed 9.95% for the 5-year, 7-year, 10-year, 15-year, or 20-year term. Loan Fees & Example Application Fee: $0 Origination Fee: 0% Loan Guarantee Fee: 0% Prepayment Fee: 0% Late Charge: the lesser of 5% of the past due amount or $50 Returned Check or Insufficient Funds Charge: $30 For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Federal Loan Alternatives and Disclosure Regarding Benefits You may be able to consolidate your outstanding federal loans into a Federal Direct Consolidation Loan. The current interest rate for a Federal Direct Consolidation Loan is the weighted average of the interest rates being consolidated rounded up to the nearest one-eighth of one percent. Think carefully before taking out a loan with Education Loan Finance, the education loan refinance program offered by SouthEast Bank, to pay off your federal loans. If you refinance your federal loans through Education Loan Finance, you will not be able to select income contingent repayment or other flexible payment plans that are available to federal student loan borrowers. In addition, federal student loans offer deferment and forbearance options that may not be available to you if you take out a loan with Education Loan Finance. Private education loans are not eligible to be included in a Federal Direct Consolidation Loan. See http://studentaid.ed.gov/types/loans/federal-vs-private for a description of the benefits and repayment options available to federal student loan borrowers. Next Steps 1. Find out about other options. The Federal Direct Consolidation Loan may have student loan benefits and terms not detailed on this form. Visit the Department of Education’s website at www.StudentLoans.gov for more information about other consolidation loans. 2. To apply for this loan, complete the application. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law). Reference Notes Disclosure Regarding Federal Loans See your loan agreement for important disclosures about the consequences of refinancing federal student loans with Education Loan Finance. Interest Rate Your interest rate will depend on the loan term that you select. Interest rates are valid within the preceding 30 days. Repayment Options Education Loan Finance does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the federal student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period and that accrued interest will be capitalized at the end of this deferment period. Electronic Payment Requirement This loan requires an electronic payment. Borrower Eligibility Criteria All loans are subject to credit approval. Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility. Must be at the age of majority or older at the time of loan application. Must have earned a bachelor’s degree or higher from an Education Loan Finance approved post-secondary institution and program of study. Must reside in a state in which Education Loan Finance is authorized to lend. Participating Schools Neither Education Loan Finance nor SouthEast Bank is affiliated with the schools included on the Education Loan Finance Approved Post-Secondary Institution list, nor does inclusion on this list constitute any endorsement or partnership between either party. Co-Signers Must be at the age of majority or older at the time of loan application. Bankruptcy Limitations If you file for bankruptcy you may still be required to pay back this loan. SOUTHEAST BANK RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This website and all content is the exclusive property of SouthEast Bank and may not be reproduced without permission. All information contained on this website is subject to change without notice. SouthEast Bank is not responsible for typographical errors. More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.	View Disclosures Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers.	View Disclosures BRAZOS RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Brazos loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Program restrictions, other terms, and conditions apply. All loans are subject to individual approval and adherence to eligibility requirements and underwriting guidelines. Not all borrowers receive the lowest rate. If approved, your actual rate will be within the range of rates listed in this website and will depend on a variety of factors, including whether your loan has a fixed or variable interest rate, the term of the loan and your credit score. Rates and Terms are subject to change at any time without notice. Brazos loans are originated by Brazos Education Lending Corporation. None of the information contained in this website constitutes a recommendation, solicitation or offer by Brazos or Brazos Higher Education to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.
Fixed Rates A fixed-rate student loan guarantees a single interest rate that does not change over the lifetime of the loan. Fixed-rate loans often have higher rates than the introductory rates on variable loans. However, borrowers have peace of mind knowing their monthly payments will always be the same amount.	3.20% – 6.99%	3.25% – 6.75%	3.39% – 7.75%	3.21% – 6.45%	3.50% – 7.02%	3.48% – 6.03%	3.46% – 7.36%	3.14% – 6.69%	3.48% – 7.27%	3.10%- 4.85%
Variable Rates Variable-rate student loans have interest rates that can change during the repayment period. Interest rates may increase or decrease at any time and typically do so based on changes to LIBOR. Often, the introductory rate on a variable-rate loan is lower than that of a fixed rate loan, though it has the potential to increase later.	1.99% – 6.89%	2.06% – 6.81%	1.90% – 8.59%	1.85% – 6.13%	1.99% – 6.65%	2.42% – 7.16%	2.31% – 7.36%	2.39% – 6.01%	1.99% – 7.06%	2.00% – 4.44%
Terms “Term” refers to the length of the loan, typically in years. In general, the shorter the term, the lower the interest rate and the higher the monthly payments. Longer terms will typically result in lower monthly payments but at a higher interest rate. Borrowers may select any term offered by a lender regardless of the current loan term.	5 to 20	5 to 20	5 to 20	5 to 20	5 to 20	5 to 15	5 to 20	5 to 20	5 to 15	5 to 20
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Minimum Lending Amount The minimum student loan balance a borrower must currently have to refinance with the lender.	$5,000	$5,000	$5,000	$5,000	$5,000	$7,500	$10,000	$15,000	$7,500	$10,000
Maximum Lending Amount The maximum student loan balance a borrower must currently have to refinance with the lender.	No Max	$250,000	$125k undergrad $250k graduate $300k medical	$500,000	No Max	No Max	No Max	No Max	$350,000	$150,000
Auto Pay Discount Lenders may offer an interest rate reduction for setting up automated monthly loan payments. This reduction is typically already factored into the fixed and variable rates quoted above.
Job Loss Protection If a borrower loses their job through no fault of their own, they may be eligible to receive unemployment benefits with some lenders. If approved for this benefit, the lender will put the borrower’s loans into forbearance, suspending their monthly loan payments. Unpaid interest will continue to accrue and will be capitalized (added) onto the borrower’s principal balance. Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.	up to 1 year	up to 1 year	up to 18 months	up to 24 months	up to 1 year	contact lender	up to 1 year	up to 1 year	contact lender	contact lender
Average Savings Average savings per lender based on applicants who have applied.	Varies	Varies	Varies	Varies	Varies	Varies	Varies	Varies	Varies	Varies
Interest Only Payments Some lenders may allow you to make interest-only payments for a period of time during your repayment period.
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Eligible Degrees Our partners refinance student loans from both undergraduate and graduate degrees.	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate	Undergrad & Graduate
Eligible Loans Our partners refinance both private and federal student loans. Both types of loans can be consolidated to create a single payment.	Private & Federal	Private & Federal	Private & Federal	Private & Federal	Private & Federal	Private & Federal	Private & Federal	Private & Federal	Private & Federal	Private & Federal
Credit Score Minimum This is the lowest credit score a lender will consider when determining borrower eligibility. While some lenders do not indicate a specific minimum score, they typically still evaluate a borrower’s credit profile to determine eligibility.	650	680	680	660	660	670	Good or Excellent score needed	680	660	690
Minimum Income Requirements The minimum annual income a lender is will consider for borrower eligibility.	none	none	$24k annual, $12k with cosigner	$24k per year	none	none	none	$35k annual	$42k annual	$60k annual
Apply with Cosigner Applicants have the option to add a cosigner to meet eligibility requirements and/or get better rates and terms on their loan.
Cosigner Release If the applicant’s initial student loans had a cosigner, the applicant may have the option to refinance their loans solely in the borrowers name and “release” the original cosigner(s).
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Transferable Parent PLUS Loan from Parent to Graduate Many parents take out “Parent PLUS” loans to pay for their children to attend college. Some lenders will permit the refinancing of those Parent PLUS loans from the parent’s name into the name of the child/graduate.
No Origination Fees Origination fees are added expenses that lenders may charge for granting a new loan.
No Prepayment Penalty Prepayment penalties are fees charged by lenders for paying off the balance of the loan before its scheduled pay-off date.
Refinance Parent PLUS Loans Indicates whether or not the lender allows parents who took out Parent PLUS loans on behalf of their children to refinance their loans.
Can Be a Resident of Any State Some lenders may not refinance student loans for residents of certain states.	Any except AL, DE, KY, MS, NV, RI	Any except MS	Any except ME, ND, NV, RI, WV	Any except MS or NV	Yes	Yes	Yes	Yes	Yes	Texas Residents only
Previously Defaulted Loans Allowed Indicates whether or not the lender allows loans that were previously in default, but have now been rehabilitated, to be refinanced. Loans currently in default are generally not eligible for refinancing.
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Avg. Time to Check Rate An estimate of how long (on average) it will take for a borrower to simply check their refinancing interest rate. For lenders that offer a soft credit check, this will not hurt a borrower’s credit score.	3 minutes or less	3 minutes or less	3 minutes or less	3 minutes or less	3 minutes or less	3 minutes or less	3 minutes or less	3 minutes or less	3 minutes or less	3 minutes or less
Avg. Time to Apply An estimate of how long (on average) it will take for a borrower to fully complete a student loan refinancing application.	10 minutes or less	10 minutes or less	10 minutes or less	10 minutes or less	10 minutes or less	10 minutes or less	10 minutes or less	10 minutes or less	10 minutes or less	10 minutes or less
Application Mobile Friendly Indicates whether or not a lender accepts applications from a mobile device.
No Personal References Needed Some lenders may require a personal reference in order to apply for student loan refinancing.
Interest is Tax Deductible Indicates whether or not the interest paid on the refinanced student loan may be eligible for the student loan interest tax deduction (assuming all other eligibility requirements are met).
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LENDER	–	MORE INFO
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‣ What is a Parent PLUS Loan?

A Parent PLUS Loan is a loan that is provided by the federal government for Undergraduate Students and is also known as a PLUS loan. This loan is generally available through the Direct Loan program. This program allows parents and/or the legal guardian of the student to borrow money that will allow for the student to cover the costs that may not already be covered by the current student’s financial aid package and will help them in covering the full costs and expenses of attending college.

‣ Who makes Parent PLUS Loans?

As of 2010, all Parent PLUS Loans are made by the United States Federal Government. These loans are typically handled through the child’s college however, you may be able to find more info on these loans through the studentloans.gov. Through this site, you will be able to get a better idea of what is needed in order to qualify for the Parent PLUS Loan as where to apply for this type of loan.

‣ How much will a Parent PLUS Loan cost me?

At the time of writing this section, interest rates for Parent PLUS Loans are now market-based. What this means is rates may change through out the week, month, or year during the term of the loan similar to how you see mortgage rates changes. Parent PLUS Loans will have the rate set for the loan on or after July 1 each year. At the time the loan has been issued, the rate that you have received is locked in. One thing to note is that you may qualify for interest rate deductions on your taxes for qualifying low and middle-income families with Parent PLUS Loans.

‣ What are the advantages of a Parent PLUS Loan?

Parent PLUS Student Loans allow for a few different advantages that may be appealing to clients who look at this loan. Generally speaking, the interest rates for Parent PLUS Loans can vary annually depending on the type of loan offered. You do have the option to get both variable or fixed rate loans depending on the lender requirements. Another benefit of a Parent PLUS Loan is the offer of free insurance on the loan. What this means is the debt will be canceled if the parents or the student who took out the loan dies or becomes disabled.

‣ What are the downsides of a Parent PLUS Loan?

The one major downside of a Parent PLUS Loan is the fact that you are not able to declare bankruptcy on this loan. In fact, with all student loans, you will not be able to file for bankruptcy unlike how you can with mortgages or credit card debt. In extremely rare situations, you may be able to take your case to court.

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