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Federal PLUS Loans are low-rate loans for parents of undergraduate students designed to help you afford the cost of your child's college education. With a PLUS loan, parents can fund the entire cost of the students' education, minus other financial aid received.
Federal Parent PLUS Loan provides funds for
indirect expenses like:
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Books
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Supplies
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Living Expenses
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Travel
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and direct costs like:
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Tuition
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Room
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Board
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Fees
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PLUS loans require a basic credit check but are not made based on income or assets and require no collateral. To be eligible for the PLUS loan, the parent(s) must be a U.S. citizen, eligible permanent resident or non-citizen, not be in default on any education loans, and have a dependent child enrolled at least half time in an undergraduate program.
With Student Loan Funding, parents can benefit from a 0.25 percentage point interest rate reduction for automatic debit.*
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS.
*Subject to the above, benefit is available on loans guaranteed 6/9/08–6/30/09 and serviced by Sallie Mae throughout repayment. Terms and conditions apply. A 0.25 percentage point interest rate reduction for paying by automatic debit is available during active repayment for as long as the borrower’s monthly payment is successfully deducted from his/her bank account.
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