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Benefits of PLUS Loans

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Understanding the Benefits of a PLUS Loan

If you're an undergraduate student entering college for the first time, you're probably a dependent with no established credit history. This status will make it difficult for you to obtain a student loan on your own.

But if your parents are willing to extend their credit to you by getting a Federal PLUS Loan, then you should take advantage of this because PLUS loans are a great way to cover college tuition and other school expenses. College PLUS Loans make it easy for parents to obtain a loan with low-interest rates, and they are available from both the government and private lenders.

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Here are some other benefits of a PLUS loan:

  • Available to all eligible parents, regardless of student financial need
  • Parents can extend their good credit to their children
  • Can cover up to 100% of the cost of tuition
  • Fixed interest rate of 8.5%
  • Interest could be tax deductible
  • Sent directly to your school
  • Can be borrowed directly from the government or a private lender
  • No payments while in school
  • Repayment begins 60 days after final loan disbursement
  • Can be consolidated with other federal student loans

Federal Graduate PLUS Loans are also available to graduate and other continuing education students. You must complete the FAFSA and have a good credit score to receive them.

The benefits of a Federal Graduate PLUS Loan are:

  • Can borrow the full cost of tuition
  • Fixed interest rate of 8.5%
  • Only have to be enrolled half-time
  • Payments can be deferred while in school
  • Can be consolidated with other federal student loans

College PLUS loans are an easy, convenient way to pay for college tuition, and they are a more affordable alternative to private and alternative student loans. So if you're a college student with parents that are willing to extend you their good credit, take advantage of this great student loan.

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