Parent PLUS Loans

Cost-Effective and Convenient Rewards PLUS^SM Loans

Rewards PLUS^SM loans from Student Loan Finance Association are designed for parents borrowing for their dependent undergraduate students' education expenses. This unbeatable benefit is available on loans guaranteed June 9, 2008–June 30, 2009:

With Student Loan Finance Association as your PLUS lender, you can earn a 0.25 percentage point interest rate reduction with automatic-debit payments!*

Apply now for a Federal Parent PLUS Loan.

About Parent PLUS Loans

Parent PLUS Loans are for parents borrowing for dependent students.
This program is available through the Federal Family Education Loan Program (FFELP).
PLUS loan eligibility is not based on financial need.
The interest rate for Parent PLUS loans first disbursed on or after July 1, 2006 is fixed at 8.5%.
PLUS Loan funds are sent to the school.
The loan funds will be used to pay for tuition, fees, room and board, and other college charges.
If money remains, a check will be sent to the parent borrower.
These funds must be used for education expenses.
Repayment of PLUS Loan begins within 60 days after the final loan disbursement for each academic year, or for loans disbursed beginning 7/1/08, parents have the option to postpone repayment until six months after the beneficiary student leaves school or drops below half-time enrollment. If payments are postponed, interest will accrue and be capitalized on the unpaid loan balance.
The parent borrower pays the accumulated interest.

Eligibility

PLUS (parent) borrowers must borrow for dependent undergraduate students attending a school participating in the Federal Family Education Loan Program (FFELP).

Additionally parent borrowers and their dependent students must:

Be U.S. citizens or nationals, U.S. permanent residents, or eligible non-citizens
Not be in default on any education loans

Fees

3% Origination Fee
1% Federal Default Fee

How much can I borrow?

With Student Loan Finance Association's PLUS Loan, there are no annual or aggregate loan limits. You may borrow up to the cost of attendance less any other financial aid received, as certified by your school.

Loan limits?

Annual limit is equal to the cost of attendance minus any other financial aid received.

Download the Master Promissory Note for the Federal PLUS Loan.

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, the auto-debit benefit is available on loans guaranteed 6/9/08–6/30/09. Assuming the loan is serviced by Sallie Mae, this benefit remains available during active repayment for as long as the borrower's monthly payment is successfully deducted from his/her bank account. If the loan is not serviced by Sallie Mae, other restrictions may apply as determined by the US Department of Education.