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| Eligibility |
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- You may apply for a Parent PLUS loan to pay for the higher-education-related expenses of an undergraduate, dependent child. Parents of independent students are not eligible.
- You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
- A credit check is required.
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| Use automatic debit and save |
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- You may qualify for a 0.25 percentage point interest rate reduction when you make payments on your federal Parent PLUS loans by automatic debit.1
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| Features |
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- Flexible repayment options are available.
- Defer repayment while the beneficiary student remains enrolled at least half time and for an additional six months afterward.
- You can manage your account online 24/7.
- There is no prepayment penalty.
- There are no income or collateral requirements.
- Interest may be tax-deductible.
- We have an easy online application and approval process with an instant credit decision.
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| Loan terms |
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Loan limit
You may borrow up to the full cost of your child's education less other aid received.
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| Interest rate |
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The interest rate for FFELP Parent PLUS loans first disbursed on or after July 1, 2006 is fixed at 8.5%.
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| Fees |
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There is a 3% origination fee charged by the federal government. Up to a 1% federal default fee is also charged.
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| Repayment |
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- Standard repayment:
You make both principal and interest payments each month up to a 10-year repayment term.
This plan has the lowest total interest cost.
- Graduated repayment:
You make reduced payments in the early years of repayment and increased payments thereafter,
while still paying off the loans within the maximum 10-year period. With graduated repayment,
you have a higher total loan cost than with standard repayment.
- Income-sensitive repayment:
Payments are a percentage of your gross income.
You must reapply every year for this plan and payments are adjusted annually to reflect changes in income.
With income-sensitive repayment, you have a higher total loan cost than with standard repayment.
- Extended repayment:
If you have high student loan debt, you may be eligible for up to a 25-year
repayment term and the choice of standard or graduated payments to keep payments
affordable. With extended repayment, you have a higher total loan cost than with
standard repayment.
- Income-based repayment:
Income-based repayment (IBR) offers an opportunity to make affordable payments on Stafford, Grad PLUS, and most federal consolidation loans (excluding those with Parent PLUS Loans).
The federally mandated program is designed to assist those who have high student debt levels relative to their incomes.
IBR payments are based on discretionary income, which takes into account household size. You must demonstrate partial financial hardship to qualify for the IBR plan.
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| Legal |
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- You are responsible for all interest that accrues on the Parent PLUS loan. Unpaid interest will be capitalized (added to the loan principal) and you will therefore pay interest on a higher amount.
- Repayment on a Parent PLUS loan begins within 60 days after the final disbursement of the loan.
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| More information |
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To apply for a student loan, please call:
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| Fifth Third Education Hotline |
1-800-222-7192 |
| TDD/TTY |
1-800-535-4314 |
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Questions regarding existing student loans, please call either:
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| Sallie Mae® |
1-888-272-5543 |
| Great Lakes Higher Education |
1-800-236-4300 |
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Borrower benefit information is valid as of February 18, 2010.
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