Parent PLUS Loan (Parent Loan for Undergraduate Students)
The Parent Loan for Undergraduate Students, or PLUS loan, is a federally-backed loan that enables parents to borrow funds to cover your child's (or children's) cost of attending college, less any financial aid.
PLUS loans are not need-based; however, the parent just needs to meet minimal credit requirements to qualify. Unlike other Federal student loans, repayment of the parent PLUS loan is the responsibility of the parent, not the student.
Administered by the college or university your child attends, the SBS PLUS Loan is one of the most competitive PLUS Loan products currently offered in the U.S.
PLUS Loan - More Flexible, Less Expensive
than Conventional Consumer Loans
Many parents opt to take out a parents PLUS Loan because it offers many advantages over other forms of consumer loans such as a home equity loan or line of credit, credit cards, bank loans, or other private loans:
KEY BENEFITS
- Low interest rates
PLUS loan interest rates are fixed at 8.5%.
- 0% Guaranty Fee
This loan fee has been waived for SBS PLUS Loan customers to lower your cost of borrowing.
- Interest rate discount options
- Save an additional .25 percentage points immediately with automated repayment; and
- save another 1 percentage point after 36 months of on-time payments
- Tax benefits
- Interest may be tax-deductible No collateral required
- No prepayment penalty
- Enables deferment of payment while child is in school at least half-time,or under other specific circumstances
- Convenient repayment terms
Have more control over your family's cash flow
- No-hassle application process - no need to spend time completing a FAFSA application
- Simple eligibility requirements
- Each dependent child must be enrolled at least half time in an approved two-year or four-year college or university; and
- The parents must have a good credit history
- PLUS Loans are eligible for Federal loan consolidation
Helps you manage your child's education debt even after graduation
Free
Credit Counseling Services
If needed, OneSimpleLoan offers several services to help parents qualify for a PLUS loan that may be otherwise denied.
This includes credit counseling, where we can assist you in obtaining and reviewing your credit report to address those issues that may be negatively affecting your credit rating. If your credit rating requires that you have a qualified co-signer but you don't have one, we also offer endorsement availability, which enables parents to obtain a creditworthy co-signer for the PLUS loan.
PLUS Loan
Fees
PLUS loans are subject to up to a 3% origination fee which is deducted from the original loan amount.
It's Easy
to Apply!
The SBS PLUS loan is a superb borrowing tool that can help you assist your child achieve his or her education goals.
Our student loan specialists are ready to help you. Please give us a call at 1-866-652-2121, or fill out our simple pre-qualification application form today. There's no obligation and no application fees!
How to Get the Pre-July 1st Interest Rate After the Deadline!
According to the U.S. Department of Education, if you have "substantially completed" a student loan consolidation application prior to July 1, 2006, you may still qualify for the lower pre-July 1 interest rate, even at this late date!
CURRENT STUDENT LOAN CONSOLIDATION
INTEREST RATES
5.375% - 6.125%*
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