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Federal PLUS and Grad PLUS Loans
Federal PLUS Loans
The PLUS Loan program is for parents who wish to borrow
to help finance college expenses for dependent undergraduate students and
graduate and professional students. In order for a parent to be eligible
for this program, he or she must be a U.S. citizen or permanent resident,
and pass a credit test. Parents may borrow up to the remaining cost of education.
The PLUS Loan has a fixed interest rate of
8.5% for loans disbursed on or after July 1, 2006. Fees can be up to 4% of
the principal amount. This loan
requires repayment 60 days after the last date of disbursement, with a repayment
period maximum of ten years.
Federal Grad PLUS Loans
A Federal PLUS Loan for graduate and professional
students (Grad PLUS) is a loan available to parents of students studying
at the graduate or professional level. The Grad PLUS Loan has the
same parameters as the Federal PLUS Loan.
Click here for more information about CSLF's
Susie Mae PLUS Loan Program.
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What is the Legal Definition of a Parent?
According to the U.S. Department of Education,
a parent is your biological or adoptive mother or father.
A stepparent who is married to the parent you lived with during the
past 12 months is also considered a parent. A legal guardian is not
considered a parent.
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