We
would like to try
to help you afford to send your son or daughter to the college of their choice by
taking advantage of the federal PLUS (Parent Loan for Undergraduate Students)
loan program. The student loan experts at the Education Loan Center (ELC) will
explain the benefits of the program and can help get you started with your
application for the PLUS loan today. When you call ELC toll
free at
866-335-3049
we will assign a personal loan consultant to your account that will provide you
with step-by-step guidance through the entire student loan application process.
Our highly trained and friendly loan consultants have helped hundreds of
thousands of borrowers with education financing and we can help you, too.
Benefits of the Federal PLUS Loan
A fixed interest rate, of 8.5%1
Minimal
Federal Credit Requirements.
Take up to 10 years to repay.
Deferred repayment of up to three years in cases of economic hardship and an
additional three years in cases of unemployment.
Prepayment in full any time without penalty.
Tax deductible interest for some borrowers.2
No income restrictions or collateral requirements.
100% loan
forgiveness in case of death or permanent and total disability of borrower, or
death of borrower or student.
Ready to get started?
Apply now online or call us at 866-335-3049. We'll help you
complete your application, estimate your payment amount, and answer all your
questions.
What is a PLUS Loan and is it For Me?
The Federal PLUS Loan (Parent Loan for Undergraduate Students) is an
affordable, government-sponsored, low-interest loan designed to help parents
cover their child's education costs. It allows parents to borrow up to the
total cost of college for each year their child is in school. It is not a
need-based loan and more importantly, it is available year round-even if you
have already paid tuition and education expenses.
Borrowing Limits
The maximum you
may borrow equals the total cost of your student's education, minus financial aid
awarded. The minimum you can borrow through Goal Financial is $5,000. The total
cost of education includes tuition, books, room/board, transportation and other
miscellaneous expenses for the academic year. The school financial aid office
determines all expenses that make up the total cost of education.
Who is Eligible?
PLUS loans are
awarded based on your credit and are non-need based. You
are eligible if you are the natural, step3
or adoptive parent of a financially
dependent student. You must be a US citizen or eligible non-citizen and your
student must be or plan to be enrolled at least half-time in an accredited
undergraduate degree/certificate program. There are no income or collateral
requirements.
What are the Credit Requirements?
When you apply for a Federal PLUS Loan , ELC will obtain a copy of
your credit report from a national credit bureau, as required by federal law.
PLUS Loan credit requirements are minimal; however there are a few adverse
credit items that could initially affect your eligibility.
Interest Rates and Fees
PLUS Loans have a fixed interest rate of 8.5% for loans with a first
disbursement after July 1, 2006. Loan fees may be included in the total cost of
education, as calculated by your school. Fees may be deducted from your loan
principal at disbursement and consists of an Origination fee of 3%, and may
also include a Guarantee fee of up to 1% depending on the student's school and
Guarantee agency.
When to Apply
Ideally, parents should contact ELC in January of the year the student
plans to begin school. However, parents can apply for a PLUS Loan until the end
of each academic year; even after all educational expenses have been paid.
Repaying Your Federal PLUS Loan
Take up to 10 years to repay your Federal PLUS Loan and choose from flexible
repayment plans. You can pay off your loan anytime with no prepayment penalty.
Additionally, ELC offers
loan consolidation which may extend your payment period and reduce your
monthly bills.
For Federal PLUS Loans disbursed after July, 2006.
Consult your tax advisor for
individual eligibility.
Step parent
if income is reported on the FAFSA.
An eligible non-citizen is considered eligible if he or she meets all other
applicable eligibility criteria and is: a U.S. national (includes natives of
American Samoa, Guam or Swain's Island), a U.S. permanent resident who has an
I-151, I-551, or I-551C (Alien Registration Receipt Card). If you are not in
one of these categories, you must have an Arrival-Departure record (I-94) from
the U.S. Immigration and Naturalization Service (INS) showing one of the
following designations: a) Refugee, b) Asylum Granted, c) Indefinite Parole
and/or Humanitarian Parole, or d) Cuban-Haitian entrant, Status Pending, e)
Conditional Entrant (valid only if issued before April 1, 1980).
