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PLUS Borrowing Tips

PLUS Borrowing Tips

1. Take time to carefully review your family’s financial situation and identify every financing resource available.

2. Determine the total amount of education debt your family is willing to accumulate during the student’s college enrollment. Take into consideration the federal student loan debt the student will be taking on as well as what income the student may realistically expect after graduation. Use on-line calculators to help determine future monthly payments.

3. Thoroughly review and decide how important the various features of a loan are before choosing one; these features includes the fees, borrower benefits and incentives, and consolidation benefits. Review the Things to consider when choosing a PLUS loan section for assistance.

4. Beginning July 1, 2006, guarantors are required to charge a federal guarantee fee which was previously not charged by many. The guarantee fee cannot be more than 1% of the amount of the PLUS loan. When all loan features are the same, select a PLUS loan without a guarantee fee. If selecting a PLUS loan other than those listed on our web site, be sure to ask about the guarantee fee.

5. Consider consolidating, or refinancing, your PLUS loans. Currently, if you consolidate your PLUS loans you receive a FIXED interest rate. During times when interest rates are low you can secure a low, fixed interest rate by consolidating your PLUS loan(s) which will save you money over the life of the loan.

6. Ask questions of the lender when applying over the phone for a PLUS loan. Don’t feel uncomfortable asking what may seem to be simple questions. You are borrowing a loan which you will be paying back over a long period of time so be sure to ask any questions you may have.

7. Be in touch with our loan counselor. Our loan counselor is knowledgeable about loan options and new trends in educational financing and is a great resource for our families.
 

 



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