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Review & Compare PLUS Loans

Review, compare, & choose a PLUS Loan

Not all PLUS loans are the same. Many lenders, guarantors, and servicers have modified their fees and interest rates to make their PLUS loan more attractive. Some of these borrower benefits are worth considering.

Please take the time to review and compare each lender's borrower benefits to determine the PLUS loan that best meets your current and future needs.

Click on each of the lenders listed to the left to review and compare their borrower benefits.

Things to consider when choosing a PLUS Loan

Here are some things to consider to help make your PLUS loan choice easier:

1. If you choose a PLUS loan that has an interest rate reduction benefit, the monthly payment will be based on the full interest rate. The reduced rate of interest, however, will allow for more of each month's payment to be applied onto the loan principal. This will shorten the length of the loan, and will decrease the total amount of interest paid.

2. If you prefer to pay your monthly PLUS loan payments automatically through your bank account, consider one of the PLUS loans offering a payment incentive for this arrangement. Each of the PLUS loans we list has a payment incentive, but the Bank of America or the Academic Financing Corporation PLUS loans have the largest interest rate reductions.

3. If you prefer not to pay your monthly PLUS loan payments automatically through your bank account, consider a PLUS loan which offers a borrower benefit or payment incentive other than the auto-pay incentive. Consider Student Loan Xpress, or Citibank , or Citizens Bank.,

4. If you are considering the in-school forbearance option while the student is enrolled then consider a PLUS loan that has borrower benefits which occur at a time other than during repayment. Forbearance is a postponement of payment option where no payments are due while the student is enrolled but interest will be charged. Forbearance is not a repayment period so many payment incentives may not be applicable. Consider the Student Loan Xpress PLUS or the Citizens Bank PLUS. These borrower benefits occur at full disbursement, not at repayment.

5. If you usually make extra principal payments on loans, or plan to, to reduce the length and the total interest paid, consider a PLUS loan which will apply more of each payment towards the principal. Realize that you are able, on your own, to pay down the principal with any PLUS loan and all of the PLUS loans we list have benefits and incentives which reduce the length of the loan. The Bank of America and the Academic Financing Corporation PLUS loans, with their payment incentives, have the largest portion of each month's payment going towards the principal.

6. If you are planning to pay the PLUS loan off within a few years and, therefore, not planning to take the full 10 or more years to pay it off, consider a PLUS loan which will give you an immediate borrower benefit. Consider the Student Loan Xpress PLUS for their 3% reduction of principal at full disbursement.

7. A word of caution about payment incentives linked to making a number of on-time payments: only a small number of borrowers acutally benefit from this type of incentive because there will be the occassional late payment being made. If you select a loan with such a payment incentive you can ensure that payments will be made on time by arranging for automatic payments through your bank account. None of the PLUS loans we list on our web site offer a payment incentive linked to making a number of on-time payments. This type of payment incentive, however, is offered on many consolidation loans. If you plan to consolidate your PLUS loan(s) try to select a consolidation loan with the least number of on-time monthly payments required.



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