Loan Services: Student Loans:
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Parent Loans for Undergraduate Student (PLUS)
and Graduate/Professional Loans (Grad PLUS)
Stafford Loans ::
PLUS Loans ::
Consolidation Loans ::
Student Services
The Federal PLUS Loan is available to credit-worthy parents, adoptive parents, or spouses of a remarried parent of a dependent undergraduate student who is enrolled at least half time in an eligible institution. PLUS Loans cover the cost of attendance minus other financial aid. To apply now, click on FASTPLUS Online.
The Federal Grad PLUS Loan is available to graduate and professional students. To be eligible for a Grad PLUS Loan you must have completed the Free Application for Federal Student Aid (FASFA) and have been determined as eligible to receive the maximum loan amount under the Federal Subsidized and Unsubsidized Stafford Loan Program. To learn more and to apply online, click on FASTPLUS GRAD Online.
Repayment
- Repayment of the PLUS Loan is the responsibility of the parent.
- Payments of principal and interest begin 6 months after the student drops below haft-time status or graduates.
- The maximum repayment term is 10 years, with a $50 minimum monthly payment.
Interest Rate
The interest rate, which is set by the federal government, is subject to change July 1 of each year.
Beginning July 1, 2006, PLUS Loans become a fixed rate: 8.50%
Loans disbursed prior to July 1, 2006 will remain at the variable rate.
Repayment Options
- Standard Repayment - Regular principal and interest payments over 10 years.
- Graduated Repayment - 2-4 years interest only payments followed by standard payments.
- Income Sensitive - payments vary from year to year based on your annual salary and percentage of your gross monthly income.
- Extended Repayment - for borrowers with federal student loans totaling $30,000 or more, the payments may be extended up to 25 years.
Emory Alliance CU Parent Advantage Program
We offer a .75% interest rate reduction on our parent loans, which begins immediately with repayment of the loan. From the first installment payment, as long as the payment is made on time, the borrower starts to save.
Parents who choose to have their payments electronically deducted from their Emory Alliance CU checking account or any other checking or savings account will receive an additional .25% interest rate reduction.
