Jan

What relief will year 2009 bring for PLUS Loans pursuers?

Author: Sally Croft

Who can use PLUS Loan:

Out of the many loan options available to students to fund their college education, PLUS Loans are offered to both students and parents of students pursuing their graduation is one of the most sought after option. These PLUS loan options are guaranteed by the government and fall under the direct supervision of the US Department of Education. They are also called Federal PLUS Loans.

These loans normally cover books, tuition and other fees, books, supplies and transportation. The maximum amount of loan is the amount of loan required less financial aid if any required.

Benefits of opting for PLUS Loan:

PLUS loans come with a number of benefits. One can apply for a PLUS at any time during a year, you can apply for this loan irrespective of your level of income, and this loan comes with no collateral security requirement. Credit check is a basic requirement for this loan. You can repay the loan earlier without any penalty clause and discount on interest rates offered for on time payments.

PLUS Loan borrower benefits in 2009:

For a parent borrower under the Parent PLUS loans, the first payment of a PLUS loan installment is generally due within 60 days from the date of final loan disbursement. But a parent can defer payments on a PLUS loan while enrolled in school on a half-time basis. The relief in year 2009 is that, for a PLUS loan first disbursed on or after July 1, 2008, a parent, upon his or her request, can defer payments on a PLUS loan for the 6-month period after the parent drops below half time and while the student on behalf of whom the parent has borrowed is enrolled at least for half the time and for the 6-month period after the student drops below half the time as required. A graduate or a professional student borrower can defer payments on Grad PLUS loans while enrolled in school for at least on a half-time basis. The relief is that, the student can for a Grad PLUS loan first disbursed on or after July 1, 2008, defers payments on Grad PLUS loans for the first 6 months after the student drops below half the time.

For all loans disbursed between July 2008 and June 2009 the interest rate is fixed at 6% and all loans issued between July 2009 and June 2010 the rate is fixed at 5.6%. Any PLUS loan taken at this point in time is highly beneficial.

So friends what are your waiting for…, this maybe your right time to take the ultimate decision on Student Loan.

Good Luck & Happy Learning

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» PLUS Loan Relief in 2009 | Student Loan Blog » School Loan Rates says:

January 19, 2009 at 12:14 pm

[...] news by unknown « apllycollegeloan.com » Peculiarities of Student Loans What relief will year 2009 [...]

Federal Parent Plus Loan:What A Direct Plus Loan Can Do For You says:

January 27, 2009 at 4:24 pm

[...] PLUS Loan Relief in 2009 | Student Loan Blog For a parent borrower under the Parent PLUS loans, the first payment of a PLUS loan installment is generally due within 60 days from the date of final loan disbursement. [...]

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Sally Croft says:

February 25, 2009 at 12:21 am

@ Spike I am so glad that I made my point here . Do keep on giving me your valuable suggestions in future too.
Good Day!

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