Think carefully before you borrow money against your home to pay off your unsecured Parent Plus Loans.
No wonder we've been trusted to fund over $20 billion in loans to date.
of Education's Direct Loans: Standard, extended, and graduated repayment calculator for specific information tailored to your circumstances.
The application may be completed online or on paper.
There are no fees and no pre-payment penalities on a federal consolidation loan.
These are options if you have good credit and equity in your home.
If you have excellent credit, the interest rate available on a home equity loan could be significantly less than the rate you are paying on the PLUS loans.
Other reasons include the convenience of having just one loan with one monthly payment and prevention of defaulting on one's loans.
The consolidation loan is a new loan, so the borrower needs to complete an application and a promissory note.
Consolidation is final: you can’t reverse your decision at a later time, so consider your circumstances carefully before deciding.
You’re usually eligible for a consolidation loan if you stop attending school for any reason or if your enrollment drops below half-time.
You should shop around with several different lenders to discuss the interest rates and payment amounts they can offer you.