student loan consolidation

PLUS Loans offer a smart, convenient and affordable way for parents to pay for their children's college education. In recent years PLUS Loans are also offered to graduate students, if Stafford Loan limits are not sufficient to cover the cost of attendance.

As with Stafford Loans, eligibility is determined through using the Free Application for Federal Student Aid (FAFSA), the student’s financial situation, and the cost of attendance at the chosen school. The FAFSA can be filled out online at www.fafsa.ed.gov.

PLUS Loan applications are made using the Federal PLUS Loan Application and Master Promissory Note (PLUS MPN). After the school certifies eligibility and the guarantee is received, funds are distributed through the school’s financial aid office.

Assuming continued attendance at the same school and using the same lender, the same PLUS MPN can be used for additional disbursements in subsequent years, for up to 10 years.

Guaranteed by the Federal government, the PLUS Loan limit is capped by the cost of attendance at the selected school, less any student financial aid and scholarships.
A PLUS loan borrower must be creditworthy or must have a creditworthy endorser on the loan, namely no derogatory credit currently greater than 90 days past due.

PLUS Loan Terms
Rates and origination fees which can vary slightly by lender, are capped by the Federal government.
Borrowers are responsible for paying the accrued interest from the time the loan is disbursed until it is paid in full.
Repayment of the loan is scheduled over a period of ten years or up to 25 years for borrowers eligible for extended repayments.
ScholarPoint’s PLUS Loan application is currently under development.