Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.
http://www.nextstudent.comFINAL Informal Article
08/02/06
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PLUS Loans from NextStudent Allow Parents to Help Pay for College
Parents still are in the running to help cover the cost of their children's college education and can do so with PLUS Loans - Parent Loans for Undergraduate Students. With rates as low as 6.25 percent, parents can borrow up to the full cost of college with a federal PLUS Loan, according to NextStudent, the Phoenix-based premier education funding company.
NextStudent offers PLUS Loans at a rate as low as 6.25 percent when coupled with incentives such as a 2 percent interest rate reduction after the first 48 months of on-time payments and a .25 percent interest rate reduction when borrowers repay their loans through Auto Debit.
PLUS Loan Availability
Parent borrowers cannot be turned down for a PLUS Loan no matter their financial situation, as the PLUS Loans are not based on financial necessity. Up to 100 percent of the cost of college is available to borrowers, less any received financial aid. In addition, PLUS Loans are available throughout the year.
Parents can borrow all of a student's education costs for the 2006-07 academic year all the way through May 31, 2007. The federal PLUS Loan also can reimburse those parents who already paid tuition and education expenses. Total education costs can include tuition, fees, housing, books and supplies, and transportation.
NextStudent offers a fast and easy preapproval process for all federal PLUS Loan borrowers. In addition, PLUS Loans are eligible for federal student loan consolidation, and the interest on PLUS Loans may be tax-deductible.
Benefits of PLUS Loans
Federal PLUS Loans through NextStudent feature other benefits and incentives, including:
• A 3 percent cash rebate on the remaining principal balance after the first 12 months of consecutive on-time payments.
• Easy Application Process with E-Signature. Online application can be qualified in minutes. In addition, NextStudent's "second look" is available to borrowers who initially are denied because of unresolved credit issues.
• PLUS Credit Resolution Team: NextStudent's team has an 87 percent rate of success at resolving borrowers' credit issues, whereby resolutions result in funded PLUS Loans.
• NextStudent offers various PLUS Loan repayment options that include deferred repayment when a student is enrolled at least half-time at school. PLUS Loans are eligible for federal loan consolidation.
Eligibility
Parents must meet eligibility requirements in order to receive a federal PLUS Loan. To qualify parents must be a biological, adoptive or step-parent of a dependent undergraduate student; a citizen of the United States or eligible noncitizen; and must be able to meet minimum federal creditworthiness standards.
Students of parents applying for federal PLUS Loans also must be citizens of the United States or eligible noncitizens; less than 24 years old as of Dec. 31 of the academic year; and unmarried without dependents.
Typically the federal PLUS Loan repayment term is 10 years. Repayment begins within 60 days of final disbursement, and there are no prepayment penalties.
Federal PLUS Loans are a great way for parents to help their children receive up to the full cost of attending college. Interest rates on PLUS Loans are lower when compared to other consumer loans, and the loans feature excellent terms. In addition, NextStudent offers a host of benefits and incentives that make PLUS Loans the perfect way to pay for college.
NextStudent, http://www.nextstudent.com/, federal lender code 834051, is dedicated to helping students and their families find affordable ways to pay for college. NextStudent offers one-on-one education finance counseling and has a portfolio of highly competitive education finance products and services including a free online scholarship search engine, federally guaranteed parent and student loans, private student loans, both federal and private student loan consolidation programs, and college savings plans.
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