Incentives are sometimes offered to borrowers who repay their loans on time. For information on repayment incentives and their availability contact the Department of Education for Direct Loans. If you have a FFEL loan from before July 2010, you must contact your lender for particular information about the types of incentive plans in place.
Parent PLUS Loan Incentives
- Automatic Repayment - many lenders will offer a 0.25% interest rate reduction if you set up automatic payments to your account each month via EFT.
- Tax Deductions - The interest on your Parent Plus loan may be tax deductible.
- Online Account Management - Access and manage your loan account through a secure website. You can update contact information, and make payments online.
- No Minimum Loan Amount - Parents have the flexibility to borrow only what they need to cover their child's education costs.
To obtain the most favorable terms, consider loan consolidation - you can get discounts including:
- Reduce your monthly payment by as much as 53% and simplify your monthly bill-paying paperwork with one payment a month.
- No credit check, no co-signers needed, and no fees!
Questions about PLUS Loan consolidation? Find answers explained in detail here: How PLUS Loan consolidation works
Check with your lender to find out specific incentives they offer. If you are not sure who your lender is, then please use our student loan locator. Also, please visit Edvisors.com College Directory for more information.