PLUS Loan Consolidation Benefits

All new Parent PLUS Loans disbursed after July 1, 2006 have a fixed interest rate of 8.50%. New federal consolidation loans are capped at 8.25%. Because Parent PLUS Loans can be consolidated upon final disbursement, PLUS Loan borrowers who take advantage of federal PLUS Loan consolidation can lower their interest rate to 0.25% immediately! You may also be eligible for an additional 0.25% rate reduction if you sign up to have your payments auto debited from a bank account each month.

Other Benefits of PLUS Loan Consolidation

• Reduce your monthly payment up to 53% and beat inflation
• Make one loan payment a month
• Improve your credit rating
• There are no application or origination fees, and no credit checks
• There are no balance requirements for Parent PLUS Loan consolidation

Requirements to Consolidate PLUS Loans

• You must have received the final disbursement for the current academic year – you do not have to wait until your child has graduated!
• You cannot have a Federal loan that is currently in default.

For a step by step guide to the consolidation process, click here!

Apply to Consolidate Your Parent Plus Loans

Consolidation can significantly reduce your monthly payment burden. PLUS Loan Consolidation allows you to stretch your repayment period from the standard 10-years to up to 30-years, depending on the amount of your education debts. The lower payment means you'll have more money available to meet other household expenses, like car payments, childcare, and career-related necessities. Click here to apply for PLUS Loan Consolidation.