Parent PLUS Loan Information
The Parent PLUS Loan allows parents of undergraduate students to borrow up to the cost of education, less any financial aid. The variable interest rate is determined July 1 of every year, capped at 9 percent; repayment typically begins 30 days after full receipt of the loan. During the 2008-2009 academic year interest rates for Parent PLUS Loans are 8.5 percent. Repayment of principal and interest begins immediately with minimum monthly payments of $50 plus interest. Repayment may be spread over 10 years.
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Southern New Hampshire University requires the FAFSA application to be completed and a student be awarded federal aid before processing a Parent PLUS Loan application.
Approval for the PLUS Loan is based on good credit and the undergraduate student being enrolled at least half-time in a degree program.
: Deferment options may be available. Please inquire with your lender of choice, prior to signing your Master Promissory Note (MPN).
Should you have any questions regarding this process, please contact the Office of Financial Aid.
Comparison information regarding PLUS loans