Loan Program
PHEAA recently announced that the Agency is now providing a unique version of the Parent Loan for Undergraduate Students (PLUS) which has significant cost-savings advantages for parents of undergraduate students and makes student loan borrowing easier and more affordable.
The new program, called Keystone PLUS, features loans available to parents or guardians of students who have already borrowed the maximum amount of student aid for school. Each year, parents may borrow up to the difference between their child's educational costs and other financial aid from a participating bank or lending institution. Unlike standard PLUS programs, Keystone PLUS offers borrowers a one percent rebate of the total loan amount after 24 months of on-time payments and an additional one percent rebate after the next 24 on-time payments. Keystone PLUS borrowers have the option of having monthly payments automatically withdrawn from their checking Or savings accounts. For added convenience, PHEAA offers single billing and virtually a 24-hour access to account information.
Although Keystone PLUS rates are variable, they cannot exceed nine percent annually, and the interest may be tax deductible. Repayment of PLUS loans begins 60 days from their disbursement dates. In order to receive a Keystone PLUS loan, parents must be creditworthy U.S. Citizens or eligible non-citizens who are not in default on an education loan or do not owe an education grant refund. In addition, their children must be accepted at a participating school or, if enrolled, be making satisfactory progress, be classified as at least half-time students who are working toward a degree or certificate and be registered with Selective Service, if required.
Tidak ada komentar:
Posting Komentar