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PLUS Loan

After your student has applied for grants and scholarships that don’t have to be repaid, and explores a low-cost Stafford Loan, consider an economical Parent PLUS Loan to help cover the costs of college. With AMS as your PLUS lender, you can:

  • Earn a 0.25 percentage point interest rate reduction for payments made via automatic debit*, and
  • Access 24 x 7 online account management at www.SallieMae.com/Repayment

Other benefits of Parent PLUS Loans include:

  • No income or collateral requirements
  • Interest payments may be tax deductible
  • No prepayment penalty

For loans first disbursed July 1, 2008–June 30, 2009, the interest rate on Parent PLUS Loans is fixed at 8.5%. The borrower is charged a 3% origination fee and a 1% default fee, which are deducted from the loan amount prior to disbursement.

Annual loan amount may be up to the cost of attendance less other financial aid received. More information about Parent PLUS Loans …

Federal Parent PLUS Terms and Conditions

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE LOAN PROGRAMS AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE CLOSE TO THEIR LOAN DISBURSEMENT DATE TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING LOAN PROGRAMS, INCLUDING BORROWER BENEFITS.

*Subject to the above, borrower benefits are effective for Parent PLUS Loans guaranteed 6/9/08–6/30/09. Assuming the loan is serviced by Sallie Mae, this benefit remains available during active repayment for as long as the borrower's monthly payment is successfully deducted from the borrower's account. If the loan is not serviced by Sallie Mae, other restrictions may apply as determined by the U.S. Department of Education.