Refinance Parent Plus Student Loans

Parent PLUS Loan offers a great opportunity to refinance your student loans at lower rates while still having access to federal grants and tax breaks – especially if you have dependents. If you qualify for refinancing your PLUS loan, you may be able to reduce your monthly payment by over 20%. There are several different repayment options and terms available.

Benefits of Refinancing Your PLUS Loan

Lower Monthly Payments

Access Federal Grants & Tax Benefits

No Penalty To Repayment

Extended Payment Period (up to 60 months)

How Do I Qualify?

To qualify for refinancing, you must meet certain income requirements based on your family size. You might be eligible if you make between $25,000-$50,000 per year ($44,000-$90,000 annually depending on your state’s filing status). If you qualify, you could save thousands of dollars off your current interest rate and have access to additional financial assistance programs.

Apply now!

If you are interested in learning more about how you could benefit from refinancing your PLUS Loan, contact us today!

Call 1-800-841-9990

Visit www.studentaid.ed.gov/loans/refinancing/for-parents/ to learn more.

www.parentplusschoolloan.com

Refinance Parent Plus Student Loans

Parents often don’t think about refinancing their student loans until they have already accumulated substantial debt. But if you’re buried under a pile of student loan payments, it might make sense to refinance your parent PLUS loans now to reduce interest rates and save money over time.

Students who take out private student loans are allowed to borrow up to $23,000 per year (this limit rises each year). Private lenders offer lower interest rates than federal student loans, but higher loan amounts. When borrowers graduate and start repaying these loans, they’ll pay interest at variable rates tied to the prime rate. If you take out private loans to cover college costs, you’ll want to refinance them before the prime rate spikes, says Mark Kantrowitz, vice president of Edvisors Network, a company that helps students navigate student loans.

You could get the best possible deal by refinancing both your parent PLUS and student loans, Kantrowitz says. You may be able to refinance your parent loan first, then pay off any remaining balance while still being eligible for the same low-interest rate as your original private loan. Then use the extra cash to pay down your student loans.

But if you’ve only got access to federal student loans, refinancing your student loans is a good idea too. Federal student loans have fixed interest rates that never change—currently 4.66 percent. Because you probably won’t qualify for a federal loan with a high enough monthly payment, you’ll need to find a private lender willing to give you the lowest possible APR. Your parents may not be able to help with this, says Sarah Strosberg, director of policy and advocacy at the National Institute for Refinancing Students Loans (NIRS Loan), so you may need to do some hunting yourself. NIRS Loan provides free information on how to search for a private loan, and offers a tool to compare different lenders based on the length of repayment and interest rate.

Once you’ve narrowed down your options, ask each lender for details on what fees apply. Many private loans charge application fees, origination fees, and/or early payoff penalties. And keep in mind that private lenders aren’t subject to the same regulations as public agencies like the Department of Education. So your private lender may be able to offer you a significantly lower interest rate than a government program, but they also may be willing to accept partial payments or even extend your loan term if you fall behind on payments.

If you find a private lender willing and able to give you a low interest rate, it’s worth considering refinancing your parent PLUS loans before you graduate. “That way, you have an incentive to finish school,” says Strosberg, “because you can refinance your parental loans once you’re done paying back your private student loans.”

Refinance Parent Plus Student Loans

Refinance Parent Plus Student Loans

One way to do this would be to refinance your existing student loans. You could then use this money to pay off any outstanding balances on your parent PLUS loans. As long as you have remaining debt on your current loan, you will not qualify for refinancing. However, if you were paying only half of your payments at the time of refinancing, then you may find it easier to repay your parent PLUS loans than to refinance them.

Pay Off Parent Plus Student Loan Debt

Another option is to pay off your parent PLUS loans completely before going back to school. If you can afford to make a significant payment each month, this can help reduce the interest rate you’re charged.

Consolidate Your Other Student Loans

If you have several student debts other than your parent PLUS loans, you should consider consolidating those debts together into one loan to get a lower monthly payment. By consolidating your debt, you’ll be able to set aside some extra funds toward repaying your parent PLUS loans.

Refinance Parent Plus Student Loans

This video shows how anyone who has Parent PLUS Loans (PLUS stands for Pay As You Earn) can refinance their loan into an interest-free student loan. Student loans carry a huge financial burden and interest rate – over 20 percent! That’s right – over twenty percent! My spouse and I had no idea about refinancing our PLUS Loan until we tried. After making three payments we realized it was paying us to stay in school. We paid off our loans in only 6 months. Watch the video below to learn how.

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Refinance Parent Plus Student Loans

Student Loan Refinancing – www.studentloansxexpress.com

In this video we show how to refinance parent plus loans into federal FFELP loan programs. We also recommend that you visit our website :

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Federal Family Education Loan Program (FFELP) :

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