|Are my payments due immediately?|
Yes, but can request delay
|Is it OK to make payments ahead of schedule?|
|Can I shrink my monthly payments?|
|Can I postpone repayment with a deferment?|
|Will the government pay the interest during the deferment?|
|Can I find these records online?|
Dig Into The Details
Who Do I Pay?
Most likely, your servicer—a company hired by your lender to collect your payments. Contact them as well if you need to change your repayment schedule or postpone repayment. Note that the only income-driven repayment program that you can use with Parent PLUS loans is the income-contingent repayment plan, and then only if you consolidate your Parent PLUS loans with other Direct loans.
When Do My Payments Start?
Repayment starts 60 days after the school fully disburses the loan. However, you can ask to delay repayment until 6 months after the student using the loan graduates, withdraws, or drops below half-time enrollment.
How Do I Know If I Have Parent PLUS Loans?
Check the U.S. Department of Education's National Student Loan Data System (NSLDS®) for info on these federal student loans. NSLDS will tell you:
- If you have Parent PLUS loans.
- How much you owe on them.
- Who you should contact about repayment.
Parent PLUS loans show up only in the NSLDS account of the borrower (i.e., the parent). That means that students will not see a record of this debt under their own names—even though the loans were borrowed for their education.
What's My Interest Rate?
All Direct Parent PLUS loans made from July 1, 2018, to June 30, 2019, have an interest rate of 7.60%. All Direct Parent PLUS loans made from July 1, 2017, to June 30, 2018, have an interest rate of 7%. All Direct Parent PLUS loans made from July 1, 2016, to June 30, 2017, have an interest rate of 6.31%. All Direct Parent PLUS loans made between July 1, 2015, and June 30, 2016, have an interest rate of 6.84%. All Direct Parent PLUS loans made as of July 1, 2014, and June 30, 2015, have a fixed 7.21% interest rate.
Older Direct Parent PLUS loans have a fixed interest rate of 7.9% or 6.41%, and older FFELP loans have a fixed 8.5% rate depending on when the loans were borrowed.
Be Money Smart
Remember who's responsible for paying these back. Since parents borrow Parent PLUS loans, they have to repay them—not students. (Thanks, Mom and Dad!)