PLUS Loans for parents and graduate students
Funding a Brighter Future

Most everyone agrees that a college education is one of the smartest investments you can make. U.S. Census Bureau statistics indicate that people with a bachelor’s degree earn about 80% more on average than those with only a high school diploma. Over a lifetime, this gap accounts for more than $1 million.

To help pay college bills, many students and their families need to rely on some form of financial aid. One of the single largest sources of education loans is the Federal Family Education Loan Program (FFELP), which offers Federal PLUS Loans to parents of students.

	Highlights Below > Benefits You’ll Receive > Fast Facts > More about PLUS Loans > Interest Rate Table > How to Apply

Benefits You’ll Receive

• Payments can be made automatically from an American Savings Bank checking account
• Low interest rates and fees
• Prepayment can be made without penalty, but customers have up to 10 years to repay
• Convenient monthly statements

	Fast Facts
	Loan Limit Borrow up to the full cost of the student’s attendance, less other forms of financial aid
	Interest 8.5% fixed rate Interest starts on the day the loan is disbursed (paid out)
	Repayment Parents may defer payments until up to six months after the student no longer is enrolled at least half time Graduate and professional students qualify for deferred payments while they attend school at least half time Up to 10 years to repay under most payment options Minimum payment $50
	Other Fees1 1% federal default fee 1% federal origination fee

1. Fees are deducted from each loan check.

More about PLUS Loans

Under the Federal PLUS Loan Program, credit-worthy parents, adoptive parents, or spouses of a remarried parent of an eligible dependent student can apply for this loan. Graduate and professional students also can use PLUS Loans to finance their own education costs. PLUS Loans can fund up to the cost of education minus other forms of financial aid each year. Under this loan program, students must be enrolled at least half-time in an eligible school. Parent PLUS Loan borrowers may defer payments up to six months after the student no longer is enrolled at least half time. Graduate and professional students qualify to defer their loan payments while they attend school on at least a half-time basis. PLUS Loans carry fixed rates of 8.5%. There is a federal default fee of 1% and the federal origination fee is 1%. These fees are deducted from each loan check. PLUS Loan borrowers typically have up to 10 years to repay their loans.

Interest Rate Table
Please see the Federal Stafford/PLUS Loan Interest Rate Summary Table for rates.

How to Apply

• Contact the financial aid administrator at your intended school for details on how to apply for all types of financial aid, including the forms they require and application deadlines. Be sure to apply early!
• Request American Savings Bank as your lender for Stafford and PLUS Loans. Put lender code 832053 on your application.
• Visit any of our convenient branches or contact us.

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