Parent PLUS Loan Calculator
Parent PLUS Payment
Calculate payments for a Parent PLUS loan
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Formula
Monthly = (L + Origination)[r(1+r)^n]/[(1+r)^n - 1]. ICR = 20% of discretionary income / 12.
Frequently Asked Questions
What is a Parent PLUS loan?
A Parent PLUS loan is a federal loan that parents of dependent undergraduate students can borrow to help pay for college. The loan amount can cover the full cost of attendance minus other financial aid received.
Can Parent PLUS loans be forgiven?
Parent PLUS loans can qualify for forgiveness through ICR (Income Contingent Repayment) after consolidation into a Direct Consolidation Loan. They can also qualify for PSLF if the parent works in public service. They cannot use SAVE, IBR, or PAYE.
What is the Parent PLUS loan interest rate?
Parent PLUS loan rates are set annually by Congress. They are typically higher than rates for undergraduate student loans. The rate is fixed for the life of the loan once disbursed.
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