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Some parents think they need to dip into their savings to help pay college costs for their children. After years of putting away hard-earned funds into a savings plan that should be geared toward emergencies and the future, parents should think twice. NextStudent, the Phoenix-based premier education funding company, offers PLUS Loans – Parent Loans for Undergraduate Students, a smart alternative for parents.
The general advice out there is that parents should keep their savings in tact for their future. Parents can keep their savings safe and sound and still help their college-age children by taking out a NextStudent PLUS Loan. Rates start as low as 6.25 percent when combined with aggressive incentives including a rate reduction of 2 percent after the first 48 months of on-time payments and a reduction of .25 percent when parent borrowers repay with Auto Debit.
Parents Can Keep Savings Intact
Federal PLUS loans make it easy for parents to help, as they can borrow as much as the full cost of college, so parents do not have to touch their savings. Since the college loans are not based on financial need, all parents are eligible, regardless of income. PLUS Loans are easy to get and are available anytime during the year at up to 100 percent of the cost of college, less any financial aid received. Total costs include tuition, fees, books, supplies, housing and transportation.
Through NextStudent, parent borrowers will receive personalized service from their own Education Finance Adviser. The preapproval process is fast and easy, so parents can rest easy that they will receive the sufficient funds in time.
Great Incentives, Benefits
NextStudent also offers a host of benefits and incentives that make PLUS Loans the correct choice:
* A cash rebate of 3 percent on the remaining principal balance following the first 12 months of consecutive on-time payments.
* Easy Application Process with E-Signature. Online application can be qualified in minutes. NextStudent offers its Credit Solution program that is available to borrowers who initially are denied because of unresolved credit issues.
* PLUS Credit Solution Team at NextStudent has an 87 percent rate of success at resolving borrowers’ credit issues, whereby resolutions result in funded PLUS Loans.
* A variety of PLUS Loan repayment options include deferred repayment when a student is enrolled in school at least half time.
PLUS Loans are eligible for federal student loan consolidation and the interest may be tax-deductible. Repayment on the loans starts within 60 days of final disbursement. The typical repayment term on federal PLUS Loans is 10 years. In addition, there are no prepayment penalties.
Parents of college students do not have to reach into the cookie jar to use their savings to pay for school. NextStudent’s federal PLUS Loan program is geared to make it easy for parents to help pay for college so their children can get that all-important degree.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about Student Loans.
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