Federal PLUS Loan for Parents

Features
- Loans are serviced in Maine.
- Manage your account 24/7 at www.inowinfo.com.
- Flexible repayment terms available.
- No prepayment penalty.
Eligibility
- Must be a parent of a full or half-time dependent, undergraduate student.
- Credit check is required.
- Student must be a Maine resident, or attend college in Maine.
- Parent must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen.
Interest
- Interest rate is fixed at 8.5% for PLUS loans first disbursed beginning July 1, 2008.
Fees
- 3% origination fee.
- 1% default fee.
Loan Limit
- You may borrow up to the full cost of your child's education, minus other aid received.
Repayment
- Repayment begins within 60 days after the final disbursement of the loan.