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Direct PLUS Loan: The direct PLUS loan is a federal loan that graduate or professional students and parents of undergraduate students can use to pay for their education. These loans can be used to help pay for education expenses not covered by financial aid. The Direct PLUS loan is not based on financial need, but credit is necessary.
The repayment schedule for Direct PLUS Loans disbursed on or after July 1, 2008 is the same as the schedule for Stafford loans. [1] [2] However, for Direct PLUS Loans first disbursed before July 1, 2008, the repayment period begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final ...
Federal loans have a fixed interest rate, usually lower than private loans' interest, set annually by Congress. The direct subsidized loan with the maximum amount of $5,500 has an interest rate of 4.45%, while the direct plus loan with the maximum amount of $20,500 has an interest rate of 7%. [45]
These loans are issued directly to parents and the interest rate for Parent PLUS Loans first disbursed on or after July 1, 2023, and before July 1, 2024, is currently 8.05%, according to Sallie Mae.
If the PPP loan was made before June 5, 2020, and the borrower chooses to use an 8-week covered period, then the maximum amount of loan forgiveness for compensation for self-employed individuals and owner-employees is equal to the lesser of 15.38% of their 2019 compensation or $15,385 per individual in total across all businesses. [85]
Per the most recent figures from the Office of Federal Student Aid, over 50% of borrowers (25.5 million) have loans in forbearance as of September, 2022, with 2.8 million borrowers in deferment as ...