Affordable PLUS Loan

For parents of dependent undergraduate students and graduate student borrowers

The PLUS loan is not based on financial need and is based on good credit only, with no debt-to-income ratio guidelines or employment verification requirements.

Interest Rate and Fees

Effective July 1, 2006, the fixed rate, set by the federal government, is 8.50%.
0-1.00% default (guarantee) fee depending on guarantor chosen by the school.
3.00% federal origination fee charged by the federal government.

Features and Benefits

0.25% interest rate reduction for automatic payment deductions from any bank account.
Borrowers may be eligible for an extended repayment term of up to 25 years.
On a $20,000 Affordable PLUS Loan, the savings represent $258.55 or more for parent borrowers and $266.71 or more for graduate student borrowers.¹

Borrowing Limits

No annual limits; may borrow up to the cost of education less financial aid.

Eligibility

For parents of dependent undergraduate students, or
Graduate student borrowers.
Borrowers of all income/asset levels are eligible.
Approval is based on borrower's good credit standing alone. No debt-to-income ratio is calculated or proof of employment is needed.

Disbursement

Payable to the school and borrower.
Usually disbursed in two equal amounts, one at the beginning of each semester

Repayment

PLUS loan repayment begins 60 days after the loan is fully disbursed.
Parents may defer payments while their dependent, undergraduate child is enrolled in school at least half-time.
Graduate students may defer payments while enrolled in school at least half-time.

How to Apply

Parent Borrowers:

Graduate Student Borrowers:

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CALCULATORS & TOOLS

© Copyright 2009 Citizens Financial Group. All rights reserved.
Citizens Bank is a brand name of RBS Citizens, N.A. and Citizens Bank of Pennsylvania. Deposit accounts held at RBS Citizens, N.A. and Citizens Bank of Pennsylvania are separately insured.

All accounts are subject to individual credit approval.

¹ Total savings calculation assumes 120 months loan repayment terms, continuous on time payments for full term of loan, use of ACH beginning with first payment and that the borrower will remain eligible for all benefits for full term. The calculations set forth above are examples only and may not be indicative of an individual borrower's potential savings. Actual savings may vary based on borrower payment habits, such as failing to make payments on time or failing to have funds in an account designated for ACH.

Citizens Bank reserves the right to modify or discontinue these benefits at any time. Changes to these benefits, if any, will affect only loans disbursed after the changes occur.

Citizens Bank Federal Loan programs are funded by RBS Citizens, N.A. or Citizens Bank of Pennsylvania, Members FDIC and Equal Opportunity Lenders. RBS Citizens, N.A. or Citizens Bank of Pennsylvania may sell your student loan to a third party, and, in the event your loan is sold, it will use all commercially reasonable means to ensure that all of its promises to you, including all borrower benefits that you might become eligible for during the loan’s repayment period, will be honored. If you consolidate your loan prior to earning a benefit, you waive your right to that benefit, but you have the ability instead to earn consolidation benefits. If you consolidate your loan after you earn a benefit, that benefit will not be retracted or forfeited.