Thinking about consolidating your plus loans should be a top priority if you are a parent with a child graduating shortly or a graduate student expected to complete their graduate program soon.  Paying off multiple school loans can become very expense and time consuming.  Being able to pay one monthly payment towards all your student loans is a sense of relief for many people and can save a lot of interest payments over time!  Consolidating your plus loans is a very easy and can be completed fairly quickly.

There are many benefits to Plus Loan consolidation.  Below are a list of just a few of the benefits that you will experience from consolidating plus loans.

·        Plus loan consolidation will combine all of your debt into one loan with a fixed interest rate and one low monthly payment.

·        The consolidated interest rate and monthly payment will be lower than if you do not consolidate.

·        The loan term is extended over a longer period of time, so you pay lower monthly payments.

PLUS Loan borrowers who take advantage of Federal PLUS Loan consolidation upon final disbursement are able to save more by having a reduction in their fixed interest rate.  Please consult with your Plus loan lender to find out more about interest rate discounts that may be available.

Students or parents with previous defaulted student loan may have the option of rolling over their defaulted student loans into their plus loan consolidation.  This is a great way to remove your loan from default and restoring your eligibility for other types of federal financial aid.  Please consult a financial aid counselor to receive additional information.