Who Can Apply?

Parents of dependent undergraduate students.

Eligibility

Borrower must pass a credit review.

Student must be enrolled at least half-time in a degree or certificate program at an eligible institution.

If parent is denied a PLUS Loan, additional unsubsidized Stafford funds may be available.

Interest Rate

8.5% fixed.

Fees

Origination Fee:3%

Federal Default Fee: 1%

Fees are deducted from the loan proceeds prior to disbursement.

Origination and Default Fees Amounts:

Loan Limits

Cost of education minus other financial aid received. No annual or aggregate limit.

Interest

All accrued interest is the responsibility of the borrower. Accrued interest will capitalize upon entry into repayment or at the end of forbearance and deferment periods. Accrued interest can be paid at any time.

Repayment Begins

While repayment begins the day following the final disbursement of the loan, with the first payment due within 45 to 60 days, loan repayment can be delayed while the benefiting student is enrolled at least half-time with either an in-school forbearance, in-school deferment, and/or a delayed entry into repayment of six months upon borrower request.

Repayment Terms

Standard term up to 10 years. $50 minimum payment per month.

Deferment Options

Available under certain circumstances.

NHHELCO Borrower Benefits*

0.25% interest rate reduction for auto debit.