Today's low interest rates provide opportunity for many PLUS loan borrowers to reduce their rate and save thousands on interest charges.
PLUS loans are one of many options available to parents who need to bridge the gap between the amount of financial aid received and the total cost of college. The PLUS loan often provides a path of little resistance, since there is only a basic credit check and no documentation required. But it doesn't offer the same low rates and wide array of benefits that you see on the Federal Direct Subsidized and Unsubsidized loan programs. Once you enter repayment, you may be wondering if you can do better. If that is you, it may be time to consider refinancing.