Parent PLUS Loans
Parent PLUS Loans (Parent Loans for Undergraduate Students) are Federal Loans that can cover up to the total cost of your dependent child's undergraduate education minus the amount of other aid received.
| Example: |
| Total Cost of Attendance | $20,000 |
| Financial Aid Received |
- $3,000 |
|
| PLUS Loan Eligibility | = $17,000 |
Regardless of financial need, any parent of an undergraduate student can apply. It's simple to qualify,* easy to apply, and very affordable.
- Low interest rate, currently fixed at 8.50%** APR (July 1, 2006)
- Covers up to 100% of education cost
- Flexible repayment terms (no prepayment penalties)
- Interest paid may qualify for a tax deduction***
- Easy to apply - get loan Pre-Approval in minutes or
Questions?
Whether you're just getting started or you're already part way through the process, Commerce can help. Just call, click, or come by and we'll help you through the process to find the solution that is right for you.
†To send an email that contains confidential information, please visit the Secure Message center where there are additional instructions about whether to use Secure Email or Online Banking messaging.
* Subject to credit approval.
**Interest rates are effective 7-1-2006. The rates and other information set forth above have been obtained from sources deemed reliable, but do not constitute representations of Commerce Bank, nor shall this be considered an offer by Commerce Bank to fund any loan at rates other than those established by the United States Department of Education.
*** Consult a tax advisor for details. IRS Publication 970, Tax Benefits for Higher Education, explains these credits and other tax benefits.
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