Parents, this is an opportunity to lock in a great rate on your PLUS loans, even if your child has not completed school. If you are borrowing for the current academic year (or have borrowed since July 1, 1998) your variable PLUS interest rate is 7.94% with a cap of 9%. Consolidation will let you lock in a weighted rate on your PLUS loans for life. With our rate reduction incentives you can acheive a lower rate. If you need to borrow PLUS funds again, you will be eligible to reconsolidate your consolidation loan with your new PLUS loans. Parents can consolidate again and again as new loans are dispursed.
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