If you're not a homeowner or you have very poor credit, consider debt relief instead of a mortgage.

1) Type of debt:

Credit Card Debt
Student Loan Debt
Tax Debt
Other Debt

2) What State do you live in?

Your Profile: Campus • Bachelor's Degree • Traditional • Full Time (change your profile)

Repaying PLUS Loans

The Federal PLUS Loan comes with a variety of repayment options. There is the standard repayment plan; graduated payments, which increase gradually over time; and extended plans, which allow up to thirty years to repay. Unlike other federal student loans, Federal PLUS Loans do not have an income-sensitive repayment plan.

Because the Federal PLUS Loan is unsubsidized, interest accrues from loan disbursement and interest and principle repayment begins within 60 days. Even if you don't complete your bachelor's degree, your parents are required to repay the loan.

Beginning July 1, 2006, the interest rate on the Federal PLUS Loan was fixed at 7.94%. For loans taken out before that date, the interest rate cannot exceed 9% and variable interest rates are adjusted annually.

Under some circumstances, you parents can apply for Federal PLUS Loans forbearance or deferment. Your parents will still be required to make interest payments.

If your parents do not make payments on the Federal PLUS Loan, it will affect their credit. Before your parents take out a Federal PLUS Loan for your education, make sure it's clear who will be repaying the loan.