Contact the Office of Financial Planning for additional information. Parents may borrow up to the cost of education, less any other aid, per academic year for each dependent enrolled at least half-time. Payment of PLUS loans is NOT deferred while the student is enrolled in school but begins 60 days after the final loan disbursement for the academic year for which the loan was made. Private Alternative Loan Programs Elon participates in a number of other private and state-funded loan programs. In general, these programs allow for extended repayment terms.
Alternative lenders are free to set their own repayment terms, interest rates, guarantee fees, etc.
It is wise to compare several lenders to discover which ones are best suited to you. Alternative lenders often have fee and interest rate structures that are competitive with the federal loan programs. This allows parents greater flexibility to shape their borrowing program to more fully conform to their current financial situation. Another possibility is to combine a deferred payment alternative loan with a federally subsidized Stafford Loan and Elon's monthly payment plan. Students and parents interested in alternative loan plans may contact the Office of Financial Planning for additional information and suggested lenders.