The program provides for partial or total cancellation for borrowers who teach the disabled, in Head Start, or in poverty-area schools designated by the Federal Government. Full and partial cancellation benefits are also available to full-time law enforcement and corrections officers who borrow from this program after November 29, 1990. Borrowers are required to arrange an exit interview with the Collection's Office during their last semester at Pace University. A sample loan repayment schedule is listed below. The parents of a dependent student may borrow up to the full cost of education, less other financial aid, for each academic year for a child accepted to a degree or certificate program.
Parental loans have a variable rate of interest.
Unlike the Stafford Student Loan, PLUS loans do not carry an in-school Federal interest subsidy. Loan repayment must begin within sixty days after disbursement. All borrowers are required to pay an origination fee. Postcard pre-applications are sent with award letters. PLUS loans can not be used to replace the students eligibility for the Stafford Loan, so it is generally to the family's advantage to have the student borrow the lower interest rate Stafford Loan.