PLUS Loans are only offered when the student has already been awarded the maximum amount available through federal student loan funding. As a result, possible replacements are limited to alternative student loans or private funding sources. Alternative student loans are private education loans offered by most Stafford Loan providers. However, these loans are not federally regulated, meaning that the terms and conditions are set by the lender. Alternative loans can be taken out in the student's name, but a credit check is required prior to approval, leading many students to use a co-signer. SUNY-ESF does not recommend alternative student loans as a funding option, but does provide a list of lenders commonly used by our students. It is highly recommended that each student carefully compare the terms and conditions for many options before making a decision.
PLUS Loans do not have a payment deferment option like Stafford or Perkins Loans. However, many lenders will offer some form of delay in the payments if requested by the borrower. Parents should contact lenders prior to making a decision if deferment is desired. In any case, interest will accrue on a PLUS Loan when payments are not being made.