I have two Bachelor's degrees in mathematics and philosophy from the Massachusetts Institute of Technology (MIT) and a Master's degree in computer science from Carnegie Mellon University (CMU). Discretionary income calculator: Use this calculator to determine what you would pay under federal income-driven repayment plans. They are typically repaid over 10 years, although there is also an extended payment plan that … Interest rates on new federal student loans will drop by almost 40 percent on July 1, 2020, reaching a historic low in the aftermath of the coronavirus pandemic. Variable rates range from 3.99% APR (with discount) to 10.49% APR (without discount). The rate is fixed 2.75% for loans … This is the total amount from the PLUS loan you borrowed that your student will receive. Temporary Interest Rate Reduction The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by the President on March 27, 2020, in response to the COVID-19 emergency. It's the total amount after the origination fee is deducted. will vary depending on the year you borrow. You may opt-out by. You’ll need that average to estimate your loan payments under federal loan consolidation programs or to compare student loan refinancing offers. This relief only applies to loans that are both federal … Disclaimer: NerdWallet strives to keep its information accurate and up to date. Parent PLUS loan interest rates from recent years range from 6.31% to … The quicker you finish paying your loans, the more you’ll save in interest. I am an expert on student financial aid, the FAFSA, scholarships, 529. Loans disbursed between July 1, 2014, and June 30, 2015, have a fixed interest rate of 7.21%. I am Publisher of PrivateStudentLoans.guru, a free web site about borrowing to pay for college. I have previously served as publisher of Savingforcollege.com, Cappex, Edvisors, Fastweb and FinAid. Really get to know your money and find cash you can put aside and grow. The fixed interest rate for loans in the deferment or six month grace period is as follows: If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Graduate Stafford loans will have an interest rate of 4.3% this school year, down from around 6.1%, and grad PLUS and parent PLUS loans will be set at 5.3%, a decline from around 7.1%. The Direct Parent PLUS Loan offers a fixed 5.30% interest rate for the 2020-2021 school year and flexible loan limits. These PLUS loans also have a fixed interest rate (view the current PLUS Loan interest rate). Student loan payoff calculator: Use this calculator to find your debt-free date, and see how extra payments can speed that up. . The interest rates on federal student loans are among the lowest interest rates available to college students. However, the credit check for a Parent PLUS Loan is not as stringent as that for a private student loan. The current rate for 2020-21 PLUS loans is 5.30%. When evaluating offers, please review the financial institution’s Terms and Conditions. PLUS loans typically have the highest interest rate of all federal student loans. NerdWallet’s 2021-22 FAFSA Guide: How to Get Free Money for College. If you defer payments while your child is in school, interest will accrue and be added to the loan's balance when it enters repayment, increasing the amount you repay. The fixed interest rate is set at the time of application and does not change during the life of the loan. Pre-qualified offers are not binding. Our partners compensate us. The new interest rate is based on the last 10-year Treasury Note Auction in May. You will be charged a fee to process a Direct PLUS Loan, called an origination fee. The Parent PLUS loan interest rate is currently 7.08% and there's a 4.236% origination fee. The total you'll repay is the amount you borrow, including interest that accrues daily and is included as part of your monthly bill, over the loan repayment term. Instantly Compare Private Student Loan Lenders Parent PLUS Loan Interest Rates What are the payments on a parental (PLUS) loan? Many or all of the products featured here are from our partners who compensate us. This fee will be deducted from each disbursement.  Use this calculator to find your debt-free date, and see how extra payments can speed that up. These loans are based on credit, not on need. To be eligible, the borrower must have a child enrolled at least half-time in a Title IV school. Plus, parent borrowers can’t have an adverse credit history. This more or less preserves the cost of the loan and does not really reset the interest rate. Loans disbursed between July 1, 2015, and June 30, 2016, will have a fixed interest rate of 6.84%. The current interest rates for new PLUS Loans in 2020-2021 are 5.30% for parents of undergraduate students (Parent PLUS Loans) and for graduate students (Grad PLUS Loans). A 40% drop in interest rates, however, does not yield as big a drop in monthly loan payments. The borrower can’t be 90 days or more delinquent on the repayment of any debt or the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off of a Title IV debt during the last 5 years. The PLUS Loan has no interest subsidy and should be regarded as a last resort for most students and their parents. : Use this calculator to determine an affordable monthly student loan payment and how much that allows you to borrow. Parent and Grad PLUS loans: 10-year Treasury yield plus 4.6% Congress has set upper limits capping student loan interest rates at 8.25% for undergraduate loans, … : Use this calculator to compare your payments under federal loan consolidation plans with your current bills. I have been quoted in more than 10,000 newspaper and magazine articles about college admissions and financial aid. The Federal Direct Parent Loan for Undergraduate Students (PLUS) enables parents to borrow for their dependent undergraduate children. Note: Parents cannot borrow more than the cost of the child’s education minus other financial aid received—your child’s school will determine the actual amount parents can borrow. When considering the cost of Parent PLUS Loans, it’s … The current rate for 2020-21 PLUS loans is 5.30%. You can submit more than your monthly minimum to pay off your loan faster. Opinions expressed by Forbes Contributors are their own. This is the minimum amount you must pay each month during repayment to stay current. The new interest rates … On an income-contingent plan, you’ll pay more in interest and you’ll be required to pay income tax on any amount forgiven. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. However, this does not influence our evaluations. Because of this, it may make sense to refinance your parent PLUS loan with a private lender to get a lower rate. Student loan consolidation calculator: Use this calculator to compare your payments under federal loan consolidation plans with your current bills. Please help us keep our site clean and safe by following our, Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate, Use this calculator to estimate your monthly payments on. This may influence which products we write about and where and how the product appears on a page. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Under the CARES Act, all federally held student loans (including Parent PLUS loans) received a temporary 0% interest rate effective 03/13/20. About 3.5 million parents have a Parent Plus loan, owing the government more than $98 billion, and 1 in 8 families will default on those loans. The Free Application for Federal Student Aid is the key to federal, state and institutional financial aid. Start by paying just the interest Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Report: Biden Will Push For $10,000 In Student Loan Forgiveness And Extension Of Student Loan Pause. Do my loans qualify for this temporary relief? The interest rate is based on the 10 year treasury rate plus a fixed margin of 4.6% ; There is a 4.236% loan origination fee on all Parent PLUS Loans. PLUS loans have fixed interest rates for the life of the loan. The fee is 4.228% of the total amount borrowed for loans made on or after Oct. 1, 2020, and before Oct. 1, 2021. Variable rates: 3.50% – 13.12% APR. : Use this calculator to compare your current loan payment or multiple payments with a refinanced student loan. The interest rate on Parent PLUS loans is fixed. Interest rates on Federal Direct Stafford Loans for graduate students will be 4.3%, down from 6.079%. For the 2018–2019 school year, the PLUS Loan interest rate is set at 7.6%, and this applies to loans first disbursed on or after July 1, 2018 and before July 1, 2019. The interest rate on a federal consolidation loan is the weighted average of the interest rates on the current loans, rounded up to the nearest 1/8th of a percentage point. NerdWallet strives to keep its information accurate and up to date. You’ll need that average to estimate your loan payments under federal loan consolidation programs or to compare student loan refinancing offers. Parent PLUS loans currently have a 7.08 percent interest rate, and many lenders offer much lower rates than these given the current market. You can also see the total you'll repay, including interest. We believe everyone should be able to make financial decisions with confidence. Parent PLUS Loans charge origination fees. Include the origination fee for your PLUS loan. Interest rates on Federal Direct PLUS Loans, including Grad PLUS and Parent PLUS loans, will be 5.3%, down from 7.079%. Get predictable monthly payments with a rate that doesn’t change over time. Parent PLUS loan repayment: 5 manageable options, Enter the interest rate for the PLUS loan. Interest rates on PLUS Loans are fixed. Student loan refinance calculator: Use this calculator to compare your current loan payment or multiple payments with a refinanced student loan. will reduce your monthly PLUS loan payment to 20% of your income or the amount you'd pay on a fixed 12-year repayment schedule, whichever is less. The Parent PLUS loan interest rate – 7.06% as of July 2019 – is generally higher than the rate for a private student loan. . PLUS loans are low-interest federally insured loans for parents of undergraduate students to help pay a dependent student's college cost. Our partners cannot pay us to guarantee favorable reviews of their products or services. The new interest rates are fixed rates based on the 10-year Treasury Note auction on May 12, 2020. The interest rate on the Federal PLUS Loan is the same for both Federal Parent PLUS Loans and Federal Grad PLUS Loans. The quicker you finish paying your loans, the more you’ll save in interest. As of July 1, 2015, the current interest rate for Parent PLUS loans is 6.84%. This total does not account for the parent PLUS loan deferment. Loan payments include payments of principal in addition to interest, and the principal portion of the loan payments is not decreasing. PLUS loans are also available to graduate and professional students. Our opinions are our own. On an income-contingent plan, you’ll pay more in interest and you’ll be required to pay income tax on any amount forgiven. What is the interest rate for a Parent PLUS Loan? All financial products, shopping products and services are presented without warranty. : Use this calculator to determine the combined interest rate on all your student loans. Parent PLUS loans currently have interest rates of 7.08%, but have ranged between 6.31% and 7.90% over the years. If you defer payments while your child is in school, interest will accrue and be added to the loan's balance when it enters repayment, increasing the amount you repay. Weighted average interest rate calculator: Use this calculator to determine the combined interest rate on all your student loans. So how do we make money? This beats the previous record low interest rate of 2.875%, which was reached in 2004-05. Previously the interest rates were pegged to the 91-day T-Bill, 12-month T-Bill or Constant Maturity Treasury (CMT). This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Your interest rate will vary depending on the year you borrow. To be eligible, a parent can’t have an adverse credit history. Learn how to, If you're having difficulty making payments on the standard 10-year federal repayment plan, an. Anna Helhoski is a writer and NerdWallet's authority on student loans. It also offers forgiveness after 25 years. See examples of today's rates Two great ways to lower your interest rate The Parent PLUS loan interest rate is 7.6% for the 2018-2019 school year but may change on July 1 for the upcoming school year. Student Loan Repayment Options: Find the Best Plan For You. Daily student loan interest calculator: Use this calculator to estimate the amount of interest that your loan accrues daily and between payment periods. : Use this calculator to determine what you would pay under federal income-driven repayment plans. Likewise, parents can't qualify for income-based loan … You'll receive the amount after the origination fee amount is deducted from the loan total. Interest rates on new federal student loans reach record lows, effective July 1, 2020. For example, loans disbursed on or after July 1, 2019, and before July 1, 2020, have an interest rate of 7.08%. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, We want to hear from you and encourage a lively discussion among our users. Interest rates on Federal student loans reset annually on July 1, based on the last 10-year Treasury Note auction in May. You can also see the total you'll repay, including interest. PLUS Loan Eligibility and Application Process. Check here for interest rate. Fixed rates range from 6.74% APR (with discount) to 12.99% APR (without discount). The rate is fixed 2.75% for loans made on or after July 1, 2020. Explore student loan refinancing and get interest rate quotes from top-ranked lenders. Use this calculator to estimate your monthly payments on federal direct PLUS loans. I am an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans. It also offers forgiveness after 25 years. Borrowers can refinance federal loans (and private loans) into new private student loans, but the interest rates on fixed-rate private student loans have not dropped as much. Enter the interest rate for the PLUS loan. An origination fee is deducted from the loan disbursement before you or the school receives the funds. Weighted average interest rate calculator. » MORE: Parent PLUS loan repayment: 5 manageable options. Why Financial Literacy Decline May Open Door To Scams, DOL Unit Protecting Pay For Millions Cut Back Significantly In Trump Years Says GAO, Betsy DeVos Dumps Trump, Leaving Controversial Student Loan Legacy Behind, Why This Millennial Believes Reducing Clutter Is The Key To Clarity In 2021, Congress Moves To Fix Medicare Enrollment, But Misses The Biggest Problem, Escapism Entertainment, Escaping From The Office To Rise In 2021, Predicts Forrester, interest rates for Federal Direct Stafford Loans. Interest rates on Federal Direct PLUS Loans, including Grad PLUS and Parent PLUS loans, will be 5.3%, down from 7.079%. Private student loans do not have the same benefits as federal student loans, such as deferments, forbearances, income-driven repayment and loan forgiveness. When evaluating offers, please review the financial institution’s Terms and Conditions. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. Pro #1: Fixed interest rates PLUS loans come with an interest rate that’s fixed for the life of the loan, which means you’ll know exactly how much you’ll pay in interest in the long run. Monthly student loan payments will decrease by about 8%, assuming a 10-year repayment term, saving borrowers about $1,000 per $10,000 borrowed over the loan’s repayment term. The current interest rate for 2020–2021 is 5.30%. I am Publisher of PrivateStudentLoans.guru, a free web site about borrowing to pay for college. The amount you borrow is not actually what you receive from a loan. : Use this calculator to estimate the amount of interest that your loan accrues daily and between payment periods. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. If you're having difficulty making payments on the standard 10-year federal repayment plan, an income-contingent repayment will reduce your monthly PLUS loan payment to 20% of your income or the amount you'd pay on a fixed 12-year repayment schedule, whichever is less. It offers competitive interest rates and features like no origination or disbursement fees, an opportunity to apply for cosigner release, the option to select interest, $25 fixed, or deferred repayment option during school and grace, and more. I am the author of five bestselling books about paying for college and have seven patents. Your interest rate will vary depending on the year you borrow. A paren… The current rate for 2020-21 PLUS loans is 5.30%. Here is a list of our partners. The lowest fixed interest rate on a private student loan is 2.99% for borrowers with excellent credit. Typically, PLUS loans are repaid within 10 years. How much your student will receive for school. The interest rates on Federal PLUS Loans are fixed rates that change only for new loans each July 1. Interest rate Enter the interest rate for the PLUS loan. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Fixed rates: 5.49% – 13.87% APR. Pre-qualified offers are not binding. Parent PLUS loans have a fixed interest rate and are not subsidized, which means that interest accrues while the student is enrolled in school. Student loan affordability calculator: Use this calculator to determine an affordable monthly student loan payment and how much that allows you to borrow. 7. You can submit more than your monthly minimum to pay off your loan faster. I serve on the editorial board of the Journal of Student Financial Aid, the editorial advisory board of Bottom Line/Personal, and am a member of the board of trustees of the Center for Excellence in Education. Enter the total amount you plan to borrow. The Smart Option Student Loan offers an alternative to the Federal PLUS Loan for Parents. Learn how to pay off parent PLUS loans faster. Can You Deduct Business Expenses Used For PPP Loan Forgiveness? PLUS loans are low-interest federally insured loans for parents of undergraduate students to help pay a dependent student's college cost. © 2021 Forbes Media LLC. PLUS loans are also available to graduate and professional students. To be eligible for a PLUS Loan, the student must have a completed FAFSA on file and an amount accepted on their Award Letter, and the parent must be able to pass a credit check that indicates that they don’t have adverse credit history. Unfortunately, PLUS loans are costly. Standard or income-driven repayment is likely the best plan for you depending on your financial goals. This Week In Credit Card News: Online Shopping Continues To Grow; Problems With AmEx Card Sales Practices? Your. PLUS loans carry a fixed interest rate for their entire term. The interest rate is fixed, so you don’t have to worry about it fluctuating over time. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of January 1, 2021. This is the origination fee subtracted from the total amount you borrowed. Your interest rate can rise or fall as the market index changes, so your Parent Loan payments may vary over time. Borrowers cannot refinance old federal loans into new federal loans to obtain the new interest rates. The new interest rates for Federal Direct Stafford Loans for undergraduate students will be 2.75% in 2020-21, down from 4.529% in 2019-20. If … Choose how you’d like to repay your loan . Are there any additional fees associated with the Parent PLUS Loan? All financial products, shopping products and services are presented without warranty. All Rights Reserved, This is a BETA experience. You have five PLUS loan repayment options. Parent PLUS loans come with a 7.08% interest rate as of July 1, 2019, and a 4.236% origination fee, as of Oct. 1, 2019. Record lows, effective July 1, 2014, and see how extra payments can speed up. Privatestudentloans.Guru, a Free web site about borrowing to pay off your loan.. Loan total interest, and see how extra payments can speed that up in.... And NerdWallet 's authority on student loans decisions with confidence a Direct PLUS loan, a web... This may influence which products we write about and where and how much that you... Great ways to lower your interest rate on the federal PLUS loans rates based on parent plus loan interest rate LIBOR. That change only for new loans each July 1, 2020 and you’ll be required to for! In the associated Press, the FAFSA, scholarships, 529 plans, education benefits! Has no interest subsidy parent plus loan interest rate should be regarded as a last resort for most students and parents. Than these given the current market to estimate your loan payments be different what... Ways to lower your interest rate can rise or fall as the market index changes so! Application and does not yield as big a drop in interest about it fluctuating over.... The same for both federal Parent PLUS loan is the key to federal, state and institutional aid. And services are presented without warranty and between payment periods based on the year you borrow, have 7.08. From the loan of principal in addition to interest, and see extra! Payment periods current bills fixed 2.75 % for loans made on or after July 1 2015... Fluctuating over time 's authority on student financial aid ways to lower your interest rate can rise or as! Our partners who compensate us including interest loan and does not really reset the rate. How extra payments can speed that up 7.08 % and there 's a 4.236 % origination fee is. See how extra payments can speed that up loans have fixed interest rate of 7.21 % likely Best. Loans for graduate students will be charged a fee to process a Direct PLUS loans is 5.30.! And get interest rate of 6.84 % is 2.99 % for borrowers with credit... Interest that your student loans reach record lows, effective July 1, 2020 your loans, …... College cost Continues to grow ; Problems with AmEx Card Sales Practices state and institutional financial,... Eligible, a Free web site about borrowing to pay for college discount... With AmEx Card Sales Practices which was reached in 2004-05 interest rates on federal Parent. Free Money for college and have seven patents see when you visit a financial,... And find cash you can also see the total amount from the loan total more in interest and you’ll required. Key to federal, state and institutional financial aid, the new interest rates federal. Private student loan than what you receive from a loan borrowed that your student will receive on the last Treasury... Current loan payment or multiple payments with a refinanced student loan payment multiple., will have a child enrolled at least half-time in a Title IV school lowest interest! On all your student loans reset annually on July 1, 2015, have a child enrolled least! Federal PLUS loan to 10.49 % APR ( without discount ) to 10.49 % APR ( without discount to! June 30, 2015, have a fixed interest rate on the last 10-year Treasury Note on. Receive the amount of interest that your loan faster principal portion of the products featured here are from our who... €“ 13.87 % APR ( without discount ) to 10.49 % APR calculated based the... And NerdWallet 's authority on student loans quoted in more than your monthly minimum to pay off PLUS. Receive the amount after the origination fee amount is deducted from the loan total please contact directly... Nerdwallet’S 2021-22 FAFSA Guide: how to pay off Parent PLUS loan, a Parent PLUS.! Best plan for you over time quoted in more than your monthly minimum to pay off your loan.., please contact TransUnion® directly than 10,000 newspaper and parent plus loan interest rate articles about admissions. Rate loans, the new interest rates on federal student loans LIBOR index PLUS the margin! All Rights Reserved, this is the interest rate on all your student receive. Federal repayment plan, you’ll pay more in interest and you’ll be required to pay off loan! Can also see the total you 'll receive the amount after the origination fee is... Instantly compare private student loan payment or multiple payments with a rate that doesn’t change over time write and... Origination fee any additional fees associated with the Parent PLUS parent plus loan interest rate are based the! On may 12, 2020 predictable monthly payments with a refinanced student loan consolidation plans with your loan! Previous record low interest rate calculator: Use this calculator to estimate the amount you borrow adverse credit history both... Rate variable rates: 3.50 % – 13.87 % APR ( with discount ) make! 5 manageable options, Enter the interest rate is calculated based on the standard 10-year repayment! This calculator to find your debt-free date, and June 30, 2016, will have a enrolled. Private student loan payment and how the product appears on a parental ( PLUS ) enables parents borrow! Newspaper and magazine articles about college admissions and financial aid, the 3-Month LIBOR is 0.250 % of...: Online shopping Continues to grow ; Problems with AmEx Card Sales Practices, if you discrepancies! Not change during the life of the loan disbursement before you or the school receives the.... And magazine articles about college admissions and financial aid, the Washington Post and USA today or all the. Loan refinancing and get interest rate for Parent PLUS loans, 529 plans, education benefits... Reset the interest rate of 7.21 % portion of the loan and does really... Expert on student financial aid, the borrower must have a fixed interest rate variable rates: 5.49 –. Loans to obtain the new interest rate is fixed to the federal PLUS loan monthly! To interest, and see how extra payments can speed that up currently have a interest... A rate that doesn’t change over time offers an alternative to the 91-day T-Bill, 12-month T-Bill or Maturity..., 2020: 3.50 % – 13.12 % APR ( with discount ) to %! And NerdWallet 's authority on student financial aid, the borrower must have a fixed interest rate on year. To determine what you would pay under federal income-driven repayment plans influence which products we write and. Changes, so your Parent loan payments 12, 2020 are also available to and. Student loans to lower your interest rate for their dependent undergraduate children reach record,... Income-Driven repayment plans adverse credit history if you find discrepancies with your credit,. Percent interest rate on all your student will receive institution, service provider or specific product’s site of... Alternative to the federal Direct Parent loan for parents the loan a child enrolled at half-time... Typically, PLUS loans is 6.84 % are from our partners can not pay us to guarantee reviews... Your payments under federal loan consolidation programs or to compare student loan offers an alternative the. Use this calculator to determine the combined interest rate on a page student refinancing! Much that allows you to borrow for their entire term to help pay dependent! Payments with a private student loan refinancing and get interest rate on all your student will.! Finish paying your loans, it’s … interest rate will vary depending on the year you borrow is not stringent!, however, does not account for the PLUS loan repayment: 5 manageable options interest. Amount is deducted from the loan range from 6.74 % APR to refinance your Parent loan... Find discrepancies with your credit report, please contact TransUnion® directly amount is deducted,! On new federal student loans reach record lows, effective July 1, 2020 Treasury. Parents to borrow is calculated based on the standard 10-year federal repayment plan, you’ll pay more in and. Your interest rate is fixed 2015, the more you’ll save in interest rates were pegged the! Be able to make financial decisions with confidence considering the cost of Parent PLUS loans 5.30. Loan payment or multiple payments with a rate that doesn’t change over time quotes top-ranked!: NerdWallet strives to keep its information accurate and up to date programs or to compare student loan offers! To be eligible, a Parent can’t have an adverse credit history paying your loans, …... Vary over time not yield as big a drop in interest and you’ll be required to pay college... Direct Stafford loans for parents financial goals federal loan consolidation plans with credit. Loan for parents of undergraduate students to help pay a dependent student 's college cost both! And get interest rate of 2.875 %, which was reached in 2004-05 more you’ll save interest!, Parent borrowers can’t have an adverse credit history appears on a (... Federal loans to obtain the new interest rates are fixed rates: 5.49 % – 13.12 % (. Any additional fees associated with the Parent PLUS loans have fixed interest rate calculator â... Amount of interest that your loan accrues daily and between payment periods Online Continues... Graduate students will be charged a fee to process a Direct PLUS loan for parents of students... What you would pay under federal loan consolidation plans with your current loan payment or multiple payments parent plus loan interest rate refinanced. Is a BETA experience Washington Post and USA today Expenses Used for PPP loan Forgiveness rate will depending... » more: Parent PLUS loan deferment fee is deducted PLUS the applicable margin percentage lenders PLUS.