Program assists parents with student loans
August 25, 2018
The new Presbyterian parent loan program will help PC(USA) members cover the gap of their student’s higher education costs at a lower interest rate than the Department of Education parent PLUS loan. (Photo via iStock)
Applications are now being accepted for the new parent loan program through the Presbyterian Mission Agency.
Available for Presbyterian Church (U.S.A.) members, the parent loan, administered through Financial Aid for Service, offers a 6 percent interest rate.
“This is one loan you can feel good about because it’s a renewable resource,” said mission coordinator Laura Bryan, who oversees Financial Aid for Service. “It helps parents now cover higher education costs, and through repayment, parents served today will return loan capital to serve other families. Plus, the interest payments on the PC(USA) parent loan will be used to provide student loan repayment assistance to pastors in the future.”
The PC(USA) parent loan has no origination fees. Borrowers who in enroll in the electronic bill pay transfer option receive a half-percent interest rate reduction.
The deadline to apply for the PC(USA) parent loan is Oct. 31. There are no penalties for prepayment or overpayment on the 10-year loans.
Presbyterian loan specialist Melonee Tubb said that now is the time for parents to consider how to cover any financial gap for higher education because they know how much aid their student is receiving from the college or university of their choice.
“We know it’s a stressful time,” she said. “We’re available to discuss options.”
More information and an application for the PC(USA) parent loan can be found at pcusa.org/parentloan.
Paul Seebeck, Mission Communications Strategist, Presbyterian Mission Agency
Today’s Focus: Parent Loan Program
Let us join in prayer for:
PC(USA) Agencies’ Staff
Toni Carver Smith, PMA
Martha Smyrski, BOP
Let us pray:
Lord, guide us as we seek to heed your call to service. Help us to be constant in our love, unrelenting in pursuing peace, and faithful in working for all. Amen.
Daily Readings
Morning Psalms 56; 149
First Reading Job 3:1-26
Second Reading Acts 9:10-19a
Gospel Reading John 6:41-51
Evening Psalms 118; 111
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Categories: Mission Yearbook
Tags: financial aid for service, mission yearbook, parent loan program, student loans