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Considering a Parent PLUS Loan?

A HELOC could be a better option4navigates to numbered disclosure

If you've built up equity in your home, tapping into it may be a cheaper financing alternative. Unlock your equity now and get up to $400k!5navigates to numbered disclosure

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With a Parent PLUS Loan, parents can borrow up to the total cost of attendance of their child's school minus any financial aid their child has already received. However, by tapping home equity, parents could get the cash they need to cover college-related expenses AND any other expenses at the same time, and possibly at a lower rate.*navigates to undefined disclosure

Federal Parent Plus Loan**Figure HELOC

Speed to Fund

Varies. Up to 30 daysFunding in as few as 5 days days2navigates to numbered disclosure

Loan Terms

10-30 yrs5, 10, 15, 30 year options

Loan Amount

Up to total cost of attendance, minus other financial aid receivedUp to 400,0005navigates to numbered disclosure

Fund Disbursement

Fund disbursed to college and/or child's accountFunds disbursed to borrower

Payment Start Date

Immediate (upon funding) or can be deferred if student is enrolled at least half-timeImmediate (upon funding)

Used For

Full cost of attendance minus any financial aid already receivedFlexible, can be used for college expenses and beyond

*The Figure HELOC is a private loan and does not offer the same flexible repayment options that are associated with federal loans. If you expect to incur financial hardship that would impact your ability to repay, you should consider federal loan alternatives.

**Parent PLUS Loan Information sourced from FASFA as of 2/14/2024

Let your home offer a quick and possibly cheaper alternative4navigates to numbered disclosure

  • Get up to $400,0005navigates to numbered disclosure

    Parents who have a good amount of equity in their home may be able to tap their equity for a large amount of cash that can be used flexibly for education expenses and beyond, as an alternative to a Parent PLUS Loan.

  • Funding in as few as 5 days2navigates to numbered disclosure

    Figure's application is fast, easy, and 100% online. No in-person appraisal needed. Get approval in 5 minutes and funding in as little as 5 days. Turn your home equity into cash for your child's college experience.

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What can I use a home equity line of credit for?

A HELOC can be used for many different purposes such as:

Home improvement

Finance your next project.

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