Considering a Parent PLUS Loan?

A HELOC could be a better option^{4navigates to numbered disclaimer}

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 disclaimer}

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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.*

	Federal Parent Plus Loan^{**navigates to table disclaimer}	Figure HELOC
Speed to Fund	Varies. Up to 30 days	Funding in as few as 5 days days^{2navigates to numbered disclaimer}
Loan Terms	10-30 yrs	5, 10, 15, 30-year loan terms^{6navigates to numbered disclaimer}
Loan Amount	Up to total cost of attendance, minus other financial aid received	Up to 400,000^{5navigates to numbered disclaimer}
Fund Disbursement	Fund disbursed to college and/or child's account	Funds disbursed to borrower
Payment Start Date	Immediate (upon funding) or can be deferred if student is enrolled at least half-time	Immediate (upon funding)
Used For	Full cost of attendance minus any financial aid already received	Flexible, 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

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Let your home offer a quick and possibly cheaper alternative^{4navigates to numbered disclaimer}

Get up to $400,000^{5navigates to numbered disclaimer}
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 days^{2navigates to numbered disclaimer}
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.