Articles About Cash And Money

Parent PLUS loan

About the Loan:

The Parent PLUS Loan is a student loan that is sponsored by the federal government. Parent PLUS Loans enable parents to borrow money to pay the education expenses of their child who is a dependent undergraduate student.

Parent PLUS loans are given out based on the parent's credit. Interest rates are fixed and you don't have to repay it until after the 2nd disbursement.

Eligibility and Requirements:

-Good Credit History: As we have said before, this loan is based on the credit of the parents.

-Enrolled at Least Half Time: You must be enrolled in an approved college or university at least half time. "Half-time" generally means you're enrolled in six or more credit hours each semester.

-FAFSA: Normally, you must complete the Free Application for Federal Student Aid. Most schools will require this but some will not. Check with your school's financial aid office to see if yours does.

-US citizen: You must be a US citizen, permanent resident, or citizen of American Samoa or Swain's Island.

What are the Benefits?:

-The best benefit of the Parent PLUS loan is that parents can get a loan to assist their child in financing their higher education.

-Parent PLUS loans have have a maximum interest rate that is set by the Federal Government. The interest rate on the PLUS loan is fixed at 8.5% as of July 1, 2006.

-Private Lenders offer incentives such as interest reduction and cash rebates.

-Whether or not you receive a loan is based on your credit history. You can't be turned down for making too much money.

-A Federal PLUS Loan allows parents to borrow enough money to pay for tuition, room and board, supplies, lab expenses, and travel.

-Interest could be tax deductible.

How Much Can I Borrow?:

You can borrow the amount of your educational costs minus any other financial aid. For example, if it costs you $8,000 a year to attend school and you have $2,000 in financial aid, your parents can borrow up to $6,000.

The money is given directly to your school. It's disbursed in at least two installments and used to pay for tuition, fees, and housing. If there is any money left over sent to your parents to be used for your other educational needs.

Repayment:

Parent PLUS loans must be repaid in under ten years. If you need to extend your repayment terms, consolidation is your only option.

NOTE: Use of this article requires links to be intact.

To learn more about other low interest loans visit our Low Interest Student Loans page. A college student herself, Elise Fisher loves writing articles to help college students learn more About-Student-Loans.com.

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