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What Are Plus Student Loans?
College expenses are high; there is little argument over that. Students and parents of students often need financial help in order to get into and subsequently get through the years of education that leads to an advanced degree. Thankfully, there is a somewhat new student loan program available that help out with these costs.

The Federal Parent PLUS Loans can help those parents with good credit histories to borrow money. This money can be used to help pay the education expenses of their children. Each student-child must be a dependent undergraduate student enrolled in an approved university or college, for at least half time in order to qualify for the loan.

The most useful benefit of the PLUS Loan is that parents can borrow federally guaranteed, low-interest student loans in order to pay for the child's college education. Unlike many other loans, the PLUS Loan program lets parents borrow the total cost of undergraduate education to include tuition, supplies, room and board, books, lab expenses, and even some travel costs.

Also, unlike many other student loans that are based on "need", these loans are non-need based. Eligibility is dependent on a regular credit check that determines whether the parent has an adverse credit history.

An adverse credit history is defined as being more than 90 days late on any debt or having any Title IV debt (including a debt due to grant overpayment) within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off.

The college of choice may require additional loan applications.




For this reason, parents should check with your school's financial aid office.

As of July 1, 2006, the interest rate on the PLUS Loan was set at 8.5 percent. The PLUS loans do not require any collateral to be placed by the parents. In addition, the interest that is paid on the loan may be tax deductible. It should be noted that the interest rate on these loans can and will vary over time, so parents should investigate the latest news concerning interest rates before assuming any posted rate is correct.

There are some restrictions on the PLUS loans. For instance, the annual limit on a PLUS Loan is equal to your cost of attendance, minus any other financial aid that is received from other programs.




For example, if the annual cost of attendance to a school is $8,000 and the student will receive $5,000 in other financial aid, the parents of the student would be able to borrow up to, but no more than, $3,000.

There are also certain restrictions and requirements concerning the way the funds are to be disbursed. Much of the disbursement rules that apply to a particular loan will be directed by the particular school. In order to get the most recent issues concerning how the money will be sent and to whom it will be sent, parents and students should visit with the financial aid office of the intended university.

Students and parents who wish to learn more about this loan program can visit the PLUS loan website where more detailed information is located..
Author Resource:- Peter Kenny is a writer for The Thrifty Scot, please visit us at http://www.thriftyscot.co.uk/Loans/ and http://www.thriftyscot.co.uk/mortgage/ http://www.thriftyscot.co.uk/Loans/012008/the-best-way-to-use-a-buy-to-let-mortgage.html
PLUS Loans - Federal Parent PLUS Loans for Undergraduate Students

PLUS Loans allow parents to fund the total cost of education through a Federal PLUS Loan. Let us help your family afford college! . ~~ . ~~ . ~~ . ~~

• parentplusloan.com

Student Aid on the Web

How does a parent get a loan? For a Direct PLUS Loan, the parent must complete a Direct PLUS Loan Application and Master Promissory Note (MPN) ~~~ . ~~ . ~~ . ~~ . ~~

• studentaid.ed.gov/PORTALSWebApp/students/english/parentloans.jsp

Parent PLUS defer repayment - Sallie Mae PLUS loans

You can postpone payments on your Parent PLUS loan while your child is in school full time.

• salliemae.com/get_student_loan/find_student_loan/parent_loans/plus

PLUS Loans - Federal Parent PLUS Loan Introduction

PLUS Loans are federal parent PLUS loans that are used towards a students educational costs. . ~~ . ~~ . ~~ . ~~

• parentplusloan.com/plus-loans

Direct Loansā€”Parent PLUS Information

This page provides information for parents of college students about PLUS loans from the U.S. Department of Education's Direct Loan Program. Types of Direct Loans The following Direct Loans are made through the William D. ~~ No interest is charged while a student is in school at least half-time, during the grace period and during deferment periods. ~~ PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. ~~ Parent eligibility requirements for a Direct PLUS Loan You must be the student's biological or adoptive parent or the student's stepparent, if the biological or adoptive parent has remarried at the time of application. ~~

• direct.ed.gov/parent.html

StudentLoans.gov

Students must sign in using their own Federal Student Aid PIN ~~~ their own Federal student Aid PIN to complete PLUS Master Promissory Notes (MPNs) and PLUS Loan Requests. ~~~ . ~~ . ~~ . ~~ . ~~

• studentloans.gov/myDirectLoan/index.action

StudentLoans.gov

Direct Loan Overview. What you Need for Direct Loans. What to Expect for Direct Loans ~~~ Loan Discharge. Public Service Loan Forgiveness. Teacher Loan Forgiveness ~~~ . ~~ . ~~ . ~~ . ~~

• studentloans.gov

Parent PLUS Loans: Find a Federal Parent PLUS Loan for ~~~

Find low-interest financing solutions with a Federal Parent PLUS Loan at Citizens Bank. Make college financing an affordable reality when you apply ~~~ . ~~ . ~~ . ~~ . ~~

• citizensbank.com/student-loans/parent-plus-loans.aspx

Federal Parent PLUS Direct Loans | University Scholarships ~~~

Federal Direct Parent PLUS loans are loans in the parents' name. ~~~ If a PLUS loan is denied, the student may be eligible for additional unsubsidized loan money. ~~~ Ā Note:Ā The MPN only needs to be completed once if the same parent borrows every year, unless the loan was cosigned by an endorser.Requesting ChangesParents may request changes to their Parent PLUS Loan for the following reasons by completing theĀ 2010-2011 Parent PLUS Loan Change FormCancellation for any term or terms.Cancellation of future un-disbursed amounts after receiving the first disbursement.Reinstatement of a previously cancelled Parent PLUS Loan.Reduction of the loan amountShould the parent be applying for the Parent PLUS loan to apply to Summer TermsĀ then please complete theĀ 2010 Summer Parent PLUS Change FormWhat to do if your Parent PLUS Loan is deniedIf the Parent has their Parent PLUS Loan Application denied, the student may be eligible for an additional Federal Direct Unsubsidized Stafford Loan amount. ~~ . ~~ . ~~ . ~~

• finaid.vt.edu/types_of_aid/loans/plus-parent/index.html

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