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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/

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/

Student Aid on the Web

Jump to How do my parents get a loan?‎: For a Direct PLUS Loan, your parents must complete a ~~~ requirements for federal student financial aid. . ~~ . ~~ . ~~ . ~~

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

Federal Parent PLUS loans - Sallie Mae PLUS loans

The Parent PLUS loan is a low interest, federal student loan for parents of undergraduate, dependent students. . ~~ . ~~ . ~~ . ~~

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

Direct Loans—Parent PLUS Information

17 Apr 2009 ~~~ U.S. Department of Education and Federal Student Aid logo (Start Here. ~~~ Parent PLUS loan borrowers cannot have an adverse credit history ~~~ 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

Federal Parent PLUS Loans - Government Student Loans - Chase

PLUS loans are a great way to help your son or daughter finance the education they need. The low interest Parent PLUS loan. A federal loan that is both ~~~ . ~~ . ~~ . ~~ . ~~

• chasestudentloans.com/student-loans/federal-plus.html

FinAid | Loans | Parent Loans

Parents of dependent students can take out loans to supplement their children's aid packages. The federal Parent Loan for Undergraduate Students (PLUS) lets ~~~ The PLUS loan charges loan fees of 4%, deducted from each disbursement check.All lenders offer the same rate for the PLUS Loan,although some give discounts for on-time and electronic payment.RepaymentRepayment begins 60 days after the funds are fully disbursed, and therepayment term is up to 10 years. ~~ However, the EnsuringContinued Access to Student Loans Act of 2008 (PL 110-227), ECASLA,added the option for parents to defer payments on the Parent PLUS loanwhile the undergraduate student on whose behalf they borrowed the PLUSloan is in-school and for a six-month grace period after the studentgraduates or drops below full-time enrollment. ~~ Consolidating PLUS LoansPLUS loans can be consolidated just like Stafford and Perkins Loans,although a parent's PLUS loan cannot be consolidated with thestudent's Stafford and Perkins Loans, since the borrowers aredifferent. ~~ It is best to consolidate PLUS loans separately fromStafford and Perkins Loans to maximize the benefit of this interestrate reduction. ~~

• finaid.org/loans/parentloan.phtml

Wachovia Federal Parent PLUS Loan

The Federal Parent PLUS Loan is an affordable, low-interest loan designed ~~~ Though eligibility for the Parent PLUS Loan is not based on household income, ~~~

• https://wachovia.com/foundation/v/index.jsp?vgnextoid=51f65ef43a0aa110VgnVCM1000004b0d1872RCRD

Citi Student Loans - Parent PLUS Loans

Apply for a Parent Federal PLUS Loan from Citi Student Loans and get help with your children's educational expenses. The first payment will be due within 60 days after the loan is fully disbursed. ~~ And, if you apply for and are denied a Parent PLUS Loan due to the credit check, the amount your child can borrow through an unsubsidized Stafford Loan may increase. ~~ . ~~ . ~~

• https://studentloan.com/findstudentloan/loanforparents.htm

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