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PLUS loan – a loan parents can avail for their children’s education
The Federal Parent PLUS Loan enables parents with good credit histories to borrow to pay the education expenses of each child who is a dependent undergraduate student enrolled at least half time in an approved college or university. PLUS Loans are available through both the Direct Loan and FFEL programs. Most of the benefits to parent borrowers are identical in the two programs. To be eligible to receive a PLUS Loan, parents generally will be required to pass a credit check. In cases where parent do not pass credit check, they can still get a PLUS loan provided someone a relative or a friends endorses the loan. In case if parents default on the loan, the person who endorses has to repay the PLUS loan amount. Sometimes parents might qualify for a PLUS loan even if they don't pass the credit check if they can demonstrate that extenuating circumstances exist.
The yearly limit on a PLUS Loan is equal to the student’s cost of attendance minus any other financial aid the student receives. For example, if the cost of attendance is $8,000 and the student receives $3,000 in other financial aid, parents could borrow up to--but no more than--$5,000 as PLUS loan.
The interest rate is variable, but will not be more than 9 percent. The interest rate is adjusted each year on July 1. Parents will be notified of interest rate changes throughout the life of their loan(s). Interest is charged on the loan from the date the first disbursement is made until the loan is paid in full.
We have presented links to various internet sources that give information on car loans, mortgage loans, debt consolidation loans, personal loans, credit cards and credit reports, on this website. Click through these links and understand the terms and conditions before applying for any of these loans, credit cards and credit reports.
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