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Parent Plus Loans
By: Vanessa McHooley
Parent PLUS Loans
Do you have good credit that you would like to put towards the further education
of your child? Is your child planning on becoming a student at an American
college or university? Is your child a dependent and planning on attending this
college or university as an undergraduate at least “half-time” during the
college or university semester schedule? If these questions apply to you, then a
parent PLUS loan just may be the best option for financing the education of your
child.
What a PLUS Loan Is
A PLUS loan is basically a loan given out to the parents of dependent children
looking to enroll at any college or university. The PLUS loan covers up to any
amount that is not already covered by any other form of financial aid. For
instance, if your child is going to a university that costs $10,000, and he/she
receives $7,000 is financial aid from other sources, a PLUS loan is good for up
to $3,000 in this specific instance. No lender is necessary under the pretenses
of a PLUS loan, because the U.S. Department of Education works directly with
your college or university to distribute the loan application, process the loan
application, and eventually distribute the loan funds to the appropriate sources
(i.e. the college or university).
How To Obtain a PLUS Loan
Little is required of you to receive a PLUS loan as the parent of a child
wishing to take out a loan in order to finance a college education. Simply
submit a Direct PLUS loan application and promissory note to the U.S. Department
of Education office located within your specific state. All of this information
can be obtained through your college or university’s financial aid office, and
application packets are readily available through the same office. It is also
recommended that you fill out a FAFSA form (also available through your school’s
financial aid department), so that your child may receive the largest amount of
financial aid possible.
This article is distributed by NextStudent. At NextStudent, we believe that
getting an education is the best investment you can make, and we're dedicated to
helping you pursue your education dreams by making college funding as easy as
possible. We invite you to learn more about Parent PLUS Loans at http://www.NextStudent.com
.
About the Author:
My goal is to help every student succeed - education is one of the most
important things a person can have, so I have made it my personal mission to
help every student pay for their education. Aside from that, I am just a pretty
average girl from SD. |
