If the student has more than one loan, then paying extra on the subsidized federal loan should not be the only option. The student should evaluate the loan with the highest interest rate and the amount and then put the extra money towards that loan. One’s aim should be to put the extr...
This type of loan requires a credit check. However, borrowers whose credit score isn't high enough to qualify may still be able to obtain a PLUS loan either through an endorser –which is like a co-signer – or by providing documentation to the Education Department about extenuati...
Master Promissory Note: Federal Direct PLUS LoanDirect, FederalStafford, UnsubsidizedLoan, FordLinda, Loma
Unlike other types of federal student loans and some private loans, there is no standard limit on the amount parents can borrow when taking out a Parent PLUS loan, a type of federal loan available to parents of dependent undergraduate students to help pay for education expenses not covered by...
meaning it won't change over the life of the loan, which is especially great if you lock it in at a low rate. But since you have to apply for a new loan every year, the rate you get on your freshman year loans probably will be different from the r...
put the bite onTo solicit money from, to hit up for a loan; also, to do so through force, thus, to extort money from, to blackmail. Both uses play on the idea of extracting by exerting pressure. The alternateput the bee onis usually limited to the less forceful borrowing sense.Webster...
Some federal loans, like direct subsidized and direct unsubsidized ones, have limits. Others, like the Parent PLUS loan, allow you to borrow up to your college's full cost of attendance. This can be helpful for students with little assistance elsewhere, but according to financial aid advisor ...
Refinancing Parent PLUS loans can have an additional benefit – assuming the now-graduate is ready to take on the debt, the parent can refinance the loan in the graduate’s name—the student has to apply for the refinancing – as long as all parties agree. ...
No minimum credit score is required for parents to take out a PLUS loan, but they cannot have adverse credit.3 Direct Consolidation Loans These loans allow a student or family tocombine all eligible federal student loansinto one loan with a single service provider and loan payment. Direct conso...
PLUS loans require that the parent applicant pass a credit check (or obtain a co-signer or endorser) and reapply for funds each academic year. The parent is also legally responsible for repaying the loan. In addition to the parents of undergraduate students, PLUS loans are available to gradua...