Private student loans:If you don’t qualify for a Parent PLUS loan or can get a better interest rate elsewhere, consider applying forprivate student loans. You can either apply for private parent student loans or cosign your child’s private loans. Savings:If your child has some time before...
Rather than simply refinancing a single Parent PLUS loan, you might be able to bundle several of them into a single consolidation loan. Private lenders and the Department of Education offer these consolidation loans. Consolidating several loans might lead to a lower interest rate, shorter payoff pe...
Overall, parent student loans can be a valuable tool for families looking for additional financial support to fund their child’s education. However, it’s important to carefully consider the implications of taking on this debt and explore other options before committing to a parent PLUS loan. Ty...
To apply for the economic hardship deferment for federal loans, borrowers must submit anEconomic Hardship Deferment Request formto their loan servicer. Borrowers must also submit documentation of income such as a copy of a recent pay stub or the borrower’s most recently filed federal income tax ...
Available to the parents of dependent undergraduate students, Parent PLUS Loans are an option for individuals who want to help their children pay for college without subjecting them to hefty loan payments. Unlike Direct Subsidized and Unsubsidized Loans, this option takes credit score into account....
If federal student loans aren’t sufficient to cover the costs of your education, private student loans are your next step. You can apply for private student and parent loans through private lenders like banks, credit unions, or online lenders outside of the government. ...
How to apply for a student loan You generally have two options for student loans: federal and private loans. The application process differs depending on which type you’re pursuing. Students and parent-borrowers should exhaust allfederal student loanoptions before applying for private student loans...
PLUS loans:Originally short for Parent Loan for Undergraduate Students, this type of loan is available to graduate students, professional students and parents of undergraduates. PLUS loans have higher interest rates, and they require a credit check. Additional steps may be required for people with ...
PLUS Loans from the Federal Family Education Loan (FFEL) Program Parent Loans for Undergraduate Students Subsidized Federal Stafford Loans Supplemental Loans for Students Unsubsidized and Nonsubsidized Federal Stafford Loans Should you consolidate your student loans?
), the parent is typically eligible. Importantly, these loans are in the parent's name only. And while many families may create verbal agreements requiring the child to pay their parents back, the child for whom the loan was taken has no legal responsibility to repay a Parent PLUS loan....