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PLUS – A vital student financial aid component
by My college Corner My College Corner provides webinarsParents of dependent undergraduates can now borrow any amount up to the total cost of college tuition with the help of federal parent loans also known as Parent Loan for Undergraduate Students (PLUS.)
PLUS is a need-based loan program; however, unlike other loan programs, it does require a credit check. Therefore, it is not always guaranteed in the same sense as other loans. You can be eligible for the loan only if you’re either natural, adoptive or step-parent of the dependent student. You can simply provide information on the FAFSA application in order to access college loans for parents.
Similar to other need-based loan programs, funds from PLUS are disbursed after loan and insurance fees have been deducted. However, there’s one exception: with PLUS, the amount of loan borrowed in excess of the student's account balance at the time of disbursement will be refunded to the parent borrower instead of the student. The refunds are intended for the sole purpose of supporting the dependent student while in school. That said, some schools may have a by-request option allowing the funds to go directly to the student with parent borrower permission.
When it comes to paying for college education through financial aid, federal parent loans should not be overlooked. However, you must keep in mind that PLUS is a non-need based aid program and should be accessed only after all need-based programs are exhausted for the student.
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Created on Aug 22nd 2018 03:50. Viewed 294 times.
