If you are a parent with a child about to start college, you may be considering a parent PLUS loan, a type of parent student i need a direct lender for a payday loan, which is an option available to help you cover the cost of your dependent child's education. PLUS stands for Parent Loan for Undergraduate Students and is a loan sponsored by the federal government. The difference is that the parent is the one who borrows and is therefore responsible for repayment of the payday loans online direct lenders only description.
Parents can borrow either the entire amount needed for the child's education or if the student him or herself has applied for other loans, parents can apply for the remaining cost of the young person's education, that is the cost minus existing payday loans no brokers direct lenders.
In common with other federal student loans, the student must be enrolled at least half time which means taking at least half of the requirements of a full-time student at the school in question.
Parent PLUS loans do require a credit check and are available to adoptive parents or step parents as well as natural parents. However, if the parent who is applying for the loan does not have a good credit history, he or she can still apply, if they can find a cosigner who does pass the credit check.
Repayment of PLUS loans begins 60 days after the loan has been disbursed. So this differs from other federal school loans, which allow students to start repayment after they have completed their studies and often offer a six month period of grace, allowing new graduates time to find a job and get settled into working life before they have to pay back their student debt.
Parent PLUS loans have to be paid within a period of 10 years and if this is likely to cause problems, parents should consider consolidation, which will allow you to have all of your PLUS loans in one place, with one monthly repayment and the possibility of extending the repayment period for up to 30 years.This can also reduce your monthly outgoings, which can be a bonus if money is tight as it frees up money to spend on other necessities and luxuries now. But you do have to remember that an extended loan period will mean you pay more overall.
As a parent you can help your son or daughter through college if you use a plus loan. Just make sure that it doesn't cause too much friction in the family.
Get your children on the right track for future success. Investigate Parent Student Loans right away at http://www.coolercareers.com/parent-student-loans.html
Waller Jamison is a university teacher and careers advisor who writes on a number of subjects related to higher education.
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