Direct PLUS Loans are available to the parent biological, adoptive, or in some cases, stepparent of a dependent undergraduate student enrolled at least half-time at a participating school. To be eligible for a PLUS Loan, you must have a valid FAFSA on file, the parent must agree to and pass a credit check, and both the student and the parent borrower must meet the following general criteria: 1 must be a U.
Due to sequestration, all Direct PLUS Loans with a first disbursement date on or after October 1, and before October 1, have an origination fee of 4. Be aware of this fee when determining the amount that will be received and applied to the student account.
Use the net disbursement amount principal minus origination fee when completing the financial worksheet to estimate college costs. The loan amount will be divided evenly between each semester of enrollment during the academic year. Grad PLUS loans allow graduate and professional students to borrow money to pay for their own education.
Graduate students can borrow Grad PLUS loans to cover any costs not already covered by other financial aid or grants, up to the full cost of attendance. Parent PLUS loans allow parents of dependent students to borrow money to cover any costs not already covered by the student's financial aid package, up to the full cost of attendance. The program does not set a cumulative limit to how much parents may borrow. Parents must start repaying PLUS loans as soon as the loan is fully disbursed to the student or the school.
However, parents may be able to request to delay making payments while their child is in school or for an additional six months after their child graduates, leaves school, or drops below half-time enrollment by requesting a deferment. Parents should contact their loan servicer for more information about how to delay making payments.
Parents are still responsible for the interest that accrues while the payments are postponed. If a borrower consolidates their loan into a Direct Consolidation Loan, they are also qualified for the Income-Contingent Repayment Plan.
Receive the leftover funds: Your college will apply the money to your account to cover tuition, fees, and room and board. Interest rates Federal student loans tend to have lower interest rates than private student loans , but PLUS loans might be the exception. Private Student Loans 2. If you have Parent PLUS Loans, you have to start making payments on your loans right away unless you opt for deferred payments.
However, if you consolidate your debt with a Direct Consolidation Loan, you can become eligible for an Income-Contingent Repayment plan. However, you can qualify for Income-Contingent Repayment by first consolidating your debt with a Direct Consolidation Loan. When you do so, your payments will then count toward PSLF.
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