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Plus Student Loan

Minnie Said:

how do you get approved for a Parent PLUS student loan?

We Answered:

schools.medianewsonline.com - it provides some tips about applying to US federal and state grants for college students.

Bernice Said:

Is a parent plus loan really better than a private student loan?

We Answered:

Hi Natalie Marie,

Probably. The Plus loan has a maximum interest rate set by the goverment which right now is 8.5%. Private student loans usually have an interest rate that is tied to the prime lending rate as well as the borrower's credit rating. The worse the credit rating, the higher the interest rate.

The Plus loans can also be consolidated if needed. There is no such requirement for the private loans.

Good luck,

Ken

Dustin Said:

Easy 2 questions about Federal PLUS student loan...?

We Answered:

1. Yes, CoA includes not only tuition, fees, room board (on and off campus) and books but will also include other costs (usually listed as "misc") like a computer, transportation costs and for independent students with kids, even child care costs.

To find out what your schools "Cost of Attendance" is, look it up on your schools website. It will be labeled as such.

2. Other fin aid INCLUDES all other aid you are getting. All federal grants (including the Pell) and state grants, loans, work study, scholarships,


So, if your schools CoA is 15,000 and your EFC is 1000 then that means you will get 4,600 in a federal Pell and a 5,500 stafford loan. You also have a 2,000 scholarship from your school.

So, your parents would be able to borrow up to:
(1000 + 4600 + 5500 + 2000) =13,100 - 15,000 = $1,900 total (a year. half in the fall and half in the spring) in a parent PLUS loan

or if you didn't want to take out the student Stafford loan then your parents would be able to borrow
1,900 + 5,500 = 7,400 total (again, half in the fall and half in the spring)

Be aware that since many of those costs are "indirect" not paid directly to the school, your parents may be wise NOT to take out a parent PLUS loan (as in the case of only borrowing 1,900) because all your direct costs (tuition, fees, books, dorm and meals) will prob be all covered by your aid and the 1900 would just be for the "misc" and "transportation" categories I mentioned before.

A note about parent PLUS loans. If your other aid covers all these direct costs, the excess parent PLUS loan goes to your PARENTS, not you. So, in theory, if YOUR aid covers everything, you may never see a DIME of the excess. Your school will deposit their loan money in THEIR bank account and they don't HAVE to give it to you at all.... to be used for other "misc" indirect costs your parents might have for you attending school.

My parents took out PLUS loans for me my first two years, I never saw a dime of the money and they used the excess one year to buy my dad a recliner. Of course, PLUS loans are not the Students loans to repay, so I didn't worry too much about it... I just got a part time job to may for my "misc" costs (shampoo, paper, gasoline) instead. lol

Carlos Said:

How do I consolidate a Private, Parent Plus and Federal Loan, under a different name, all being Student Loans?

We Answered:

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. (10 years for less than $7,500; 12 years for $7,500 to $10,000; 15 years for $10,000 to $20,000; 20 years for $20,000 to $40,000; 25 years for $40,000 to $60,000; and 30 years for $60,000 and above.) The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid is increased.

http://loan-house.we.bs/loanconsolidation.html

In certain circumstances (for example, when one or more of the loans was being repaid in less than 10 years because of minimum payment requirements), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years. In effect, the shorter-term loan is being extended to 10 years. The total amount of interest paid will increase unless you continue to make the same monthly payment as before, in which case the total amount of interest paid will decrease. The interest rate on consolidation loans is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%.

http://loan--house.blogspot.com/2008/03/loan-consolidation.html

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