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Student Plus Loan

Tiffany Said:

Does anyone have a suggestion who to contact for a Student Plus Loan?

We Answered:


I can't imagine why you are applying to the likes of MoneynowUSA for a Graduate PLUS loan. The Graduate PLUS loan is a federally-guaranteed student loan product, and your best source will be a major lender like Bank of America or Citibank.

Having said that, I will tell you this:

Your Stafford loan is not based on anything that appears on your credit report - UNLESS - that "thing" is a default on a previous federal student loan. Stafford lenders do not review your credit history, the Department of Education looks at your record in the National Student Loan Data System (NSLDS) to determine if you have any previous defaults.

If the Department determines that you are eligible for federal loans, any Stafford lender would "approve" your loan. As I already explained, they don't look at your credit history, and they won't be aware of any entries on your record, "bogus" or otherwise.

If the Department of Education did not qualify you as eligible for any further government borrowing, you will not qualify for a PLUS loan, either, as your eligibility to apply for a PLUS loan is exactly the same as your eligibility to apply for a Stafford.

In fact, it is the PLUS loan, rather than the Stafford, that would be denied to you, on the basis of a negative credit report. The PLUS loan, unlike the Stafford is credit-based, and lenders will not approve a PLUS application if there is "adverse information" in your credit history.

I'm sorry for the disappointing news, but you're going to have to research your situation a little bit further, so that you can determine where the problem actually arises. Something about your current understanding is incorrect - and incorrect in a significant way.

Good luck to you.

Priscilla Said:

Difference between the student PLUS loan and a federal direct subsidized loan?

We Answered:

With the Stafford subsidized loan the interest rate for the 08-09 academic year is 6.0% however the federal government will pay the interest for this loan as long as you are in school above half-time. Repayment on this loan will not begin until you leave school or drop below half-time. There is no penalty if you decide to pay off this loan early.

The PLUS loan is a parent loan that is credit based. If your parent decided to apply for the PLUS loan and is denied then you would be eligible for an additional Stafford unsubsidized loan in your name. The interest for this loan is 6.8% and starts acruing immediately. You can either choose to defer the interest payments until you begin to repay your loan or you can make interest-only payments while you are in school to keep the loan total down. There is also no penalty if you decide to pay this loan off early.

If your parent is approved and decided to take out the PLUS loan the interest rate is 8.5%. A new federal regulation starting with the 08-09 academic year is going to allow parents to defer their PLUS loan payments until after the student leaves school or drops below half-time. Even if they defer the principal payment though the interest will keep acruing.

Willie Said:

whydo I need my mom 2 sign student plus loan for licoln tech?

We Answered:

A PLUS loan is usually a loan in your parents name that your parents repay. The only exception to this is a graduate PLUS loan (meaning you have a 4 year bachelors degree already). Your mother would have to pass a credit check and be willing to make monthly payments immediately after the school gets the loan to pay for your tuition and such.

No, your mom doesn't have to do a PLUS loan if she doesn't want to. But if your school is more than the amount you are able to borrow in Stafford loans, then you will have to pay the difference out of pocket or find a cheaper school.

Bill Said:

Can I consolidate a PLUS loan, my direct student loans and a private loan?

We Answered:

It's a good thing that you're thinking about consolidation because it's a great way to lower your interest rates and to make monthly payments easier.

Unfortunately you can't consolidate your parent PLUS loan with your other loans because your parent must pay it. And you can't consolidate federal loans with private loans. But you can consolidate any federal loans together and any private loans together.

You can read more about student loan consolidation here:…

Good luck!

Mathew Said:

Help with student Plus loan, what does this mean?

We Answered:

As soon as you start receiving your money from the loan, interest will start to accrue. However, the whole time you're in college you do not have to make monthly payments on the loan (unless you're able to, which will help keep the interest and total amount repaid lower). You will have to start making monthly payments on the loan when they send you your last payment from the loan (usually towards the end of, or when you finish college). If your parent is paying off your loan, they can start paying 60 days after you start getting the money, or they can choose to wait until after you finish college as long as they notify the loan company.

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