Federal Plus Loans
The Federal Plus Loans are for parent of undergraduate student to borrow additional fund to cover the other expenses during school times. The responsibility of repayment of these loans are fall under parent, even the student agreed to repay the loan but failed to make payment, the responsibility will come back to parent.
Education fees have increase tremendously recently and that is the main reason more and more parents are looking for these loans to help their children.
In order to attain the loan, here are some useful guides and tips for your reference :-
1) Parent is entitle to apply for the loan if their child is dependent, parent of working adult is not entitle for this loan type. And the child must enrolled at least half time for the course. For student of distance learning won't get the loan.
2) A credit check to will required toward parent, only those passed the credit check can stand a chance of getting the loan. Nevertheless, if someone willing to be a co-signer during application will do. The credit rating and track record of co-signer must be good.
3) The interest rate of this loan is fixed, around 4% - 7.9% per annual year. The amount of the loan award to student is based on the total attendance cost minus other financial aids. Let say if the total amount is $10,000 and other loans and aids secured are $7,500, you will get the amount of $2,500 from this loan.
4) Lender will take around one month to proceed the application, be patience to wait for the response. Contact them if the duration exceeded 1 month.
For more student loans information, please take a look at Student Loan Guide instead of Federal Plus Loans
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