Require info on Parents Loan

Jessica,

Welcome to forums. Federal loans to parents are known as PLUS Loans. Parents of a dependent undergraduate student can apply for a PLUS Loan. Both FFEL PLUS Loan and Direct PLUS Loans are available.

For a Direct PLUS Loan you need to fill out an application form along with a promissory note available at the financial aid office of the schools.

To get FFEL PLUS Loan, you need to fill out the same form. You can collect the form from the school your son is seeking admission for, or from the loan holders. A particular portion of this form is to be filled out by the school and then it is sent to the lender or guaranty agency for assessment.

PLUS Loans are not subsidized and the repayment begins after 60 days from the date of disbursement.

For any more queries, please feel free to ask in the forums.

Bryan

Thanks for the update. Can I apply for Direct and FFEL Plus loans both, so that I can mange some more funds?

Jessica,

You can apply for any of the Direct or FFEL PLUS Loans in the same academic year. You can definitely change your selection in the next session.

However; if you are applying for the fund on behalf of more than one of your kids, then you can obtain both of the PLUS Loans.

Always feel free to clear your doubts with us.

Bryan

Got it???.any more hurdles I should qualify to get the loan? Thanks for your help

I think the basic criteria are same for all loans. You must have a reliable credit history with a good credit score....that's it.

Jessica,

I do have the same opinion with Stanley. Credit approval always depends upon your financial credibility. So you have to pass a credit check to get the loan approved.

If your credit is not up to the mark, you need a co-signer who assures to pay the loan back when you fall short. Or you have to show enough proof of your financial inability to continue with your son's education.

Some other general requirements are also there, like you have to be U.S citizen or eligible non-citizen. Your son should qualify the criteria of an eligible student. You can get through with the following forum post to know more about the eligibility standards for student loans.

that's great bryan :) I needed this piece of info. thanks for your concern.