by Vanessa McHooley
Federal PLUS Loans
As a student entering college, it is very unlikely
that you have a few spare checks lying around that
you can cash and magically use to pay for college.
Most college-aged students, ranging from late teens
through mid-twenties, have no line of credit and cannot
receive much money in loans if they need to do so
in order to attend college. Therefore, a loan like
the federal PLUS loan through the federal government
and U.S. Department of Education makes it easy for
you, as a potential college student, to use your parents’
line of credit in order to gain financing options
for your higher education.
How Your Parents Can Help You Apply
If your parents have good credit and you obtain them
a copy of the Direct PLUS loan application, you are
well on your way to cracking the college books and
arriving on campus in the fall. Keep in mind that
in order to receive a federal PLUS loan, you must
be a dependent potential undergraduate at any college
or university in the U.S. You also must be planning
on attending college for at least half-time during
the upcoming semester. If these all apply to you,
obtain a Direct PLUS loan application and promissory
note, fill them out with signatures completed, and
hand them in to the financial aid office at your college
or university.
Fill Out A FAFSA Form First! Have you tried
filling out your FAFSA form yet? If not, you may already
be entitled to financial aid and/or loans and scholarships
that could benefit you! While it is not required for
you to fill out the FAFSA form to receive a federal
PLUS loan, be aware that you could receive thousands
of dollars without even having to use your parents’
credit in the first place.
Still, if you are not eligible for any other scholarships,
the federal PLUS loan will enable you to receive financing
for any portion of your college or university bill
not covered by other financial aid (i.e. If college
costs you $5000 a year and you already receive $4000
in financial aid, a PLUS loan will lend you the other
$1000). Federal PLUS loans can help put you through
college, even if you do not have a solid line of credit
yet.
This article is distributed by NextStudent. At NextStudent,
we believe that getting an education is the best investment
you can make, and we're dedicated to helping you pursue
your education dreams by making college funding as
easy as possible. We invite you to learn more about
how to get Federal Plus Loans at www.NextStudent.com
.
