Roughly one in six people over age 50 are carrying student loan debt, according to a new report by Barclays. ... The study showed more than half would help a parent pay for long-term care insurance instead of contributing to their own retirement savings. Nearly 16 Percent Of Post 50s Are Carrying Student Loan Debt
PLUS stands for Parent Loan for Undergraduate Students The Federal Direct PLUS Loan is a low-interest loan parents can obtain to help pay the cost of education for their dependent student. If your award notification from BGSU includes a federal PLUS Loan, the amount offered represents the maximum available that a parent could choose to borrow. Many families find they can meet their actual educational expenses by borrowing the PLUS Loan at a reduced amount. Repayment on the PLUS Loan begins 60 days after the loan is fully disbursed, or parents have the option of beginning payment 6 months after their dependent student graduates, or is no longer enrolled on at least a half-time basis. Information about how a parent can apply for a PLUS loan can be found at the Student Financial Aid homepage: sfa.bgsu.edu. The process involves completing a PLUS Loan request at www.studentloans.gov. A federal PIN # is required. This is the same PIN # a parent would use to file the FAFSA. The process involves authorizing a credit check through the US Dept of Education. There are three of options if the credit check is not approved: 1. The dependent student could gain eligibility for additional Direct Unsubsidized Loan funds by contacting the Student Financial Aid office. 2. The parent borrower could choose to apply for the PLUS Loan using a cosigner/endorser, or 3. The parent borrower could appeal the credit decision. The endorser and appeal processes can be found at www.studentloans.gov
http://leafgardenpress.com/ What is a PLUS Loan and how do I apply?
About Student Loans:
Student loans have gained utmost significance with the recent economic crunch. Above 90% of the students pursuing undergraduate studies have gained some form of student assistance to be able to continue education. Student loans are offered to students wishing to take up higher education but cannot afford the cost. These are offered by the federal government, the state, or by private companies and investors. Student loans not only cover the tuition fee, but mostly also provide for the other education related expenses such as transport, accommodation and campus living expense, textbooks and stationary, computers, and photocopies.
Student Loan Options:
Federal Student loans offered by the government are the cheapest and offer the lowest interest rates.
These include subsidized and unsubsidized Stafford loans, Perkin loans, PLUS loans for graduates and parents, and Consolidation loans. Stafford loans can be opted with the direct loan option or the Federal Family Education Loan (FFEL). Direct loans are directly offered by the U.S. Department of Education whereas the others are offered by private investors but are backed by the government. Federal loans do not require students to have a co-signer or a good credit history. These also allow students deferred payments and a grace period of 3-6 months after graduation to start repaying the loan. These are mostly awarded on the basis of financial need of the applicant. Students pursue private loans upon exhaustion of all federal loan options. Private loans offer comparatively higher interest rates and they also require good credit history or a co-signer for the approval of the loan. Private loans can have variable as well as fixed interest loans and can be pursued by anyone, irrespective of the financial need. These private student loans are most commonly offered by Citibank, Sallie Mae, Chase, and SunTrust.Applying for a Student Loan
To apply for a student loan, applicants need to complete the Free Application for Federal Student Aid (FAFSA) and submit before the deadline. It is the prospective institute�??s responsibility to determine a financial assistance package for the student, which can include a direct loan or a private student loan offer.
More Student Loans Loans For Students IssuesQuestion by Tiara: Can students make payments on parent plus loans? I am not talking about graduate students who obtain parent plus loans for themselves. I am talking about the students of the parent borrowers. Also, I know it is not the responsibility of the student to pay the parent plus loan. I just need to know if students can help make the payments so it can be easier on their parents financially. Best answer for Can students make payments on parent plus loans?:
Answer by Beverly S
There is no rule that you or anyone else can't make the payments.
Answer by Epiphany
yes. They do not care where they money comes from, as long as they are getting it
Answer by Common Sense
Obviously. Do you honestly think the bank cares who makes the payments?
Answer by STEVEN F
The lender couldn't care less WHO makes the payments, as long as they get paid. You could pay MY mortgage if you wanted to.
