Let’s understand the Parent PLUS Loan
The Parent PLUS loan is a federal student loan offered to parents to pay for their children’s higher education.
According to the information, the federal government analyzes the credit of the parents and offers flexible repayment options.
The Parent PLUS loan had a 6.28% interest rate and an “origination fee” of 4.2% during the last school year.
You might be eligible if you are the biological, adoptive parent, or dependent of an undergraduate student enrolled full or half-time.
The federal government asks for minimal credit standards, and the college student should meet several financial aid requirements.
You are not eligible for the Parent PLUS loan if you are grandparents or legal guardians.
You must adopt or have a kid to apply for the loan.
Parents complete part of the federal government process to obtain the loan.
However, students must:
The federal government grants several student financial aid programs if you don’t qualify for the Parent PLUS loan.
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Student Loan: What is a Parent PLUS loan and how to apply for it? – Marca English