0
Can a parent plus loan be put in the student's name instead of the parent's?
Wiki User
∙ 8y ago
A parent plus loan is exactally that. A loan for parents to help their children with college expenses and can only be given to parents under the parent's name. You also need to begin to repay that loan while your child is still in school, usually within 60 days.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
What happen if a parent dies and they gave the house to there child and took a loan on there home for repairs what happen to the balance of the loan?
the child continue to pay the loan of her his parents
Who would be eligible for a PLUS loan?
PLUS loans are available for graduate and professional degree students who are enrolled at a minimum of half time. Parents of dependent undergraduate students are also eligible for a PLUS loan.
Can a parent be approved for a federal parent plus loan in currently they are in a chapter 13?
Since PLUS loans are based on the parent's credit, most lenders will not pre-approve a parent that is in chapter 13. However, if the parents do apply and are denied a PLUS Loan, the student will then be eligible for additional unsubsidized Stafford Loan funds (currently as much as $4000.00 more per school year).
Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?
Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy
What is a Direct Loan Plus?
What is a Direct Parent PLUS Loan?A Direct Parent PLUS Loan, often just called a Parent PLUS Loan, is a type of loan that parents can obtain to help pay for his or her student's educational expenses. A Direct Parent PLUS Loan is the perfect way to cover the remaining educational expenses after the student's additional financial aid assistance. These loans are appealing because they offer relatively low interest rates that are fixed at only 7.9 percent. Federal loans offered to the students typically have lower interest rates, but a student have minimal borrowing power due to his or her age and limited credit history. Additionally, these loans accrue interest from the date of the first payment disbursement until the parent has completely paid off the loan.Who Qualifies for a Direct Parent PLUS Loan?A person can qualify for a Direct Parent PLUS Loan if he or she is the student's biological or adoptive parent. Some situations allow for the student's stepparent to qualify for the loan. To be deemed eligible for a Direct Parent PLUS Loan, the parent must have a good credit history or be able to obtain a friend or relative co-signer for the loan. Additionally, the student must be a dependent and be enrolled in classes at least half-time. Lastly, the parent and the student have to be either U.S. citizens or qualified noncitizens to qualify for a Direct Parent PLUS Loan.What is the Application Process?To obtain a Direct Parent PLUS Loan, a parent must fill out and submit a Direct PLUS Loan application and a Master Promissory Note. The Master Promissory Note is the parent's agreement to repay the loan, interest and fees in full over the designated amount of time. The Master Promissory Note lists the terms of the loan and the repayment agreement. The Master Promissory Note typically covers all subsequent loans, but a parent must submit a new loan request each year that the student needs financing for school. The parent can submit both the Master Promissory Note and the application online at www.studentloans.gov. Once the loan is approved, the payments are disbursed directly to the student's educational institution.
A Parent Loan is an Affordable and Convenient Option to Pay for College?
For students who need additional educational funding beyond their own financial aid and scholarships, a parent loan may be an effective option. A parent loan is a loan taken out by the student's parent or guardian, for which the parent takes full financial responsibility. However, in many cases the student still pays the loan back. The parent takes responsibility in the event that the student does not pay for it. A parent loan offers students a new option for funding that is economical, convenient and allows the parents to help pay for the child's schooling. Parent loans are a great options for students that are having difficulty fully funding their college expenses. They are available with lower interest rates than private student loans and carry similar terms to federal student loans. By taking out a parent loan, parents can ensure that their children lock down the best loan terms possible, rather than having to resort to taking out a private student loan through a separate financial institution. Many people also enjoy the convenience of parent loans. As many students do not have extensive credit histories, they can have trouble getting approved for private loans. Other students with poor credit ratings find themselves in the same situation. The student's parent may have a much better chance of getting approved for the loan, which can help to fund college expenses. Typically parent loans also have less stringent credit requirements, so that even parents with bad credit can get approved for the loan. Finally, a parent loan also allows a parent to help his or her child pay for school. Though many students will ultimately pay back the balances of the parent loans themselves, some parents prefer to take care of the amount funded by the parent loan. This option allows parents who are financially stable to still help their children. A parent loan gives a student's parents the opportunity to pay for the child's schooling expenses, but at a later date. By assuming full responsibility for repayment of the loan, a parent can make a great contribution to his or her child's educational expenses.
Who qualifies for a parent plus loan?
Parent plus loans are for college students who have parents that can't afford to pay their child's tuition. Many students now days can't afford to go to school, and most parents don't set up education funds. These the people who these loans are designed for.
What is the purpose of a parent's Plus loan?
There are loans available that are for the purpose of helping parents pay the cost of putting a child through collage. The loan is called a Parent Plus Loan and the Parent Plus Loan website offers the ability to secure this type of loan for those that apply and are accepted for it.
How can you get a loan if im 18 years or older living with your parent that own there home?
Ask your parent to co-sign the loan, however that would make your parents responible and at risk if you default on the loan.
Is there a tax on a loan from parent to child?
Loan proceeds are not taxable, if your parents loaned you money and then decided to forgive the debt that wouldn't be taxable either (it's a gift). If you are paying your parents interest on the loan that interest is taxable income to your parents.
Is the parent responsible for 19 year olds collage education loan if the child moves out?
The parents are not responsible for an adult. If the parents co-signed the loan, they can be held responsible.
What is the different between a parent loan and a student loan?
Parent Loan: A parent is getting the loan Student loan: A student is getting the loan
What happen if a parent dies and they gave the house to there child and took a loan on there home for repairs what happen to the balance of the loan?
the child continue to pay the loan of her his parents
Who would be eligible for a PLUS loan?
PLUS loans are available for graduate and professional degree students who are enrolled at a minimum of half time. Parents of dependent undergraduate students are also eligible for a PLUS loan.
What is better a student loan or a parent plus loan?
Only a parent can apply for a parent loan. the payment plan for a student loan can be deferred until after graduation. It all depends on who is paying the loan off, the student or the parent
Can a parent be approved for a federal parent plus loan in currently they are in a chapter 13?
Since PLUS loans are based on the parent's credit, most lenders will not pre-approve a parent that is in chapter 13. However, if the parents do apply and are denied a PLUS Loan, the student will then be eligible for additional unsubsidized Stafford Loan funds (currently as much as $4000.00 more per school year).
Is there a way for a former student to take on a PLUS loan from a parent and be responsible for payments?
No. You'd have to get a personal bank loan in your own name and use it to payoff th eplus loan.
