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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.
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∙ 10y ago
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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 plus loan be put in the student's name instead of the parent's?
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.
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.
What does a PLUS loan enable one to do?
The Federal Direct Plus loan is one of the low interest loans that enables students and parents to receive funds directly from The U.S. Department of Education to pay for education after high school.
What is the purpose of loan protection?
The purpose of loan protection is to protect and insure that the loan is covered. This protects the owner of the loan meaning they will not lose money.
Can your parents get a loan if they have a loan that they already owe on?
yesss
Can you transfer a loan that your parents took out into a loan in your name?
No.
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 you avail for multi purpose loan even if you still have unpaid calamity loan?
A multi purpose loan is not able to be availed for if a calamity loan is unpaid. The loanist be paid off before another loan can be availed for.
Does an alternative student loan lender know if parents have applied for the PLUS loan or not?
If the question is asked an you do not answer it truthfully when applying for a lone the you are probably committing fraud. You can be sure that lenders will soon find out and if you are not truthful you may never get another loan and a bad credit rating.
What is the average rate of a federal plus loan?
The average rate of a Federal Direct Parent Plus Loan and Federal Direct Plus Graduate Loan is now 7.9%. This rate is fixed for the life of the loan and cannot exceed 8.25%.
Can you get a student loan if one of your parents is in default on their student loan?
Yes.
