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How can a student obtain a Parent PLUS loan in their own name?
A student cannot obtain a Parent PLUS loan in their own name. Parent PLUS loans are specifically for parents of dependent undergraduate students to help cover educational expenses.
How can parents apply for a Parent PLUS loan through the www.studentloans.gov website?
Parents can apply for a Parent PLUS loan through the www.studentloans.gov website by logging in with their own FSA ID, selecting "Apply for a Direct PLUS Loan," choosing "Parent PLUS" as the loan type, completing the application, and submitting it for review.
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
Is there a program available for single parent students to receive loan forgiveness for their student loans?
Yes, there are loan forgiveness programs available for single parent students, such as the Public Service Loan Forgiveness program and the Teacher Loan Forgiveness program. These programs offer loan forgiveness to eligible individuals who work in certain public service or teaching roles. It's important to research and understand the specific requirements and qualifications for each program.
How can a parent transfer a Parent PLUS loan into their student's name?
A parent cannot transfer a Parent PLUS loan into their student's name. The loan is the responsibility of the parent who took it out, and the student cannot take over the loan.
How can a student obtain a Parent PLUS loan in their own name?
A student cannot obtain a Parent PLUS loan in their own name. Parent PLUS loans are specifically for parents of dependent undergraduate students to help cover educational expenses.
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.
How can parents apply for a Parent PLUS loan through the www.studentloans.gov website?
Parents can apply for a Parent PLUS loan through the www.studentloans.gov website by logging in with their own FSA ID, selecting "Apply for a Direct PLUS Loan," choosing "Parent PLUS" as the loan type, completing the application, and submitting it for review.
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?
The primary difference between a parent loan and a student loan lies in who is responsible for borrowing and repaying the funds, as well as the purpose of each loan type. Here's a detailed comparison: Borrower Responsibility • Parent Loan: Taken out by the parent (or legal guardian) to help fund their child's education. The parent is legally responsible for repaying the loan. • Student Loan: Taken out by the student themselves to pay for their education. The student is the borrower and responsible for repayment, though parents can sometimes co-sign. Credit Requirements • Parent Loan: Typically requires a credit check. Eligibility and interest rates are based on the parent's credit history and income. • Student Loan: Federal student loans often don’t require a credit check. Private student loans may require a creditworthy co-signer (often a parent) if the student has limited credit history. Purpose • Parent Loan: Specifically designed to assist parents in covering educational expenses for their children, such as tuition, books, or living costs. • Student Loan: Intended for students to fund their education-related costs. Federal student loans offer more borrower protections for students. Repayment Responsibility • Parent Loan: Repayment begins immediately or shortly after disbursement, depending on the terms. Parents are solely responsible. • Student Loan: Many federal student loans offer a grace period where repayment doesn’t start until after graduation or leaving school. Loan Types • Parent Loan: o Example: Federal Parent PLUS Loan in the U.S. • Student Loan: o Federal student loans like Direct Subsidized and Unsubsidized Loans. o Private student loans from banks or financial institutions. Interest Rates and Terms • Parent Loan: Often higher interest rates than student loans and fewer repayment flexibility options. • Student Loan: Generally has lower interest rates and may offer income-driven repayment plans, deferment, or forbearance options. Loan Forgiveness • Parent Loan: Limited eligibility for forgiveness, usually tied to specific circumstances. • Student Loan: More options for loan forgiveness, especially for federal student loans under programs like Public Service Loan Forgiveness
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
Is there a program available for single parent students to receive loan forgiveness for their student loans?
Yes, there are loan forgiveness programs available for single parent students, such as the Public Service Loan Forgiveness program and the Teacher Loan Forgiveness program. These programs offer loan forgiveness to eligible individuals who work in certain public service or teaching roles. It's important to research and understand the specific requirements and qualifications for each program.
How can a parent transfer a Parent PLUS loan into their student's name?
A parent cannot transfer a Parent PLUS loan into their student's name. The loan is the responsibility of the parent who took it out, and the student cannot take over the loan.
