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If you are not approved for Parent PLUS loans, the student may be eligible for additional unsubsidized federal student loans, which can help cover educational expenses. The parent can also explore alternative private loan options, though these may come with different terms and interest rates. Additionally, the student may consider seeking scholarships, grants, or work-study opportunities to finance their education. It's important to communicate with the school's financial aid office for guidance on available options.
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What happens to Parent PLUS loans if the parent dies?
If a parent with a Parent PLUS loan dies, the loan may be discharged, meaning the remaining balance may be forgiven.
What happens to Parent PLUS loans when the parent dies?
When a parent with a Parent PLUS loan dies, the loan is typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment is lifted.
What happens to parent plus loans in the event of the borrower's death?
In the event of the borrower's death, Parent PLUS loans are typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment does not pass on to the borrower's estate or family members.
Can parent plus loans be transferred to the student?
No, Parent PLUS loans cannot be transferred to the student. These loans are taken out by parents to help pay for their child's education and are the responsibility of the parent borrower.
What is the process for applying for a Parent PLUS loan through the government for student loans?
To apply for a Parent PLUS loan, a parent must complete the application on the Federal Student Aid website, undergo a credit check, and sign a Master Promissory Note if approved.
What happens to Parent PLUS loans if the parent dies?
If a parent with a Parent PLUS loan dies, the loan may be discharged, meaning the remaining balance may be forgiven.
What happens to Parent PLUS loans when the parent dies?
When a parent with a Parent PLUS loan dies, the loan is typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment is lifted.
What happens to parent plus loans in the event of the borrower's death?
In the event of the borrower's death, Parent PLUS loans are typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment does not pass on to the borrower's estate or family members.
Can parent plus loans be transferred to the student?
No, Parent PLUS loans cannot be transferred to the student. These loans are taken out by parents to help pay for their child's education and are the responsibility of the parent borrower.
What is the process for applying for a Parent PLUS loan through the government for student loans?
To apply for a Parent PLUS loan, a parent must complete the application on the Federal Student Aid website, undergo a credit check, and sign a Master Promissory Note if approved.
Where can one get a Parent Plus loan?
Federal student loans like Parent Plus loans are available from specialized locations. The United States government has a site where prospective loans are applied for and ultimately signed for with a promissory note.
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).
What is the length of the grace period for parent PLUS loans before repayment must begin?
The grace period for parent PLUS loans is typically six months before repayment must begin.
Where can one find out more about federal parent plus loans?
There are a variety of online sites that contain information about Federal Parent PLUS Loans. The web domain "ParentPLUSLoan," for example, is a great resource for this information.
How can a student refinance Parent PLUS loans in their own name?
A student can refinance Parent PLUS loans in their own name by applying for a private student loan and using the funds to pay off the Parent PLUS loan. This process transfers the debt responsibility from the parent to the student, who must meet the lender's credit and income requirements for approval.
If you have bad credit can you get a student plus loan?
In the USA, Parent PLUS loans are based on credit. Graduate PLUS loans are not based on credit. So, if you are taking the loans out for your kids, then yes the loans are based on your credit score. If you are taking the loans out for yourself for graduate studies, then it does not matter what your credit rating is.
Is it possible to refinance Parent PLUS loans?
Yes, it is possible to refinance Parent PLUS loans through private lenders. Refinancing can potentially lower interest rates and monthly payments, but it may result in the loss of certain federal loan benefits.
