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PLUS LOAN

 

This section has been made to guide and provide you information about Student Loan, Student Loan Consolidation Program, Student Loan Consolidation Services. It covers various types of Loans available, may be it a Federal Student Loan, College Student loan, International Student Loan or Private Student Loan, and information from Student Loan Refinancing to Student Loan Corporation.

 

Federal Plus Loans are funds provided to parents of undergraduate students. These plus loans help parents to afford cost of college education. The costs like cost of books, supplies, boarding, tuition and other educational expenses which are not covered by financial aid program can be covered with the help of Parent plus loan. It helps the parents of undergraduate students to supplement their children’s’ financial aid package. The parents who want to obtain plus student loan should have their child enrolled at leats half time in an undergraduate program. To Obtain Plus Loan, parents have to apply and pass a credit check. If parents do not pass the credit check, they can get loan if their relative or friend agrees to endorse the loan and passes the credit check. The parents who wish to get federal plus loan, should must be US citizens or permanent residents of United States. The limit for financial loan is the amount which is obtained after deducting other financial aid from total cost of attendance. For example: if the cost of attendance is $6,000 and the student receives $3000 in financial aid, then the parents can borrow federal plus loan for $3000. Parents interested in federal parent plus loan have to deposit a complete Federal Plus loan application. Theses applications are submitted to the financial aid office of the school. The interest rate on these loans is variable and keeps changing but as per law it can never exceed 9%. The rate of interest on the plus student loan changes every july. The parent plus loan can be canceled on providing prior information to the school. The federal plus loan is disbursed in two installments mostly. Guarantee fee or origination fee may be charged on plus loan. The repayment period for the federal plus loan is 10 year and the minimum installment to be paid per month is $50. Parents can also consolidate plus loans.

GRADUATE PLUS LOAN:

Plus loan will be now available for graduates also from July 1, 2006. The graduate plus loan is of low interest and is federally subsidized. The Graduate plus loan is guaranteed by the US government. These loans are based on credit rating and not on need. The rate of interest for these loans is locked up at 8.5%. The graduate plus student loan requires filling of FAFSA ( Free application for Federal Student Aid ). The interest is charged from disbursement of loan to repayment of the graduate loan. These loans can also be consolidated.




 


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