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“parent Plus Loans: Supporting Your Child’s Education”

Very few families can say that they have saved all the money a child needs to graduate. In fact, most students achieve their educational goals by combining several different funding options. These include savings, parental contributions, part-time work at school and various types of financial aid.

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When scholarships and scholarships are not enough to cover college costs, students and parents can borrow additional funds from the federal government, private and non-profit lenders. This can be a confusing process, so here’s a quick tutorial explaining the options available to students and parents. The first step should always be to complete the Free Application for Federal Student Aid (FAFSA).

You might think that financial aid only means scholarships or bursaries for students in need of financial aid, but most students will receive some kind of financial aid upon completion of the FAFSA. It helps students qualify for scholarships, grants, work programs, and federal direct student loans.

Some loans are offered by the US Department of Education to help students achieve their higher education goals. Here’s a closer look at federal direct student loans available through the FAFSA:

When you do the math, a freshman can get up to $5,500 in federal direct subsidized and unsubsidized loans. Combined with savings, scholarships and other state financial aid, this is a good start to pay for your studies. In fact, financial experts often recommend that students take advantage of all federally subsidized and unsubsidized loans offered by the FAFSA because these types of student loans generally have lower interest rates than PLUS loans or private loans.

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However, these loans charge fees and have borrowing limits. So, if grants, scholarships, and subsidized loans aren’t enough to cover college costs, students and parents have other borrowing options — PLUS loans and private loans.

Federal Parent PLUS and Grad PLUS loans are available to parents of undergraduate and graduate or professional students, respectively. Interest will be charged while the student is at school.

However, just because PLUS loans come from the federal government, it doesn’t mean they have the same low interest rates as federally subsidized and unsubsidized loans. So, it is in the best interest of the student and parent to shop around and compare student loan rates. In many cases, a private student loan can offer more competitive rates and fees than a PLUS loan.

Another thing to note – many colleges will add a link in their student financial aid letter or offer to make it easier for you to apply for a PLUS loan. This doesn’t mean you have to use this option, but it’s a good way to start doing your homework if you need extra funds to pay for school. Remember that in many cases, private or alternative loans may have better interest rates and lower (or zero) fees to save students money.

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The market for private or alternative student loans has grown significantly in recent years. These loans are provided by other lenders such as banks, credit unions, online lenders and non-profit organizations such as College Foundation, Inc. (CFI).

Interest rates and terms can vary greatly from lender to lender, so you’ll need to do some research and choose a loan that meets your needs. You’ll want to consider how much the lender charges in the loan fees, whether they offer fixed or variable interest rates, and whether you might qualify for a loan? For example, the NC Assist Loan charges no fees and has lower interest rates than federal PLUS loans.

The NC Assist Loan is offered by CFI, a North Carolina-based non-profit organization that administers loans on behalf of the State Education Assistance Authority. This means there are no shareholders or demands to increase profits. The NC Assist loan is focused on helping students in North Carolina.

Using financial aid and doing your homework on the benefits of PLUS and private loans can save you thousands of dollars in fees and interest over the life of your loan. We have additional resources to help you buy student loans. And when you’re ready, you can easily start the application process on our website.

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College Foundation, Inc. is proud to offer NC Assist loans to students and parents to help bridge gaps in college costs. One of the biggest things you as a parent think about is probably supporting your child while they study. A potential way to do this is to use college savings accounts to save money for tuition, textbooks, and other education-related expenses. However, savings accounts are only useful if you have time to plan your child’s college education and enough disposable income that you can comfortably put money aside month after month.

Fortunately, there are other ways to help your child pay for college: student loans for parents. Usually, when we think of student loans, we think of all the debt incurred by the students themselves. However, many people don’t realize that parents also qualify for certain types of student loans. Student loans for parents can sometimes have better repayment terms than regular student loans and can potentially help your child graduate debt-free.

The most popular student loan for parents is the Parent PLUS Loan program, offered by the Ministry of Education to parents of students. PLUS loans are also available to graduates and students.

Federal student loans are unique in that they do not require a credit check. Typically, lenders check a borrower’s credit history before approving a loan or agreeing to repayment terms. A high credit score can reassure lenders, while a low credit score can make it harder for borrowers to qualify.

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Because students are often young, they don’t always have an extensive credit history. Therefore, private lenders may require loans for these students to be cosigned. On the other hand, federal student loans do not require cosigners because they are based on the student’s financial needs, not the student’s credit history.

This is one area where Parent PLUS loans differ from other federal student loans. Parent PLUS loans will require a credit check. A poor credit score may disqualify you from a Parent PLUS loan. If you qualify, your credit score will affect your loan’s interest rate. In 2018, the interest rate on Parent PLUS Loans was 7.6 percent.

To apply for a Parent PLUS loan, you must ask your child to complete a FAFSA form. The FAFSA is a tool used by the Department of Education to determine the need for financial aid. Most available loans will be viewable on the student’s StudentLoans.gov website after their FAFSA has been processed. However, if you are interested in receiving a Parent PLUS Loan directly, you will need to request it. Different schools have their own procedures for applying for Parent PLUS loans, so contact your child’s school financial aid office to find out more.

After receiving the Parent PLUS Loan, the money will be transferred directly to the educational institution your child attends. If you have any money left over after paying your tuition and fees, you will receive that amount as your student loan repayment. Remember, however, that this money is intended for expenses related to the education of your child. This may include tuition, fees, school supplies such as textbooks, or living expenses.

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Sometimes a parent can take out a student loan to help their child get started, but once they graduate and the child has a career of their own, it makes sense to transfer that debt to a former student.

There is no mechanism built into Parent PLUS Loans that would allow them to be transferred. Fortunately, sometimes you can use a student loan refinance to transfer your debt. Refinancing your student loans involves creating a new loan to pay off your student loan debt immediately. This new loan has new terms that you negotiate with the refinancer, which may include the name of the debt. Just remember that you need your child’s consent before refinancing a Parent PLUS loan on their behalf.

Parent PLUS loans are not the only student loans available to parents. It is also possible to get a private student loan in your name and use it to pay for your child’s college education. Private student loans are loans for education expenses that come from a private lender. This is different from other student loans that are distributed by the federal government.


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