Federal PLUS Loans
By Vanessa Mchooley
As a student entering college, it is very unlikely that you have a few spare
checks lying around that you can cash and magically use to pay for college.
Most college-aged students, ranging from late teens through mid-twenties, have
no line of credit and cannot receive much money in loans if they need to do
so in order to attend college. Therefore, a loan like the federal PLUS loan
through the federal government and U.S. Department of Education makes it easy
for you, as a potential college student, to use your parents’ line of
credit in order to gain financing options for your higher education.
How Your Parents Can Help You Apply
If your parents have good credit and you obtain them a copy of the Direct
PLUS loan application, you are well on your way to cracking the college books
and arriving on campus in the fall. Keep in mind that in order to receive a
federal PLUS loan, you must be a dependent potential undergraduate at any college
or university in the U.S. You also must be planning on attending college for
at least half-time during the upcoming semester. If these all apply to you,
obtain a Direct PLUS loan application and promissory note, fill them out with
signatures completed, and hand them in to the financial aid office at your
college or university.
Fill Out A FAFSA Form First!
Have you tried filling out your FAFSA form yet? If not, you may already be
entitled to financial aid and/or loans and scholarships that could benefit
you! While it is not required for you to fill out the FAFSA form to receive
a federal PLUS loan, be aware that you could receive thousands of dollars without
even having to use your parents’ credit in the first place. Still, if
you are not eligible for any other scholarships, the federal PLUS loan will
enable you to receive financing for any portion of your college or university
bill not covered by other financial aid (i.e. If college costs you $5000 a
year and you already receive $4000 in financial aid, a PLUS loan will lend
you the other $1000). Federal PLUS loans can help put you through college,
even if you do not have a solid line of credit yet.
This article is distributed by NextStudent. At NextStudent, we believe that
getting an education is the best investment you can make, and we're dedicated
to helping you pursue your education dreams by making college funding as easy
as possible. We invite you to learn more about how to get Federal Plus Loans
at www.NextStudent.com .
My goal is to help every student succeed - education is one of hte most important
things a person can have, so I have made it my personal mission to help every
student pay for their education. Aside from that, I am just a pretty average
girl from SD.