Use the Parent Plus loans for college aid

Cost of college continues to rise and incomes remain relatively static or even worse, unexpected loss of a job, pay your child’s college education can the fear be a source of great. It is a little known option by the federal government, which can help you are offered. Let’s take a look at the parent plus loans.

The parent plus loan is a loan child be taken to a parent in the name of one related to help by paying for tuition and other school Expenses at a college or university qualifying, or a student for graduate school. Your child must be enrolled at least half the time and your credit card was good or very good.

Remember that this is not a needs based loan, so if you damage or no college credit and is looking for a way to finance your child, you are better off filling out the FASFA or qualify for a loan needs grants.

With the parent company plus> Loans, you can borrow enough money to finance your child’s entire tuition undergraduate education including housing, books and any other eligible costs of a federally guaranteed low school interest rate.

It should be pointed out scholarships, it is recommended that this connection should be used student loans in the form of loans, grants and. It should not be the only form of payment, if possible, be used.

Remember that this is not a needs based loan. The Federal GovernmentGovernment says this about the qualifications:

“The authorization for the parent plus loan is from a modest credit check that the loan to determine whether the parent has negative. An adverse credit history is defined as the subject for more than 90 days late, any debt or a debt within Title IV of the last five years for the determination of insolvency, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or write-off. ”

In June 2006 the fixed-incomeis 8.5% with a .25% credit if an automatic payment is set up and has interest may be tax deductible.

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