Parents have the possibility of helping their children out economically through college. Direct PLUS Loans are granted to parents with a good credit history. Learn how you can apply if your child is beginning their college hunt.
Mom And Dad’s Promissory Note
Just because they are parents it does not mean approval is immediate. There are rigorous statutes that must be completed from the beginning to the end. If you are an undergraduate student looking to apply for college and your parents do not have improper credentials they can apply foe a Direct Plus Loan or a FFEL Loan by submitting an application and signing a promissory note obtained at your school’s financial aid directory. Both loans cannot be applied for the same student consecutively.
Combining Loans
PLUS Loans can be combined with a consolidation loan to simplify repayment schedules into one monthly payment. Interest rates can be lower and the repayment period can be shortened. Your FFEL or Direct Consolidation Loan can be acquired during your grace period. No credit verification is necessary to apply for a FFEL Plus Consolidation Loan. In order to consolidate you must also have another loan such as Federal Perkins Loan covering tuition fees.
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