Federal Parent Plus loan which is backed by the federal government works in simple way. Parents can borrow money to pay for the education of their children,undergraduate students. This type of loan is normally based on the parent of credit record. The interest rate is fixed, repayment must begin whenever second loan is applied.
How about the requirements of this loan? Mainly, you need a very good credit or you will not be refunded. The student must be taking study in such university for half the time. Some college require students to complete the FAFSA form, that's why they must be U.S. citizen with permanent resident.
How about the advantages for taking this loan? First, parents will feel helped because they enable to earn a fair bit of money to fund their child to take higher education. Secondly, this type of loan is only 8.5% with zero guarantees. Another great aspect of this type of loan is that none can be denied due to having very high incomes because the approval criteria is the based of your credit only. Funds should not only be studying, but also for food, housing, textbooks and so on.
The amount of federal parents plus loan, that is able to earn, depends on how many other financial aid you receive. You must assume the costs of their education in one year, reduced by the amount of financial aid, you get another, and that's what you can loan. when it comes to pay, you need to consolidate these loans.
source: Student Loan information
--
Posted By teronk to Students Loan Tips on 9/09/2009 06:26:00 AM
No comments:
Post a Comment