Understanding Direct PLUS Student Loans
This video discusses Direct PLUS student loans. Direct PLUS loans are federal student loans that are made to parents of undergraduate students, graduate ...
Loans Similar To The Direct Plus Loan – A personal loan is not the same as a property mortgage or an auto loan. Personal loans allow you to borrow and use the money for what you need. However, like other types of loans, a personal loan must be paid back to the lender in full within the specified time period. Your lender’s loan agreement will detail how much time you have to repay your loan.
You don’t need to get a credit check to qualify for federal student loans (except for PLUS loans). For PLUS loans, we will check your credit before determining whether you are eligible. Learn how someone with an adverse credit history may qualify for a PLUS loan. We will check your credit before determining whether you are eligible.
4 Things Borrowers Don't Always Know About Parent PLUS Loans Another option may be to co-sign a private loan for your child – but that carries similar financial risks.
Direct PLUS Loans and Adverse Credit One of the eligibility requirements to receive a Direct PLUS Loan is that the applicant must not have an adverse credit history. A credit check is performed to determine whether aDirect PLUS Loan applicant meets this requirement. Below are answers to common questions about adverse credit and Direct PLUS Loans.
Unsubsidized loans include Direct Unsubsidized (a.k.a. Unsubsidized Stafford) Loans. What is a PLUS loan? PLUS loans are available to parents of undergraduate students, as well as graduate and professional students to help with costs not covered by other financial aid. The borrower’s credit history will be considered when applying for a PLUS ...
The interest rate on the PLUS loan, however, is 8.5% in the FFEL program and 7.9% in the Direct Loan program. The Higher Education Reconciliation Act of 2005 increased the interest rate in the FFEL program from 7.9% to 8.5% effective July 1, 2006 but did not implement a similar increase in the Direct Loan program. PLUS Loan Approvals. There may ...