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This document is a request form for parents to apply for a Federal Direct Parent PLUS Loan for the Summer 2012 semester, detailing the necessary steps, information required, and understanding of the
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How to fill out federal direct parent plus
How to fill out Federal Direct Parent PLUS Loan Request
01
Obtain the Federal Direct Parent PLUS Loan Request form from the U.S. Department of Education website or your college's financial aid office.
02
Fill out the borrower information section with the parent's personal details (name, social security number, etc.).
03
Indicate the student's information, including their name, date of birth, and school details.
04
Specify the loan amount you wish to borrow for the academic year.
05
Sign and date the form, confirming that all the information provided is accurate.
06
Submit the completed form to your school's financial aid office or online through the student aid portal.
Who needs Federal Direct Parent PLUS Loan Request?
01
Parents of dependent undergraduate students who need additional funds to cover education costs beyond what they receive through federal student aid.
02
Parents who have a good credit history and are willing to borrow on behalf of their child.
03
Parents who wish to help finance their child's college education through federal loan options.
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What are the negatives about the parent PLUS loan?
Drawbacks of the Parent PLUS Loan Discharge: Federal parent PLUS loans are rarely discharged for financial difficulties resulting from unemployment, age-related or other illnesses and injuries, or bankruptcy. Nontransferable: Parents cannot transfer the PLUS loan to their student to repay after they finish school.
How hard is it to get a parent PLUS loan?
To be eligible for a Direct PLUS Loan for parents, you must be a biological or adoptive parent (or in some cases a stepparent), not have an adverse credit history, and meet the general eligibility requirements for federal student aid (which the child must meet as well).
Is it smart to take out a parent PLUS loan?
Parent Plus loans have higher interest rates and fees, so they're generally not a good idea. Plus, it's your degree, not your parents, so you should be responsible for the costs. Stick with private loans and focus on manageable debt.
What is federal direct parent PLUS loan request?
Federal Direct PLUS loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school. You must complete a new Direct PLUS Application for each year you wish to receive a parent PLUS loan.
Is a direct PLUS loan a good idea?
While these loans might seem like an easy way for parents to help their child with education costs, in far too many cases, they put the parent's financial security and retirement at risk.
What are the disadvantages of a direct PLUS loan?
What Are Some Reasons to Avoid PLUS Loans? First, PLUS loans have no automatic grace period. Then there's the fact they aren't eligible for most IDR plans. Then, borrowing too much is easy to do, and finally, they're nearly impossible to get out of, even in bankruptcy.
What is the loophole for parent plus borrowers?
In addition, parent PLUS loans aren't eligible for some other types of federal student loan forgiveness programs. To get around this, some borrowers go through two or more federal consolidations to hide the origin of the loans, then request an IDR plan. This process is often called the double consolidation loophole.
What are the limitations of a direct PLUS loan?
Loan Amount Limits The maximum PLUS loan amount you can borrow is the cost of attendance at the school your child will attend minus any other financial assistance your child receives. The cost of attendance is determined by the school.
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What is Federal Direct Parent PLUS Loan Request?
The Federal Direct Parent PLUS Loan Request is a loan application process for parents of dependent undergraduate students, allowing them to borrow funds to help cover the cost of their child's education.
Who is required to file Federal Direct Parent PLUS Loan Request?
Parents of dependent undergraduate students who wish to borrow money to help pay for their child's college expenses are required to file the Federal Direct Parent PLUS Loan Request.
How to fill out Federal Direct Parent PLUS Loan Request?
To fill out the Federal Direct Parent PLUS Loan Request, parents must complete the application through the U.S. Department of Education's online platform, providing necessary information such as the student’s details, loan amount, and the parent’s financial information.
What is the purpose of Federal Direct Parent PLUS Loan Request?
The purpose of the Federal Direct Parent PLUS Loan Request is to allow parents to secure federal loans to help finance their child's higher education, covering tuition, fees, room, board, and other education-related expenses.
What information must be reported on Federal Direct Parent PLUS Loan Request?
The information that must be reported on the Federal Direct Parent PLUS Loan Request includes the parent's personal information, the child's information, the requested loan amount, the school the student will attend, and any other required financial details.
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