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This document serves as a request form for parents to apply for a Federal Direct PLUS loan to assist their undergraduate student in covering educational expenses at Eastern Illinois University.
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How to fill out federal direct plus loan
How to fill out Federal Direct PLUS Loan Data Form
01
Obtain the Federal Direct PLUS Loan Data Form from the Federal Student Aid website or your school's financial aid office.
02
Complete the borrower section by providing your personal information, including your name, address, and Social Security number.
03
Enter your desired loan amount in the appropriate section, ensuring it does not exceed the cost of attendance minus other financial aid received.
04
Fill out the school information section, including the name and location of the school you will be attending.
05
Review the loan terms and conditions carefully before signing the form.
06
Submit the completed form to the school’s financial aid office or through the specified online portal.
Who needs Federal Direct PLUS Loan Data Form?
01
Graduate or professional students who need additional funds to cover educational expenses.
02
Parents of dependent undergraduate students who want to help finance their child's education.
03
Students or parents who meet eligibility requirements and have exhausted other forms of financial aid.
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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.
How to get approved for Direct PLUS loan?
To qualify for a PLUS loan, you must: Be the biological or adoptive parent of the student. Ensure that your student is enrolled at least half-time at an eligible school. Fill out the Free Application for Federal Student Aid (FAFSA) along with your child. Meet the general eligibility requirements for federal student aid.
Can you be denied a direct PLUS loan?
PLUS loans don't require good credit, making them an ideal option for low-credit borrowers. However, you can't have an adverse credit history, such as bankruptcies or loan defaults within the past five years.
How to qualify for a direct PLUS loan?
If you're a parent or graduate student seeking a Direct PLUS Loan, one of the requirements to qualify is that you must not have an adverse credit history. If your application is denied because of an adverse credit history, don't give up. You still have options.
How hard is it to get approved for a parent PLUS loan?
Adverse Credit History Credit history is a major factor in being approved for this loan. To qualify for a PLUS loan, you cannot have an adverse credit history. Credit history is a summary of your financial strength, including your history of paying bills and your ability to repay future loans.
What is the difference between a federal direct loan and a federal PLUS loan?
Like Direct Subsidized and Unsubsidized Loans, these loans have a fixed interest rate. Note that Direct PLUS loans are unsubsidized, meaning that interest accrues throughout the life of the loan, including while the student is enrolled in school.
Are direct PLUS Loans eligible for forgiveness?
Direct PLUS Loans for Parents These loans are eligible for PSLF only if they've been consolidated into a Direct Consolidation Loan and are being repaid under the Income-Contingent Repayment (ICR) plan.
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What is Federal Direct PLUS Loan Data Form?
The Federal Direct PLUS Loan Data Form is a document used by parents of dependent undergraduate students and graduate or professional students to apply for a Direct PLUS Loan, which helps cover the cost of their education.
Who is required to file Federal Direct PLUS Loan Data Form?
Parents of dependent undergraduate students and graduate or professional students who wish to borrow a Direct PLUS Loan are required to file the Federal Direct PLUS Loan Data Form.
How to fill out Federal Direct PLUS Loan Data Form?
To fill out the Federal Direct PLUS Loan Data Form, applicants must provide personal and financial information, including the student's and borrower's details, the desired loan amount, and any other required documentation. The form can be completed online on the official government student aid website.
What is the purpose of Federal Direct PLUS Loan Data Form?
The purpose of the Federal Direct PLUS Loan Data Form is to assess the borrower's creditworthiness and determine the eligibility for a Direct PLUS Loan to finance the education expenses of the student.
What information must be reported on Federal Direct PLUS Loan Data Form?
The information that must be reported includes the borrower's personal identification information, financial information, the student's details, and the amount of loan requested, as well as any other supporting financial data required by the lender.
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