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This document collects personal information from parents seeking a Direct PLUS Loan to help finance their child's education. It includes sections for student and parent information, loan details,
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How to fill out Direct PLUS - Parent Loan Data Sheet
01
Obtain the Direct PLUS - Parent Loan Data Sheet from the institution or the relevant website.
02
Fill out the parent borrower's personal information, including name, address, and social security number.
03
Provide the student's personal information, including their name, date of birth, and student ID number.
04
Indicate the amount you wish to borrow for the academic year.
05
Provide details regarding your income and employment status.
06
Sign and date the form to certify the information is accurate.
07
Submit the completed form to the appropriate financial aid office or lender.
Who needs Direct PLUS - Parent Loan Data Sheet?
01
Parents of dependent undergraduate students who wish to borrow funds to help cover the cost of their child's education.
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People Also Ask about
Who is responsible for paying back a 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.
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.
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 limitations of a direct PLUS loan?
You may not borrow more than $18,500 (maximum $8,500 subsidized) for an academic year. (Certain health professions students may receive increased Direct Unsubsidized Loan amounts.)
What are the statistics for parent PLUS loans?
Nearly 13% of Parent PLUS loan borrowers default within four years of their child's graduation. Data from more than 2,000 institutions reveals that as of 2021, an average of 12.7% of Parent PLUS loan borrowers have defaulted on their loan just four years after their child completed their degree.
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What is Direct PLUS - Parent Loan Data Sheet?
The Direct PLUS - Parent Loan Data Sheet is a specific form used by parents to apply for a Direct PLUS Loan to help pay for their child's education expenses.
Who is required to file Direct PLUS - Parent Loan Data Sheet?
Parents of dependent undergraduate students who wish to borrow a Direct PLUS Loan are required to file the Direct PLUS - Parent Loan Data Sheet.
How to fill out Direct PLUS - Parent Loan Data Sheet?
To fill out the Direct PLUS - Parent Loan Data Sheet, parents must provide personal and financial information, including their Social Security number, income details, and the amount they wish to borrow.
What is the purpose of Direct PLUS - Parent Loan Data Sheet?
The purpose of the Direct PLUS - Parent Loan Data Sheet is to collect necessary information to determine eligibility for a Direct PLUS Loan and ensure the funds will be used for educational expenses.
What information must be reported on Direct PLUS - Parent Loan Data Sheet?
The information that must be reported includes the parent's name, Social Security number, income, credit history, the child's information, and the amount requested for the loan.
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