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This document is used to collect information from parents who wish to apply for Parent PLUS loans for their child's education expenses. It includes sections for student information, parent borrower
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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 financial aid office or online.
02
Fill in the parent borrower's personal information, including full name, Social Security number, and address.
03
Provide information about the dependent student, including their name and identification details.
04
Specify the loan amount being requested for the academic year.
05
Review and sign the form, ensuring all information is accurate.
06
Submit the completed data sheet to the school's financial aid office as instructed.
Who needs Direct PLUS - Parent Loan Data Sheet?
01
Parents of dependent undergraduate students who are seeking additional funding for their child's education.
02
Families who need to cover costs not met by other financial aid options.
03
Those who want to borrow money to pay for their child's college expenses through federal Direct PLUS loans.
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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 document used by parents to apply for a Direct PLUS Loan, which helps cover the cost of their child's college education.
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, details about the student, the desired loan amount, and sign the application.
What is the purpose of Direct PLUS - Parent Loan Data Sheet?
The purpose of the Direct PLUS - Parent Loan Data Sheet is to determine eligibility for a PLUS Loan, allowing parents to borrow funds to finance their child's education.
What information must be reported on Direct PLUS - Parent Loan Data Sheet?
The information that must be reported includes the parent's identification details, financial information, the student's information, and the amount of the loan requested.
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