PLUS College Loans
August 14th 2008 02:02
If you are looking for money to pay for your students college loans, did your school tell you about PLUS Loans? These are only for the parents of dependent college students. They way it works, you apply to get a loan through a private lender. The only catch is that unlike other federally guaranteed student loans, these are not deferred until the student leaves school or drops below half time.
In fact, you may only have 60 days before you are required to start making payments. Before you agree to a loan like this, think carefully about how you will repay it. It has to be figured into your overall debts and will counted in your debt to income ratio for any future loan you plan to get until it is paid in full.
The other thing to consider is whether or not this is something that you will need to get for your child’s education each year. If that is the case, I would recommend that you seriously consider other options.
Other ways to reduce the cost of a college education include:
• Having your student get a part-time job and use some of the money for the college expenses
• Get a job at a college or university. Not everyone is aware that most schools provide free tuition to employees and their dependents.
• Search out scholarships. Not all are need-based and there are some that go unspent from year to year.
In fact, you may only have 60 days before you are required to start making payments. Before you agree to a loan like this, think carefully about how you will repay it. It has to be figured into your overall debts and will counted in your debt to income ratio for any future loan you plan to get until it is paid in full.
The other thing to consider is whether or not this is something that you will need to get for your child’s education each year. If that is the case, I would recommend that you seriously consider other options.
Other ways to reduce the cost of a college education include:
• Having your student get a part-time job and use some of the money for the college expenses
• Get a job at a college or university. Not everyone is aware that most schools provide free tuition to employees and their dependents.
• Search out scholarships. Not all are need-based and there are some that go unspent from year to year.
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