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Facts Regarding the Parent Loan for Undergraduate Students (PLUS)

May 09,2010 by: Dallas Browne

Being able to finish a college degree is one of the best accomplishments that any person can achieve. This is due to the fact that finishing a college degree is already a starting step for one to achieve a bright future, especially when they would want to become competent professionals in the field that they would choose. Take note that being able to finish a college degree, especially when finishing from a respected higher educational institution, will surely give you the best training, the necessary skills and knowledge that will make you become a competent professional in the future. In this case, truly, finishing a college degree must become a priority for any career-oriented student. 

The problem, however, is that finishing a college degree actually requires a lot of money to spend, given that cost related to higher education now runs into thousands of dollars. In this case, especially given the fact that we are experiencing an economic crisis right now, finishing a college degree may surely become a financial trouble for many students. 

Of course, for hardworking students who do not want to let financial troubles prevent them from finishing their degree, they often choose to get student financial aids. It is a good thing that there are a lot of institutions right now, and even government agencies, that students can apply for loans, in able for them to finish their degree despite lack of finances. However, a lot of parents would surely want their children to concentrate studying, rather than having to worry for applying for different kinds of student loans. It is a good thing that the Parent Loan for Undergraduate Students (PLUS) is now offered to parents concerned with the education of their students. 

Basically, the PLUS Loan is offered for students who have existing student loans or financial aids. In this case, the PLUS loan actually functions as a support to the existing financial aids that the student currently enjoys. Remember that there are a lot of loans and student financial aids right now that does not cover the whole expenses of a student. There are loans which may actually only over the student’s tuition, but not their miscellaneous fees. In addition, there are also student financial aids that may cover both their tuition and miscellaneous fees, but may not cover their transportation, board and lodging, and other education-related costs. This is what the PLUS Loan is all about. 

Here then are some interesting facts about PLUS Loans: 

  • A PLUS Loan has flexible payment terms
    The good thing about PLUS loans is that parents can actually borrow from this loan an unlimited amount of money for their children’s schooling. In this case, the parent does not have to worry about all of the expenses of the students that are not covered by their student loan, because it is the PLUS Loan which will take care of all of them. In addition, the PLUS Loan can also be paid by the parents in up to 10 years, which takes off the pressure for parents to immediately pay for the loan, and concentrate on financing the schooling of their children. 
  • A PLUS Loan can now be availed even by Graduate Students
    The good thing about the PLUS loan is that even students who are taking up their master’s degree, which proves to be very expensive, can now ease the financial burden involved by having the PLUS loan.

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