Parent PLUS FAQs: Direct Parent PLUS Loans vs. Private Education Loans

Parent PLUS FAQs 2015 EditionToday, the sixth installment in the CollegeUp.org Blog's ongoing series of Parent PLUS loan FAQs addresses just one question: Question #42.. Still, our Question #42 is a pretty hefty question. In fact, a lot of families are pondering the answer to this one, and there is no one-size-fits-all answer. Which loan should you get: a Parent PLUS Loan or a private student loan? This is that time of year when many parents are trying to determine whether they should use a Direct Parent PLUS loan or a private education loan to pay for college when financial aid and family...Read More
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Parent PLUS Loan FAQs: Benefits Include Deferment and Forbearance Options, Potential Loan Discharge

CollegeUp’s fifth installment of Parent PLUS FAQs – questions 34 through 41 – highlights key benefits of federal education loans: deferment, forbearance, and loan discharge. Deferment and forbearance benefits are designed to help financially-stressed borrowers avoid delinquency or default on their federal education loans. The government’s relatively new, loan-forgiveness programs can assist parents who have low-income jobs or who have pursued public service careers. These benefits are available...Read More
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Parent PLUS Loan FAQs: When and How to Repay

In the fourth installment in the CollegeUp.org Blog’s series of Parent PLUS FAQs — The 2015 Edition, we’re tackling Questions 25 through 33, which answer borrowers’ questions about repayment options. Yes, parents can choose when to start making payments: now or later. Parent PLUS borrowers also can choose among a variety of repayment plans. There are rules, of course. When do parents have to start repaying their Federal PLUS loans? You can choose one of two options:
  • Start repayment sooner. PLUS loans actually enter repayment once the entire loan amount is...
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Parent PLUS FAQs: Who Can Apply for a PLUS Loan? Your Mom? Your Dad? A Stepparent?

In the third installment in our 2015 Parent PLUS Loan FAQs — covering frequently asked questions #20 through #24 — the CollegeUp.org Blog answers queries about the rules that determine who is deemed to be a PLUS-eligible parent.  The parent borrower can be a biological or adoptive parent or a stepparent. And although Mom and Dad can each take out a PLUS loan, they won't be asked to sign each other's application or promissory note. To get the details, see the answers to these commonly asked...Read More
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Frequently Asked Questions About the Parent PLUS Credit Check

Parent PLUS FAQs 2015 Edition In an ongoing series, the CollegeUp.org Blog is answering some very frequently asked questions about Parent PLUS loans issued by the Federal Direct Loan Program. Our second installment in the 2015 Edition of our Parent PLUS Loan FAQs covers Questions 12 through 19, which focus on the credit criteria used to determine eligibility for Parent PLUS loans. Today's post also explains the options available to parents who fail the initial credit check. Parent PLUS Credit Check Criteria A borrower must not have an “adverse” credit...Read More
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Parent PLUS Loan FAQs - 2015 Edition

Here's the first salvo in our 2015 series of FAQs on Parent PLUS loans — a popular topic for readers of the CollegeUp.org Blog. Today, we're answering 11 questions that cover the basics. Over the next couple of weeks, we'll answer at least two dozen more, frequently asked questions about Direct Parent PLUS loans. Yes, we get asked a lot of questions about Parent PLUS loans. Who is eligible to get a Direct Parent PLUS Loan? A parent of a dependent undergraduate student. For federal financial aid purposes, a student is usually considered...Read More
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Here Are the Federal Student Loan Interest Rate and Fee Schedules for 2015-16

Lower interest rates have taken effect for new Direct Stafford, Graduate PLUS and Parent PLUS loans As of July 1, 2015, the rates on student and parent loans issued under the Federal Direct Loan Program during the 2015-16 award year fell nearly two fifths of a percentage point from the rates charged on loans issued during the 2014-15 financial aid award year. Federal Student Loan Interest Rates 2015-16As shown in the accompanying table, the interest rates on Direct Loans issued from July 1, 2015, through June 30, 2016, will range from...Read More
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Summer = Scholarship Search Time

Summer = Scholarship Search TimeAn aspiring college student is, most likely, a scholarship seeking student, and, for members of the high school class of 2016, summer free time is scholarship search time.   Of course, members of the Class of 2016 have it easier than their parents, who probably had to spend hours at the public library to research scholarship leads. Today, scholarship search engines allow students to quickly identify potential scholarships that are available, for example, to students who:
  • Plan to pursue a...
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Hackers Force IRS to Suspend “Get Transcript” Download Service, but You Can Still Go Online to Request Your Federal Tax Return Transcript by Mail

First the bad news:  In late May, the Internal Revenue Service announced that it was temporarily shutting down its automated “Get Transcript” service, which allows taxpayers to go to the IRS website to immediately obtain an electronic copy of their federal Tax Return Transcript.  The IRS suspended this convenient service after it detected that “criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts.”...Read More
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If You Need Another College Option for 2015-16, Check Out NACAC's College Openings Survey

Are you still searching for a college to attend this fall? Perhaps you’re on a waiting list and need a fallback, just in case. Or perhaps, you’ve been accepted to a school but didn’t get enough financial aid to swing the deal.  Even though it’s late May, it’s not too late to apply to a college, get accepted, find a dorm room, and receive financial aid. As of May 22, 2015, more than 300 colleges located throughout the United States and in a half-dozen other countries still had openings for...Read More
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