Federal Direct Plus Loan: Fill & Download for Free

That is Exactly what happened to my youngest son, in 2013/14. He is a year younger than his brother. Brother no longer in college and Voila, $11,000 in grant money from the university just Disappeared. They at least gave him the $3,000 per year in scholarship money.And, by chance, my bank account went almost to Zero in paying for my son’s last year.Fortunately, I had anticipated disaster a couple of years before. And instead of my sons each taking $18,000 in Federal direct loans, I had them take $25,000 in federal direct loans and then I assisted them in paying off that additional $7,000 in loans, each. The student loan has a Much Lower interest rate than the Parent’s PLUS loan, and you pay it off in the “off years” (after they graduate….)Be wary.There is Nothing you can do. You merely grin and bear it, and Borrow the extra money.That is Why, NO ONE should start college Believing they need to borrow more than HALF of what they expect to earn as a starting annual salary upon graduation. That allows Disasters to occur and by the time you graduate the loans are actually all the way up to 100% of your starting annual salary. If you took federal direct loans you can pay them off in ten years or less.Be WARY.

FAFSA is a form, nothing moreThe loans that FAFSA can give you access to (Direct and Parent PLUS) are never based on creditworthiness and are largely not means-tested for undergraduatesWhile the loan terms are not ideal, his parents qualify for Parent PLUS loans if they were rejected for private loans (that’s what they’re for)Your friend is confused, not entirely honest, or both. If it’s the former, he should speak to his school’s office of financial aid.I suspect that one of two things has happened. First, he has exhausted federal Direct loans (unlikely) or he has lost financial aid eligibility due to a lack of academic progress (more likely).

The question of “How” is very simple. A couple of Google queries would have given you the answer instantly.FAFSABy filing your FAFSA you are likely to get access to a Federal Direct Subsidized Loan (means tested) and a Federal Direct Unsubsidized Loan. On the FAFSA there is also an option to request a Federal Direct PLUS Loan for parents.Private LoansIf, as probable, these loans don’t cover 100% of your expenses, your family can apply for:A private student loan. (It is highly likely you will require a cosigner.)Best Private Student Loans | Student Loan HeroA private parent’s student loan.4 Best Student Loans for Parents Paying for College | Student Loan HeroThe more interesting (and complicated) question is, “How much money is it wise to borrow for a bachelor’s degree?”Depending on the actual numbers, what you are considering could be very risky.PSThat Federal Direct PLUS Loan for parents comes with some pretty hefty interest rates. Before “pulling the trigger” on one of those loans, I would check the rates on private parent’s student loans.There are no creditworthiness checks on the Federal Direct Subsidized Loans and the Federal Direct Unsubsidized Loans.