Federal Plus Loan

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Federal Plus Loan : Help Your Child Go to School

You always wanted to put money away for your child's education but you just never had the extra few dollars lying around to start a savings account for them. We all know how it goes. But the time has come and you want to help put them in school. They may qualify for some financial aid or grant money, but it's just not enough to cover the high costs of education these days. You should consider taking out a federal Plus loan to help cover the gap and allow the child the education they deserve. A federal Plus loan is a relatively low cost way to help your child through school.

Low interest and forgiving too!

A federal plus loan is an inexpensive loan that carries a low interest rate. Currently they are around 4% and are capped at 9%. This is definitely a cheaper way to go then to hand your child a credit card to take care of their extra expenses at school. Another plus to a federal plus loan is the forgiveness it offers if you were to get in a tight spot and not be able to repay the loan for a short period of time.

Do I qualify?

A federal Plus loan does require a credit check but you may be able to borrow enough to cover your child's entire cost of tuition minus any other funds such as grants or loans for school. Each school determines a cost of attendance and the maximum amount you can borrow on a federal plus loan is based on this amount. Federal plus loans are also easier to qualify for because they carry no income restrictions and are not based on financial need. However, you do have the peace of mind that they are guaranteed by the federal government.