Borrowers must be able to pass a credit check, and the student whose education is being funded must be a dependent that meets these minimum requirements: Parents access PLUS loans by filing an application, and signing a Master Promissory Note (MPN).
Interest rates are fixed at 7.9%, and borrowing limits are determined by subtracting all other financial aid award amounts from the total cost of attending school.
Your high-school guidance counselor and college financial aid office are equipped to sort out the specifics for your state.
Most students rely on a variety of funding sources to pay for college.
Personal savings and family contributions are one of the first places students turn, but often these resources don’t cover higher- education costs.
In Minnesota, for example, students are eligible for loans, under a program called SELF.
SELF is not subsidized, so worthy credit is required for getting a loan.
State-specific funding varies – some have none, while others have a great deal.
Your FAFSA places you in contention for some state loans, but other programs require separate enrollment.
Long-term and short-term institutional loans are used to pay for books, room and board, and other student expenses.
Institutional loans are by definition campus-specific, so interest rates and repayment terms are determined by each educator.
Your financial aid office is best equipped to outline specific programs offered by your school.