As a student entering college, it is very unlikely that you have a few spare checks lying around that you can cash and magically use to pay for college. Most college-aged students, ranging from late teens through mid-twenties, have no line of credit and can not receive much money in loans if they need to do so in order to attend college. A loan like the federal PLUS loan through the federal government and U.S. Department of Education makes it easy for you, as a potential college student, to use your parents’ line of credit in order to gain financing options for your higher education.
How Your Parents Can Help You Apply
If your parents have good credit and you obtain them a copy of the Direct PLUS loan application, you are well on your way to cracking the college books and arriving on campus in the fall. In order to receive a federal PLUS loan, you must be a dependent potential undergraduate at any college or university in the U.S.
Fill Out A FAFSA Form!
Still, if you are not eligible for any other scholarships, the federal PLUS loan will enable you to receive financing for any portion of your college or university bill not covered by other financial aid (i.e. If college costs you $5000 a year and you already receive $4000 in financial aid, a PLUS loan will lend you the other $1000). Federal PLUS loans can help put you through college, even if you do not have a solid line of credit.
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we’re dedicated to helping you pursue your education dreams by making college funding as easy as possible
As a student entering college, it is very unlikely that you have a few spare checks lying around that you can cash and magically use to pay for college. A loan like the federal PLUS loan through the federal government and U.S. Department of Education makes it easy for you, as a potential college student, to use your parents’ line of credit in order to gain financing options for your higher education.
Federal PLUS loans can help put you through college, even if you do not have a solid line of credit.
