What Is a Parent PLUS Loan? The Direct PLUS loan is a federal student loan program. One type of Direct PLUS loan is the Parent PLUS loan, made to the parent or legal guardian of a dependent undergraduate student to help cover the cost of the student’s education.
Keeping this in consideration, can parent PLUS student loans be forgiven?
Public Service Loan Forgiveness is available to all federal student loan borrowers, including parent PLUS loan holders, who make 120 qualifying payments while working full time in a government position, or for an eligible nonprofit employers.
Furthermore, does parent PLUS loan affect debt to income ratio?
When you apply for a Direct PLUS Loan for your child, the government will check your credit report, but not your income or debt-to-income ratio. In fact, it does not even consider what other debts you have. The only negative thing it looks for is an adverse credit history.
Is the parent PLUS loan the same as a direct PLUS loan?
Note: A Direct PLUS Loan is commonly referred to as a parent PLUS loan when made to a parent, and as a grad PLUS loan when made to a graduate or professional student. Begin your Direct PLUS Loans application online.
What is the max amount for a parent PLUS loan?
1. You can borrow as much as you need. Unlike other types of federal student loans, Parent PLUS Loans have virtually no limits when it comes to borrowing. You can borrow up to the cost of attendance minus any other financial aid received.
Which parent should apply for parent PLUS loan?
Which of my parents should apply for the Parent PLUS Loan? The parent whose information is listed on the FAFSA will be the one who will apply for the Parent PLUS Loan.