Quick Answer: When Can You Apply For A Parent PLUS Loan?

What credit score do you need for a parent PLUS loan?

No minimum credit score is needed to get a parent PLUS loan.

Federal loans aren’t like private parent student loans, which use your credit score to determine whether you qualify and what interest rate you’ll receive..

Is a parent PLUS loan a hard inquiry?

Both parents can take out separate parent PLUS loans, but the total loan amount can’t exceed the borrowing limit for the year. When you apply, the associated credit check can lead to a hard inquiry, which may temporarily hurt your credit by a few points, if at all.

What is the maximum parent PLUS loan amount?

These limits are between $5,500 and $7,500 a year for direct unsubsidized loans and direct subsidized loans for undergrads, and $31,000 in aggregate.

Is it better to get a parent PLUS loan or a private loan?

If you need more money to pay for school, choose the loan type — Parent PLUS or private — suited to your family’s situation. Parent PLUS Loans are easier to get, but private loans might offer lower interest rates and fees. By researching both options, you can find the one that better meets your needs.

Does Parent PLUS loan affect credit score?

Applying for a Parent PLUS Loan does not affect your credit score. … However, where a Parent PLUS Loan can affect your credit score is when it comes to repayment. As with all student loan repayments, failing to pay on time will be reflected in your credit history.

Can you apply for a Parent PLUS loan at any time?

Students can apply for a federal student loan and parents for a Parent PLUS Loan up until the last day of classes or June 30 of the award year, whichever comes first.

How do I change the amount on my parent PLUS loan?

Questions regarding the Parent PLUS Loan application can be addressed by contacting Direct Loans Student Loan Support Center by phone 1-800-557-7394. If requesting an increase to an already existing loan, select the option to change the loan amount.

Can I transfer my parent PLUS loan to my daughter?

Yes, transferring a parent PLUS loan to a child is possible. … To transfer the debt, the child will need to qualify for and take out a loan from a private lender and then use the money to pay off the parent PLUS loan. The new loan doesn’t have to be a student loan.

Why would I be denied a Parent PLUS loan?

An applicant can be disqualified and denied a PLUS loan for credit problems like recent bankruptcies, large debts more than 90 days delinquent, a recent wage garnishment or a tax lien. READ: 4 Things Borrowers Don’t Always Know About Parent PLUS Loans. ] Being denied a PLUS loan does not mean you are out of options.

How do I know if my parent PLUS loan was approved?

Sign a PLUS Master Promissory Note. After you submit your parent PLUS application, your child’s college financial aid office will process it, determine if you’re eligible and notify you upon approval (or denial). You also can contact the aid office at any point to check on the progress of your application.

How many times can I apply for a Parent PLUS loan?

Only one parent can be listed as a borrower on a single Parent PLUS loan. However, two parents can each apply for separate Parent PLUS loans for a single child, so long as the combined loan amounts do not exceed the annual limit. The annual PLUS loan limit is equal to the cost of attendance minus other aid received.

How long do you have to pay back parent PLUS loans?

The following are the available repayment plans for Direct PLUS Loans made to parents: Standard Repayment Plan—Under this plan, you’ll have fixed monthly payments for up to 10 years. Graduated Repayment Plan—Under this plan, your payments will start off lower and then gradually increase, usually every two years.

What is the fastest way to pay off a parent PLUS loan?

Refinancing. If you want to pay off parent PLUS loans quickly, refinancing to a lower interest rate can help you become debt-free faster and save you money in interest. You can refinance parent PLUS loans in your name, or the child can take over the PLUS loan by refinancing it in his or her own name.

How do you qualify for a parent PLUS loan?

Am I eligible for a parent PLUS loan?be the biological or adoptive parent (or in some cases, the stepparent) of a dependent undergraduate student enrolled at least half-time at an eligible school;not have an adverse credit history (unless you meet certain additional requirements); and.More items…

When can you apply for a Parent PLUS loan for 2019 2020?

They may also opt to borrow less than the maximum amount for which they are eligible. Completing the Online Application: Please Note: The online PLUS application for 2019-2020 will not be available until June 3, 2019. Apply for a Federal Direct PLUS Loan at https://studentloans.gov.