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Direct PLUS Loan: The direct PLUS loan is a federal loan that graduate or professional students and parents of undergraduate students can use to pay for their education. These loans can be used to help pay for education expenses not covered by financial aid. The Direct PLUS loan is not based on financial need, but credit is necessary.
The Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
All new Stafford, PLUS, and consolidation loans are now administered through the Direct Loan Program. Campus-Based Aid includes types of aid that schools are responsible for administering on behalf of the federal government. Federal Perkins Loans are low-interest loans made through a school’s financial aid office using federal funds ...
Parent loans allow parents to take out student loans, the repayment of which will be their responsibility. The parents use these loans to pay for educational expenses on behalf of the student. For undergraduate students, there is the parent loan for undergraduate students or PLUS Loan. This loan allows parents to borrow up to the total cost of ...
The federal financial aid form looks different in the 2024-25 school year. Here's what college students and parents need to know about the new FAFSA.
In addition, states and colleges use FAFSA information to award their own grants, scholarships and loans. The deadline to complete the FAFSA to receive a Pell Grant for the 2024-25 academic year ...
PLUS loans are federal education loans made to parents. [80] These have much higher loan limits, usually enough to cover costs that exceed student financial aid. Payments start immediately after education ends, although prepayment is allowed. Credit history is considered; thus, approval is not automatic.
The repayment schedule for Direct PLUS Loans disbursed on or after July 1, 2008 is the same as the schedule for Stafford loans. [1] [2] However, for Direct PLUS Loans first disbursed before July 1, 2008, the repayment period begins at the time the PLUS loan is fully disbursed, and the first payment is due within 60 days after the final ...