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Are there any resources that a parent can receive to help pay for a student’s education?

April 26, 2017Education help parent pay Resources student

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Are there any resources that a parent can receive to help pay for a student’s education?

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Yes! Parents may be interested in borrowing through a program called Parent Loan for Undergraduate Students (PLUS). This is a program that allows parents to borrow up to the cost of education less any other financial aid the student has been offered. Federal PLUS Loan – This federally funded Parent Loan for Undergraduate Students (PLUS) is available for parents of dependent undergraduate students. Parents may borrow up to the total cost of attendance less any other financial aid. Proceeds are to be used for educational expenses. Repayment begins within 60 days after the second disbursement is made. However, interest begins to accrue on the date the first disbursement is made. Minimum monthly payments are $50. The borrower may be allowed up to 10 years to repay the loan. The interest rate is fixed at 7.90% for Federal Direct Loans and 8.5% for private lenders.