What Can Federal Parents Plus Loans Be Used For?
Plus loans can be used to manage several college expenses such as: • Tuition • Room and board • School supplies • Lab expenses • Travel expense Once the loan is approved, the funds are sent directly to the college and made available for the student. Most schools require parents to endorse the disbursement check, and payment is typically sent out in two installments. This process makes it easier to apply payments for all school charges, room and board expenses, and tuition costs in one simple step. Parents do have an option to cancel the loan within 30 days of the application and funding disbursement schedule. Key Benefits of Federal Parents Plus Loans Federal Parents Plus Loans are available through the Sallie Mae foundation and may be a better option than many other student loans and sources of financial aid. Plus loans are managed solely through the Sallie Mae foundation which makes it easier to manage payments throughout the loan term. There are no income or collateral requirements
