If you start school in the fall of 2008, when should you request a Parent PLUS Loan?

Question

Hi there,

I'm missing a little bit over $6000 to pay for my first year starting Fall 2008, but I have no idea what to do. I want to go to the university and send in my acceptance deposit, but can I send it in without currently having the $6000 missing? When should I get a Parent PLUS Loan for it?

Thank you!

Answer 1

well it depends on how much your parents make a year, that will determine how much you will get but you can do it at any time most people wait until they find out how much they are going to get in student loans so I'm assuming you already know that since you know how much is missing. Just check with your student loan department they can tell you exactly what to do. Hope that helps! :)

Answer 2

I'm a financial aid counselor at a private college in VA.  Every school is different so it may be best to contact the financial aid office at the school you will be attending in Fall.  It sounds like you've already received your award letter from the school.  PLUS loans are taken out in the parents name, not the student...so if you are the student, you will either need to have one of your parents take out the PLUS loan for you or you will need to look into some other loan option to borrow in your name.  There are a lot of alternative/private loans available to students but they do carry a high interest rate and usually require a cosinger.  Your school should have a list of recommended lenders.  

It is up to every school as to when you can begin the loan process but usually you can send in your deposit before you figure out financing.  Bills are usually sent out at a later date - right now they just want to know whether you are coming.  Hope this helps!