Loan Options for Parents
Left with a gap in funding your student's education? There are two options:
Parent PLUS
Managed by the Dept. of Education these loans are designed to address the gap between the amount of aid your student qualifies for and the total cost of attendance. PLUS loans are the only credit based loans overseen by the Dept. of Education and are the responsibility of the parent to repay, not the student. As the loans are controlled by the Federal Government, rates are set by them annually and subject to change July 1st of each year.
For more information visit Parent PLUS.
Private
Private loan options are available. More commonly a student will apply directly for a private loan but in cases where there is limited or a poor credit history you may choose to co-sign for a private loan. Rates and repayment terms of private loans will vary and are not overseen by the Dept. of Education.
An important note: Prior to relying on PLUS and Private loan options be sure your student has exhausted all their other Federal Aid and scholarship options. PLUS and Private loans carry higher rates than Perkins and Stafford loans available to students and do not offer interest rate subsidies.
For more information visit Private Loans.
Expectations of Parents
FAFSA
Prior to each school term beginning in January each year, your student is required to complete their Free Application for Federal Student Aid (FAFSA). The information they provide will determine exactly how much and what types of aid they qualify for. Entering incorrect information will change the type and amount of aid awarded and can result in lost aid.
Helping your student fill out their FAFSA properly is the most important step in the financial aid process. Visit FAFSA to help you prepare. On this page are tips and links to tools to help you in the process.
Awards Letter
Once your student receives the award letter from the schools they have applied to, review them carefully. Most importantly to parents is the EFC (Expected Family Contribution), if you can't meet this amount be sure to petition with your school as early as possible. They may be able to revise your students' award amount in cases of need or suggest alternatives.
A common misunderstanding when attending a more cost intensive schools is the amount your student is awarded. Federal Aid carries maximum limits based on the type of aid being offered. Due to these limits your EFC may be higher than a more affordable school.
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