Guaranteed Installment Loans For Bad Credit Consolidate Your Plus Loans!
Are you looking for a smart, practical and savvy student loan debt management tool? Look no further than the PLUS Loan program.
Your parents may apply for and borrow money to fund your higher education. PLUS Loans are available to pay for tuition, room and board, books and any other eligible school expense. The student needs to be attending school at least half-time. If you the student are receiving additional financial aid, that additional amount may be deducted from potential PLUS Loan proceeds. Simply check with your student financial aid advisor for further details.
When you consolidate a PLUS Loan, you can combine or bundle all of the Federal student loans you received into a single "one payment a month" guaranteed installment loan. The interest rate is 7.9% as of July 2009 so combining other PLUS "installment loans online" into a new loan may save you money. Review those older loan documents.
As in original PLUS Loan applications, only modest parental credit scores are needed to qualify. Also, a PLUS Loan is not "need based" so even if you have some parental financial support, you can apply for (your parents on your behalf) and receive PLUS guaranteed approval personal loans direct lenders proceeds.
Your PLUS Loan is funded usually via two payments, sent straight to your school. Those funds will be applied directly to your tuition, fees, room and board or other usual school expenses. If there are funds remaining, your parents will receive that amount in a check, or that balance can be deposited into your student bank account. Remember that any left over funds must be used for your educational purposes!
Interest on a PLUS Loan may be tax deductible. Please check with a qualified tax consultant for more information.
You may qualify for a 0.25% repayment interest rate reduction when you set up automatic monthly payments from your checking or savings account.
There is a 3% origination fee and a 1% Federal default fee. DO NOT LET YOUR STUDENT LOANS GO INTO DEFAULT! I cannot say this often enough.
Your parents will have a 30 day prior and a 30 day after loan funds disbursement window to cancel the PLUS Loan. Your parents then have a 14 day window to notify the lender that they wish to cancel the loan. Always check with your financial aid advisor before canceling a loan.