<p>Hi, I have twins going to college in 2015. I plan on taking a loan out to cover my EFC. Should I enter that number in
PE-115 even although I haven't yet taken out the loan, and don't exactly know how much the loan will be - it will depend on what schools my kids go to and how much merit money they receive.</p>
<p>PE-115 is for payments that a parent makes on his/her OWN educational loans, not loans for a child/student. If you and/or your spouse (if you are married) have no outstanding educational loans, you would answer “0”.</p>
<p>I am not sure that is correct. The help states - “Enter the total amount of educational loan repayments that your parents expect to make in 2015. Include loans obtained by your parents for their own education or for their children’s education.”
Therefore if I take out an educational loan in 2015 for my children shouldn’t that be included in PE-115? My problem is I am not sure how much a loan I will be taking out, It will depend on which college they go to and how much I have to pay for their education.
I apologize if I am mis-reading this, but I can’t find any additional help on this particular question and it seems rather important. </p>
<p>You have no loans at this point that you are repaying, so there is no repayment to report. The answer seems 0. If you do take a loan, it won’t be until late in the year, are you even sure you would be starting repayment in 2015?</p>
<p>Thanks Brownparent, but a number of the questions in the PE section talks about how much I expect to pay, not how much I currently owe. Although I don’t have a loan yet, I need to take out a loan in 2015 to pay for college. I’m pretty sure because it is me who is taking out the loan I will have to start repayments immediately, and not wait until my children graduate. So do I indicate how much I think that that loan will be, or do I indicate how much I will repay in 2015. As an example, if I borrow $30,000 and start pay $1000 a month beginning in September - so would I report $30,000 or $4,000 in 2015? One additional part to this question - How is an Educational loan determined? Is that based on who provides the loan? Any guidance is appreciated.</p>
<p>Again, answer 0. You cannot determine the loan amount now. You can only know that amount after you have the FA award.</p>
<p><a href=“https://studentaid.ed.gov/types/loans[/url]”>https://studentaid.ed.gov/types/loans</a></p>
<p><a href=“http://www.forbes.com/sites/troyonink/2013/01/22/use-these-8-loans-to-pay-for-college/[/url]”>http://www.forbes.com/sites/troyonink/2013/01/22/use-these-8-loans-to-pay-for-college/</a></p>
<p>Parents don’t apply for educational loan. The students do and parents are the cosigners (for private loans). The PE question pertains to parents.</p>
<p>You should use the following Net Price Calculator to estimate the amount of aid and EFC for each particular college.</p>
<p><a href=“College Affordability and Transparency Explanation Form”>College Affordability and Transparency Explanation Form;
<p>It is for the loan you have already borrowed (for your own education for instance) and the amount you expect to pay back next year. It is not for the estimated repayment of future loans.</p>
<p>Please tell me you are not borrowing 30k for one year?</p>
<p>That Forbes link from @coolweather is quite nice.</p>
<p>This is from my old CSS Profile help (I changed years):
“Write in the total amount of educational loan repayments that your parents
made or expect to make in 2014 and expect to make in 2015. Include loans
obtained by your parents for their own education or for your or your siblings’
education.”
I believe that OP is correct and he can indicate estimated amount he will borrow in 2015 if he takes out the Parent Plus loan. Info for 2015 is just a guess, same like the question about earnings in 2015. If we follow the logic of the posters above then the earnings for 2015 should be 0 as well?</p>
<p><a href=“https://studentaid.ed.gov/types/loans/federal-vs-private[/url]”>https://studentaid.ed.gov/types/loans/federal-vs-private</a></p>
<p>2 points:</p>
<ol>
<li>Students don’t pay back federal loan during college time.</li>
<li>If students/parents pay back private loan in 2015 then the payback amount is at most for 4 months (Sep - Dec).</li>
</ol>
<p>Some more info:</p>
<p><a href=“College Board - SAT, AP, College Search and Admission Tools”>http://www.collegeboard.com/prod_downloads/highered/res/pj_tips/parents_ed_debt.pdf</a></p>
<p><a href=“College Board - SAT, AP, College Search and Admission Tools”>College Board - SAT, AP, College Search and Admission Tools;
<p>
</p>
<p>PE-110 and PE-115 <em>look</em> like they are for the parents’ college loans only, but they are for ALL of the parents’ educational related loans per the CSS Profile website:
“PE-110 and PE-115.
Enter the total amount of educational loan repayments that your parents made in 2014 and expect to make in 2015. Include loans obtained by your parents for their own education or for your or your siblings’ education. Don’t include loans that you or your siblings obtained for your own education and that your parents have agreed to repay.”</p>
<p>However, according to this, the colleges might not even consider it (or they might…):</p>
<p><a href=“College Board - SAT, AP, College Search and Admission Tools”>College Board - SAT, AP, College Search and Admission Tools;
<p>Tuition payment deadline is usually August 1. So it will be parent loan repayments for 5 months.</p>
<p>This discussion is largely academic. The finaid for 2015-2016 is mostly based on income/expenses for 2014. It is not clear what these schools do with estimates provided for 2015.</p>