<p>It costs about 11,000 per semester at my school and I plan on getting a Parent Plus Loan for the Spring Semester to cover the rest of my costs that weren't covered by Financial Aid. I'm also looking to get a job so hopefully I won't need ALL of it. </p>
<p>ETA…what has changed since this thread…</p>
<p><a href=“Qualifying for Parent Plus Loans and Additional Stafford Loans - #13 by QueenOfThem - Financial Aid and Scholarships - College Confidential Forums”>Qualifying for Parent Plus Loans and Additional Stafford Loans - #13 by QueenOfThem - Financial Aid and Scholarships - College Confidential Forums;
<p>At that point, your parent weren’t too keen on taking a Plus Loan. You are a junior…how much in loans do you already have. What will your total be for all four years?</p>
<p>So…let me get this straight. $11,000 total per semester…so $22,000 a year. </p>
<p>Is the $7250 just for the spring semester? Have you also taken the $7500 Direct Loan?</p>
<p>@thumper1 I was given 3,750 a semester ($7,500 a year) in Financial Aid (Unsub and Sub) And yes the $7,250 is for the Spring. I had to take the fall off because I didn’t have enough money. I looked at Community College but Im a Junior in the Psychology Dept and CC do not offer ANYTHING for me and going to a CC would be counterproductive. And I don not qualify for anything more because my dad made too much but not enough to have $7,000 to hand to my school. And I will not need to do this for all four years. I’m pretty close to graduating if I can keep up with my classes/grades. </p>
<p>@thumper1 I got my biological dad to do the Parent Plus Loan. The other thread is irrelevant</p>
<p>@thumper1 Idk if I should be putting this up here, but as a Junior I have $5,000 in unsub and $10,750 in sub loans and $11,195 in grants accumulated since my freshman year 2012 all awarded to me by Financial Aid </p>
<p>
Only your biological dad knows if the loans is too much or not.
Also, don’t take off for more than 6 months; otherwise, you’ll lose the grace period!</p>
<p>@4kidsdad I don’t think he cares</p>
<p>You shouldn’t worry because you’re not responsible for the repayments. However,
He does not care that he is responsible for the repayments?? </p>
<p>@4kidsdad What happens if I can’t find a job after graduating within 6 months or can’t get into Grad school to defer the payments. I want to make sure he has a clear understanding of the responsibility I’m asking him to take. I don’t think he’s worried because he doesn’t have a house or car they can reposes if he doesn’t make payments if I fail to. And my dad has an overly nonchalant view of everything. </p>
<p>I see parents typically borrow between 20K-40K per year for PLUS, so in my eyes - $7250 doesn’t seem too bad. If your dad commits to this amount and understand the stipulations about interest rates and repayment - let him borrow it. As long as he is able to make the payments and won’t struggle financially after you are done with school, I don’t see too much of a problem. </p>
<p>Forbearance. See <a href=“https://studentaid.ed.gov/repay-loans/deferment-forbearance”>https://studentaid.ed.gov/repay-loans/deferment-forbearance</a></p>
<p>Um…forbearance I don’t believe applies to the Plus Loan. But it would apply to the Direct Loans, both subsidized and unsubsidized. There is Income Based Payment also. </p>
<p>^See <a href=“https://studentaid.ed.gov/types/loans/plus#what-if-i-have[quote]What”>https://studentaid.ed.gov/types/loans/plus#what-if-i-have
</p>
<p>Does anyone know what happens if a Parent Plus Cosigner dies. My dad might need my grandma/grandpa to cosgin for him for a better chance of getting this loan. What would happen if one of them passes </p>
<p>I believe that the parent is still responsible for payment if a co-signer passes away. </p>
<p>@kgos16 thank you </p>
<p>Federal regulations only provide death protection for the parent and the student - there isn’t anything I can find that mentions death of a co-signer. I believe the only implication would be that if you needed to borrow the PLUS again for a future year, you would need a new co-signer. </p>
<p>
</p>
<p>Here are the potential consequences for not repaying a Parent Plus loan, direct from the federal student aid site:</p>
<p>
</p>
<p>And yes, if a co-signer dies, the living co-signer is still responsible for the loan payments.</p>
<p>See <a href=“https://studentaid.ed.gov/repay-loans/forgiveness-cancellation#death-discharge[quote]Death”>https://studentaid.ed.gov/repay-loans/forgiveness-cancellation#death-discharge
</p>
<p>The student has ALREADY used her grace period. She won’t get another.</p>
<p>And Plus loans don’t have a grace period or forbearance.</p>