Parent Plus Loan Amount Question

Paying for College
1

<p>We are taking a Plus loan out for my d who will be a freshman this fall. When we applied for the loan we clicked that box that said "unsure of amount" or something similar. My daughter has a few small outside scholarships and some savings that we are paying to the school the first semester, so we need just a small amount for the first semester and larger amount for the second semester. But it looks as though they divide the amount you request evenly between the two semesters. Does anyone have advice on how to apply for the right amount, so we don't end up short the second semester? I am finding this whole process really confusing. We don't want to take out more than necessary and pay interest on it, but we don't want to come up short.</p>

<p>Thanks for any advice!!</p>

2

<p>You can apply for more money second semester if you need it, but you may have to pay another fee to do so. Or you can just keep the excess amounts at hand until time to pay second semester which may be a better option than paying that fee. If you go on the monthly payment plan, you might be able to put off your first term loan until the end of the first term and time it to get the funds for the second. </p>

3

<p>Thank you, thanks a good idea about doing the payment plan until the second semester, I hadn’t thought of that!</p>