<p>We will get ZG's bill from college in July and will have to pay it by August. Is waiting till we have the actual bill enough time to get the PLUS loan or should we deal with it before we have the bill with the exact figure and make our best guess?</p>
<p>when we took out a PLUS loan, it seems like we didn' t actually have to start paying ( the loan)until the second installment was disbursed, which wasn't until January of that school year.</p>
<p>HOwever- if you have to pay in august- I would start the process at least by next month- you could use this time to find lenders who knock off points for direct depost etc.
I think once you are approved- it is also very easy to say- well we thought we needed $8,000 but we need less , that should be relatively quick.</p>
<p>We also used tuition management services which starts in July for the 10 month plan- also quick to adjust numbers</p>
<p>We used tuition management and it began 5/1. We did not know about it last year, and had to make 2 payments at once to catch up. If ZG's school participates it makes things a lot less painful. Perhaps ours began in May b/c we do 12 equal payments (not sure).</p>
<p>Some school are direct lenders, and you apply for the PLUS loan through the financial aid office. We would apply each time in the month of June prior to the school year.</p>
<p>does anyone know what i should do if my parent doesn't qualify for a PLUS loan? I read somewhere that I would get like $4,000 more on one of my student loans, but i don't remember where i read it or if i read it at all. lol. Is there a student version of the PLUS loan where i an borrow as much as i need?</p>
<p>Student versions of PLUS loans are only available for students enrolled at the Master's level or higher. </p>
<p>When a parent is denied the PLUS loan (due to credit issues), the Financial Aid Office will recalculate the student's eligibility and award additional student funding based on grade level.</p>
<p>For example: Freshman - initially, student is only qualified for $3,500.00 and PLUS loans. Parent is denied PLUS Loan, student is then awarded an additional $4,000.00 (so long as the loans do not exceed the COA when added to other financial aid awards (Pell, SEOG, Scholarships, etc). </p>
<p>Sophomore levels of course are $4,500.00 initially and then the additional $4,000.00 if PLUS is denied.</p>
<p>Your only other option, when a PLUS loan is denied, is to apply for an alternative loan....but this may require a co-signer.</p>
<p>Do i notify my school's financial aod department that my parent was denied. Or is the info. sent directly to them? Great info. by the way.</p>
<p>I would suggest sending them a copy of the denial.....so it doesn't get overlooked. Typically, the school is automatically notified when a denial occurs, but most FAA's appreciate all the help we can get so we do not overlook something this important!</p>
<p>thanks(10 char.)</p>
<p>If you need some help I found a great website that will help, with serveral things. No I don't make any money advertising, not that you'll believe me, but just check it out. If you don't like, no biggy, I tried.</p>
<p>college-student-deals.com</p>
<p>I suggest you look for other loans as well. The interest on the PLUS loan escalated considerably and it is not necessarily the best deal for parents. Sometimes credit card loasn (now guaranteed for some at 4.99% for the life of the loan) are much better than 8.5% for a PLUS. The college financial aid staff agreed with me and expedited my daughter's package consideration (she is a third year) so that I could get the 4.99 offer.</p>
<p>are there any other student loans available other than what the school provides?</p>