<p>If the college I'm going to has a PLUS Loan apart of the FA award package, does that mean I can automatically get it by accepting it? If this is so, what about credit history checks?</p>
<p>Who do we talk to, call, to actually <em>get</em> this loan?</p>
<p>I've been awarded a PLUS loan through my school, but how do I literally get the plus loan? What steps do we take? The only answers we seem to be getting are really generic and broad, and I really need to know the specifics! How do we go about physically getting this loan and having it pay the school?</p>
<p>YOU don’t get a PLUS loan. A parent has to apply for it. Can do so on line and has to go through a credit check. The process for approval is pretty quick. But it has to be a parent. If the parent is denied, s/he can get credit worthy co signer and try again. Just google PLUS loan for parents and you will be taken to the site. A FAFSA has to be completed to get one these days and you have to have all the appropriate PINs. </p>
<p>The interest rate is not so great on these loans and they start accumulating within a month or two. It is a government loan, not through the school, and your parents have to pay that agency, not the school. If approved for the loan, the funds are sent directly to the school. The school has to approve the amounts by making sure that they do not go over COA less any other aid or scholarships the student has received.</p>
<p>Just to clarify, you were NOT awarded the PLUS by the college. It is just listing that as a possibility that your parents can investigate. It’ really is deceiving when schools put that in the financial aid letter instead of making it clear how it works.</p>
<p>Only a parent can apply for the plus loan. You do not automatically get it when it is on your FA package. There is a credit check but it is very basic. It only takes a few minutes to apply for the loan. Your parent will indicate what school you are going to and the funds will go directly to the college.</p>
<p>Sorry I meant to say my parent. My mistake. I do understand the concept of the plus loan. I know how it works. But what physical or digital form does my parent fill out? Guidance counselors, threads, the fafsa website, etc. have all been very unhelpful apparently.</p>
<p>My parents are the ones who are confused, so they asked me to put this up here. We’re obviously just going to have to call the help number, but thanks anyways :)</p>
<p>You need to ask your college’s financial aid office first. The two schools that my son applied to and got financial aid offers from both included the offer of a PLUS loan and both schools had specific instructions on how to apply for it. Some schools only use certain vendors, so check with your school first. It is apparently a very fast process and, depending on when your school requires payment, I’ve been told you can wait until just a week or two before classes start to do the application.</p>
<p>Thanks for all the information! My parents recently called the school, and, with the help of your tips, all is well now!</p>
<p>Thanks again!
(If anyone else wants to comment on this thread with more information, just in case others who stumble on this thread may need it) feel free!!!</p>