I am looking for examples of schools that include parent plus loans in their FA award package, particularly any “100% need met” schools that might do this. Examples would be greatly appreciated. Thanks in advance,
Parent Plus loans are included on most schools as an option. Since they are not student loans, they are not part of a need based financial aid packages at any of the schools that guarantee to meet full need for all accepted students.
ETA…for example. If a student gets accepted to a school like Yale, and their Family contribution exceeds the cost of attendance, the Parent Plus Loan will be included as an option for the parent to take out to fund college costs.
Am perplexed because this seems to indicate UVA did http://talk.collegeconfidential.com/financial-aid-scholarships/1486647-financial-aid-faqs.html and UNC did http://talk.collegeconfidential.com/discussion/comment/17613140/#Comment_17613140
NYU does.
NYU includes the Plus on the financial aid award…but really it is NOT student financial aid…it is parent loan.
UVA does not. UNC does not.
Almost every college puts the Parent Plus on the financial,aid award as a way to fund any gap that exists between need based aid awarded to the student, and the cost of attendance. It’s an option.
The info on the College Common Data set is supposed to only include financial aid to the student that does NOT include non subsidized loans, Parent PLUS, or private loans. How a school packages the awards is a whole other story.
Common Data Set info on financial aid does NOT include Parent PLUS loans, even if the school includes them in their award packages. The reason they are included is because aid offices want families to know that the Parent PLUS loan is an option - a federal loan option that is available because they filed a FAFSA. I know some folks disagree with it being on an award letter, but there are many who are glad it is there - otherwise, they would not have known about it.
I agree it should be on the Award page, but it should not be bundled into the awards as though they are financial aid. An explanatory blurb should be added saying that there are possibly other options such as PLUS, if the parent qualifies. People get the idea that it’s an automatic and it can quash plans if they don’t apply and find out eligibility until the last minute. Not to mention getting the particulars on it.
I agree. I have grad students, and I include the grad PLUS loan at the bottom of the award letter, with an explanation that of what it is & the fact that it is not guaranteed.
In 2012 S got only one offer that included them - Bowling Green, a state U in Ohio. Other schools met full need or gapped but if they gapped there was no “and you can take $20K in PP loans to fill the gap!” type of message. Except at BGSU which sent an FA letter that looked like they met 100% of need except more than half of it was a PP loan.