Parent PLUS and Graduate PLUS Loans Help Students Cover College Costs

<h1>Parent PLUS and Graduate PLUS Loans Help Students Cover College Costs</h1>

<p align=right>by Jeff Mictabor</p>

<div align=justify>Hopefully by now your child has decided which college to attend this fall, and you are beginning to formulate your financial strategy for how you will fund the college experience. An excellent option is the PLUS Loan or Parent Loans for Undergraduate Students, recommended by NextStudent, a leading Phoenix-based education funding company. As long as your child is enrolled in school at least half-time, this federally backed student loan allows parents to borrow funds to cover such things as tuition, housing and meals and even books and supplies, up to the total cost of the student’s education, minus any other aid. In order to be eligible for the PLUS Loan (http://www.nextstudent.com/plus_loans/plus_loans.asp), both students and their parents must complete the Free Application for Federal Student Aid (FAFSA). According to NextStudent, parents cannot be turned down for the PLUS Loan based on too high or too low an income, because the student loan is not based on financial need or how much money parents earn. However, parents can be turned down for an adverse credit history. Once the FAFSA is submitted and reviewed by the government, parents will receive a Student Aid Report, which will allow them to apply for the PLUS loan. Applying for a NextStudent PLUS Loan is simple and easy and may be done either over the phone in as few as five minutes, or it may be done online using E-Signature. Availability after Tuition is Paid Makes PLUS Loans Convenient A welcome feature of the PLUS Loan is that it is available even when parents already have paid for their child’s tuition and other related educational expenses. Although the maximum interest rate on the PLUS Loan is set by the federal government, NextStudent offers many opportunities for parents to save money through incentives. For instance, when borrowers fund their PLUS Loan through NextStudent and pay via auto-debit, they will receive a .25 percent reduction on their interest rate. In addition, after making 12 consecutive on-time payments, borrowers will receive a 3 percent cash rebate on their remaining principal balance, and a 2 percent rate reduction after 48 consecutive on-time payments. Grad PLUS Loans Offered by NextStudent A similar federal student loan product called the Grad PLUS Loan (http://www.nextstudent.com/plus_loans/graduate-plus-loans.asp) is available for those individuals who decide to pursue graduate or further professional studies and enables students to fund their education themselves. Again, students may finance the entire cost of their graduate work (minus federal aid) and use the funds to pay for any associated costs such as supplies, books and other materials. While the Grad PLUS Loan Program’s maximum interest rates are set by the federal government, just like with the PLUS loan Program, NextStudent offers many money-saving competitive benefits for those pursuing postsecondary education. An additional incentive is that students have the option of postponing repayment until after graduation. Additionally, like PLUS Loan borrowers, Grad PLUS loan borrowers may be eligible for a federal student loan consolidation (http://www.nextstudent.com/consolidation_loans/consolidation_loans.asp). NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans, and Student Loan Consolidation (http://www.nextstudent.com/) at NextStudent.com. </div>

<p align=center>Article source: <a href="http://www.ArticlePros.com/education/college/article-77926.html">ArticlePros.com</a></p>
 
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		<p align=center><b>About the author</b></p>
		<p align=justify>Jeff Mictabor is an enthusiast on the topic of student loan issues in the news. He has been writing for the past 10 years for a variety of education publications. He now offers his writing services on a freelance basis.<br />
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		<p align=left><a href="http://www.nextstudent.com" target="_blank" title="will open in new window" class=blue>http://www.nextstudent.com</a></p>				<p align=center><input type=button class=asubm value="Other articles by Jeff Mictabor" onclick="document.location='http://www.ArticlePros.com/author.php?Jeff Mictabor'" style="height:20px;cursor:hand"></p>
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