Parent Plus Loan - Is It a Good Idea?

[@TheScholarshipSystem]

Would you like a video on how interest is calculated? If so, comment with “INTEREST VIDEO PLEASE!” and I’ll get on that!

[@jeanettehunt-perry2214]

Hi is the parent plus loan have a deferred payment ?

[@MorganScrogginsVolleyball2025]

2 years later... would you still say that Parent Plus Loans typically have better terms than private loans?

[@TheScholarshipSystem]

Sometimes - the terms for private loans can vary wildly depending on which company you go with, credit score, etc. But private loans don't have the same federal protections as Parent Plus loans and the interest rates are fixed with Parent Plus loans (which could be a good or a bad thing).

[@AnaH-h7s]

Can spouses apply for the parent plus loan because we don’t live with parents

[@TheScholarshipSystem]

Unfortunately, no. To qualify for a PLUS loan, you must be the biological or adoptive parent of the student.

[@fjxs]

Hi. Should I defer the parent plus loans while in college? Also, if deferred, can my parent still pay part of it or atleast the interest of it while it’s deferred. Please reply fast 😭 thank you

[@TheScholarshipSystem]

You are able to defer and you should be able to still make payments however, you aren't required to.

[@stacieshae]

If I borrow money for parent plus and my daughter gets outside scholarships can borrowed monies carry over to other semesters or years? Typically scholarships are for specific semesters so if money is borrowed and applied to a semester then a scholarship is earned but the students account is clear due to the loan what happens? If $27k is borrowed for year one but you can defer with over $30k is it best to borrow more than is needed to trigger the acceptance of deferred payments?

[@TheScholarshipSystem]

Most scholarships are for the following academic year. It is rare to win scholarships for the current academic year. They do exist, but most are for the following academic year. Therefore you'll know the amount you'll need to cover with loans before the school year even starts.

[@tamijohnson4057]

interested in how interest is calculated

[@TheScholarshipSystem]

Just released! Here is our video on "How Student Loan Interest is Calculated" - kzbin.info/www/bejne/i4bLapWkjbR5sKc Let me know what you think!

[@Aldark22405]

We're going back and forth about paying for school. Daughter has about $14k in FAFSA and scholarships, but a year's cost is $26k. If ahe received a subsidized loan, can she apply for an unsubsidized loan? Or would that just be offered at the time of original FAFSA offer? Thank you - very informative!

[@TheScholarshipSystem]

The unsubsidized loan would be offered at the same time of the subsidized loan. However, you might be able to appeal the financial aid office and see if an unsubsidized loan can also be included as part of your financial aid package.

[@Aldark22405]

@The Scholarship System thank you!

[@loveandjoy810]

I’m watching a KZbinrs right now who took out $160,000 in parent plus loans. She’s a single mom who makes $3,000 a month. Her kid just graduated and I’m stressed just thinking about how fast 6 months goes by 🤦🏾‍♀️.

[@TheScholarshipSystem]

Paying for college is stressful! But making the right college choice and learning strategies to lower college costs early on can make all of the difference!

[@suedeusa]

Can someone who earns only this per month qualify for all of this loan?

[@Hillyarddm]

interested in video on calculating payments

[@missymitchell2060]

Interest video please

[@TheScholarshipSystem]

Hi Missy, the interest video is up! kzbin.info/www/bejne/i4bLapWkjbR5sKc

[@streets0ul943]

This is why I have a hard time with the education system for college. No one should have to deny bettering themselves because its so expensive.

[@TheScholarshipSystem]

YES!

[@raulbarajasjr.8004]

Interest video please

[@ihorzalipsky2037]

Interest video please