Keyword Analysis & Research: why are parent plus loans bad

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Frequently Asked Questions

Are Parent PLUS loans a good idea?

Although Parent PLUS Loans can be a useful way to cover a gap in funding, they come with both pros and cons. Student Loan Rates are Rising! Apply for a private student loan and lock in your rate before rates get any higher.

What happens to Parent PLUS loans when the parent dies?

Parent PLUS loans are forgiven if either the student or the parent borrower dies. Private loans are still collectible in the event of death, although some lenders have forgiveness policies for death or disability. The main advantage private student loans offer is that they tend to come at lower interest rates than their federal counterparts.

Are Parent PLUS loans transferable to the student?

Parent PLUS loans are the financial responsibility of the parent rather than the student. They can't be transferred to the student, even if the student has the means to pay them. 4 When a student takes out a loan, they typically have six months after graduation to start the repayment process.

What is a PLUS loan for college?

Parent Loan for Undergraduate Students, or PLUS, originated in 1980 10, and are federal loans that parents can take out to cover their child's college costs. The parent, not the student, is responsible for repaying the PLUS loan.

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