College Loans Parents Can Apply For
Parents who want to finance their dependent child's higher education can do so through a variety of ways. Many parents begin saving for college expenses as soon as possible after their children are born. Even so, parents with savings as well as those without savings may want to consider a loan. There are parent college loans available for educational expenses. There are two main types of loans -- federal and private. Federal loans are distributed by the U.S. Department of Education while private loans come from sources like banks and credit unions.
The PLUS loan is a federal loan for parents of dependent students. The word PLUS is an acronym for Parent Loans for Undergraduate Students. This loan lets parents borrow tuition money with the loan amount based on the cost of the school being attended. These loans feature low interest rates adjusted annually and capped at 9 percent. Parents must have qualifying income and credit in order to obtain a PLUS loan. Also, the child must be at minimum a half-time student and repayment commences 60 days after fund disbursement.
Private loans are another way parents of dependent college students can finance their child's education. These loans are not provided by the federal government, instead they are obtained from banks, credit unions and other lending institutions. Like PLUS loans, private loans are subject to credit approval. There may also be the need for loan collateral if credit is less than perfect. If you have a long-term existing relationship with a financial institution you may want to check with them first regarding a private education loan. Most private loans for this purpose also have attractive interest rates for qualifying customers.
In addition to these college loans parents can apply for there are other ways to fund educational expenses. For example, you can borrow against your IRA account. You may also want to consider a home equity line of credit if you are a homeowner. Obtaining a college degree isn't cheap, but with so many financing alternatives parents can find what works best for their unique financial situation. Consulting with a trusted financial advisor or the financial aid department of your child's school can help make the process easier regardless of which financing route you choose.
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