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How much money may I borrow under the Stafford Loan Program?
The amount varies, depending on where you are in your educational journey, what other loans or aid you have, and whether you are in graduate school.
What is a PLUS Loan for Parents?
A PLUS Loan enables parents of dependent students to seek financial aid in the form of a low-interest loan to help fund their dependent's education. Parents must meet certain eligibility requirements in order to receive the aid, and as with many of these loans, only the amount of the educational expense (minus any other financial aid you might already have) will be the maximum allowed for the loan.
What are some of the requirements for a Direct PLUS Loan?
The parents must be the biological or adoptive parents of the dependent student. The student must be enrolled at least half time at a participating school. The parent borrower must not have an adverse credit history, and must be a good credit risk. The student and parents must be U.S. citizens or eligible non-citizens, and must not be in default on any other federal educational aid.
What is a "529 Plan"?
A 529 Plan, also known as a Qualified Tuition Plan, is designed to make higher education more affordable for families by helping parents save for college or pre-pay college and university tuition for their children. It is named after Section 529 of the Internal Revenue Code.
What types of 529 Plans are available?
These plans are divided into two types: college savings plans, and prepaid tuition plans.
What is a "college savings plan"?
A college savings plan allows people to contribute into an account, grow the money tax-free, and then make withdrawals to pay for their dependent's higher education expenses. Some states also exempt earnings from 529 accounts from state taxes, as well as allow state tax deductions for contributions.
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