STUDENT LOANS » College Financing

You have always wanted the best for your child and it was a promise you made to pay for your daughter's education. Well the time is right around the corner and you are just beginning to research all the options out there to help get the financial resources organized. A Federal PLUS Loan may be just the ticket you need to pay for your offsprings higher education.

The Federal Parent PLUS Loan provides parents and guardians with the opportunity to borrow money at a low rate to help pay for their kids education. Only those with a good credit with a child attending an accredited American University plus with at least a half time enrollment status can apply to the program.

Federal PLUS Loans have low, fixed interest rates and are federally guaranteed. The amount to be borrowed can include all expenses such us tuition, room and board, and any other eligible school expenses. All a parent needs to apply is a good credit history. This loan requires no collateral to gain approval and the fixed rate interest (set at 8.5% since July, 2006) may be tax deductible.

Not only can undergrads take advantage of this program, but there is also a Graduate PLUS Loan for Grad Students. Graduate students can borrow this money directly and take advantage of the fixed interest rate, possible tax deduction and the backing federal guarantee.

Those wanting to take advantage of a Federal PLUS Loan to finance their tuition costs, need to fill out applications and submit them properly as well as possibly fill out some additional paperwork. Since this is a federal program, it may be required by the university that a FAFSA (Free Application for Financial Student Aid) be completed. The FAFSA may need to be "certified" (approved) by the college or university's financial aid office.

College has always been a dream of yours and after applying yourself you have decent enough grades and SAT scores to get into the university you wanted. However, for you managing your budget has not been a strong point and you are fearful that your credit score will prevent you from getting the student loan you need.

If your goal is solely to borrow money from a private institution, your credit score is certainly going to be an issue when qualifying for a loan. The banks will do a credit check on you to see if you have a credit history. However, if you're not experienced in this area don't be discouraged - there is a way to get around this.

Parents or guardians with good credit records can help you secure a loan by co-signing for you. When someone co-signs on a loan that person has the financial responsibility to pay for the loan if the main person defaults on the loan payment.

Not all student loans require a full credit check. The Federal Government offers loans to students that meet certain qualifications with low fixed interest rates. This money does require a decent credit history (usually for the previous three months) but a credit score doesn't really matter. However, the loan amounts are capped by Congress, and unfortunately will not cover the full amount of most four-year college programs. An additional private institution student loan may be necessary.

Students can also apply for a personal loan, where a credit history doesn't really matter as much. However, these loans have very high interest rates and closing fees.

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