
PLUS Loan Certification Request Student Information Daltonstate
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People also ask
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Is a parent PLUS loan in the student's name?
The Parent PLUS Loan is a federal loan program that allows parents of dependent undergraduate students to borrow money to help pay for their child's education. Unlike other federal student loans, which are taken out in the student's name, the Parent PLUS Loan is taken out in the parent's name.
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What happens to a parent PLUS loan if the borrower dies?
When the borrower of a Parent PLUS loan dies, the loan is discharged. (It does not matter whether there was an endorser or not, the loan is discharged and any endorsers have no further liability.)
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Who is the primary borrower on a parent PLUS loan?
Who is responsible for the loan? Parent PLUS are a unique student loan. While almost all other education loans are offered to the student as the primary borrower, the Parent PLUS loan is offered only to the parent or guardian of a dependent student.
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Can student PLUS Loans be forgiven?
Credible takeaways Parent PLUS loans can be forgiven under the Income-Contingent Repayment (ICR) plan and Public Service Loan Forgiveness (PSLF) program. Parents can become eligible for these forgiveness programs only if they consolidate their PLUS loans into a Direct Consolidation Loan.
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Is the student's name on a parent PLUS loan?
No, a Direct PLUS Loan made to a parent cannot be transferred to the child. You, the parent borrower, are legally responsible for repaying the loan.
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Are PLUS loans owed by students not parents?
The good news for students, is that the student isn't legally responsible for Parent Plus loans. It is debt in the parent's name. Unless there is some private agreement between the student and parent, the parent is the one who has to repay the Parent Plus loans.
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What are the disadvantages of a direct PLUS loan?
What Are Some Reasons to Avoid PLUS Loans? First, PLUS loans have no automatic grace period. Then there's the fact they aren't eligible for most IDR plans. Then, borrowing too much is easy to do, and finally, they're nearly impossible to get out of, even in bankruptcy.
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What does it mean when your student loan is certified?
A process completed at the school's financial aid office for all student loans including federal and private. School certification confirms the borrower's eligibility for particular loans after reviewing the student's registration status, associated cost of attendance and other financial aid eligibility.
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