The parents of students opting for higher education take the Plus Loans. These loans are taken to supplement the income of students. It meets the various necessities of funds to finance the aspects other than their fees of college education. To elaborate, the plus loans are used to finance boarding, lodging, books, tuition fees and so on. Plus loans are also used for financing any unexpected expenditure incurred in education.
Features of Plus Loans
The two important features of Plus Loans are as follows:
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- they can be repaid immediately upon disbursement and
- they can be consolidated.
Plus Loans Versus Federal Loans
Plus Loans share certain similarities with federal loans. Also, they pose certain differences as compared with federal loans.
The Common features that plus loans share with federal loans are as follows:
- The US government secures plus loans too.
- The Plus loans are available under the Direct Student loan program.
- Plus loans are available through the private lenders too.
- Various federal consolidation loan programs offer provisions for consolidation of plus loans.
The differences between plus loans and federal loans are as follows:
- unlike federal loans, the parents can take plus loans too.
- Plus loans have higher interest rates as compared with federal loans.
- The credit worthiness of the parent is checked and only then the loan is issued.
- A few repayment options are offered to plus loans.
- Plus loans are due to be repaid immediately.
Consolidation of plus loans
Plus loans have the option of consolidation. The consolidation of plus loans can be done immediately after disbursement. The plus loans can be consolidated for the following education categories:
- under graduate studies
- graduate studies.
The benefit of plus consolidation is that
- it gives the students the option of further continuing their education program.
- Also, if they are unemployed after finishing the course or if they face any financial difficulties, they have the option of defusing the loan.
Thus, most parents and students prefer to consolidate their plus loans.
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