August 2008: Student Loan Availability, PLUS Loans

5 August 2008 112 views No Comment

As we prepare for back-to-school, we answer the difficult question that a lot of you have been wondering – “Are student loans going to be available this fall?.” We also explain the benefits of the Parent PLUS loan, alert you on scholarship updates including the upcoming Student Loan Network $10,000 scholarship and more.

Student Loan Availability

Over the past few weeks, we’ve heard a lot about potential issues of student loan availability, with agencies such as Brazos Higher Education and the Massachusetts Educational Financing Authority (MEFA) suspending their student loan programs for the fall semester. We want to reassure you that student loans remain widely available.

On the federal side, you should not have a problem. Some lenders may not be open for business, but the loans are still available.

Federal Loans:

Learn More – http://www.staffordloan.com/federal-student-loans/
Apply Online – http://www.studentloannetwork.com/apply/

On the private student loan side, requirements are tighter, but funds are still available for both undergraduate and graduate students.

Private Loans:

Learn More – http://www.studentloannetwork.com/private-student-loans/
Apply Online – http://www.studentloannetwork.com/easy/

Consider a PLUS Loan

If your Stafford loan award is not enough and you’re looking for an alternative to a private loan, consider a PLUS loan. You can borrow just as much in PLUS loans as you can in private student loans and get many great benefits – deferment, forbearance, 8.5% fixed interest rate, etc.

Parent PLUS Loan: Allows parents and guardians of undergraduate students to borrow up to the cost of attendance at a fixed interest rate.

Learn More – http://www.parentplusloan.com/apply
Apply Online – http://www.parentplusloan.com/apply

Graduate PLUS Loan: Allows graduate students to borrow the total cost of their education at a fixed interest rate.

Learn More – http://www.gradloans.com/graduate-plus-loan/
Apply Online – http://www.gradloans.com/graduate-plus-loan/

Scholarships Update – $10,000 Scholarship

Student Loan Network will be holding a $10,000 scholarship drawing on October 31, 2008. There are no GPA or essay requirements, and the registration form is very quick, and easy. Make sure you’re registered at: http://www.studentloannetwork.com/10k

Have you registered for Scholarship Points, our free college scholarship awards site? Scholarship Points gives away $1,000 scholarships each month along with other awards. For more details visit: http://www.scholarshippoints.com

StudentScholarshipSearch.com features over $9 billion worth of scholarships and grants for undergrad and graduate students. New listings are added everyday, so make sure you visit often. http://www.studentscholarshipsearch.com

Reader Q and A

Q: The school said if I get declined for the Parent Plus loan my child becomes eligible for additional money. Is that true? - Susan L, Dearborn, Michigan

A: Yes. If a parent is declined for a Parent Plus loan the student is able to take out additional unsubsidized Stafford loan funds in their name. Keep in mind you will need to present the school with a denial letter.

Find more information about the Parent PLUS Loan here – http://www.parentplusloan.com/apply
Find more information about the Unsubsidized Stafford Loan here – http://www.staffordloan.com/stafford-loan-info/unsubsidized-student-loan.php

To read more answers to questions like this and to post your own questions, please visit: FinancialAidForum.com – http://www.financialaidforum.com

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