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How do Parent PLUS loans work for students?
The school will first apply parent PLUS loan funds to the student鈥檚 school account to pay for tuition, fees, room and board, and other school charges. If any loan funds remain, your child鈥檚 school will give them to you to help pay other education expenses for the student.
Should you ask your parents to pay your student loan interest?
Perhaps your parents are willing to pay your student loan interest while you’re in school. Could you sweeten the deal by asking them to pay it as long as you maintain a certain GPA? If your classes and studies are all-consuming, focusing on academics may be more valuable than paying down interest.
What happens if a parent is ineligible for a Parent PLUS loan?
If a parent is ineligible for a Parent PLUS loan, the student may be eligible to receive additional Direct Unsubsidized Loan funds up to the loan limits for independent students.
Is paying student loan interest during college worth it?
If working to pay interest during school will keep you from meeting your educational goals, paying the interest isn’t worth it. By calculating how much student loan interest you will accrue during school, you’ll have the information you need to make an important decision. Should I make student loan interest payments during college?