Step 6 Explore Parent PLUS and Alternative Loans
Parent Loan
Student Alternative Loan Alternative student loans are private commercial loans offered by financial institutions to fund education expenses. Alternative loans usually require a credit check and a low debt-to-income ratio. Students with little to no credit history often need a credit-worthy cosigner. Also, the interest rate for private loans can vary based on the borrower and cosigner’s credit score and history.
• Beginning April 15, 2019, your parent can apply for a 2019-20 academic year Parent PLUS Loan at studentloans.gov. o As a reminder, parents must sign in using their FSA ID o Complete eMPN
A credit check will be performed during the application process. A parent PLUS borrower with adverse credit or an endorser must undergo initial entrance financial counseling. More information located at seeblue.com/federalplus.
Parent Alternative Loans Parents with good credit are encouraged to review alternative loan benefits for more favorable payment options at seeblue.com/ fastchoice.
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