Parents apply for the Parent PLUS Loan by logging into with the parent's FSA ID. If a parent is denied a PLUS loan based on credit history, there is a cosigner option for the parent. Parents PLUS loan borrowers cannot have an adverse credit history (a credit check will be done). It has a variable interest rate that is adjusted every July 1. Parent Loan for Undergraduate Students (PLUS)Ī federal loan taken out by a parent, in your parent's name to cover the cost of education that is not covered by other aid. In this process the lender adds any unpaid interest on a loan to the principal balance, which increases the outstanding balance on which interest accrues (builds) daily. Both the Subsidized and Unsubsidized Federal Direct Loans have a variable interest rate that adjusts every July 1. If you have postponed paying interest, it will be capitalized once you enter repayment (for example, after your grace period). Interest can either be paid while you are attending school, or it can be postponed until graduation or withdrawal from school. You are responsible for paying the interest on an unsubsidized loan while you are in school, during the grace period, during deferment periods and during repayment. Subsidized Federal Direct LoansĪ need-based loan on which the interest is paid by the government while you are in school at least half time (6 credits per semester) during the grace period and during periods of deferment. Yearįirst-time borrowers at Community College of Philadelphia: Please note that your loans will not be disbursed until 30 days after the start of the semester. Read further for a description of the kinds of loans that you may be eligible to receive. You may receive a combination of both loans, but the annual aggregate loan limits listed below cannot be exceeded.īelow is a chart that provides a breakdown of the amount of Federal Direct Loans students are eligible to receive per year and the amount of the loans that may be subsidized. Your need level is determined by your FAFSA information. All new and returning students must complete EC and an MPN online at Subsidized Federal Direct Loans are based on need, while Unsubsidized Federal Direct Loans are not need-based. A single parent who shares physical custody and financial support with the other parent is still considered a single parent student.To be eligible for federal direct student loans, students must be enrolled for at least 6 credits per semester and have completed their Entrance Counseling (EC) and a Master Promissory Note (MPN).
They must not currently be married or in a common-law relationship. Single Parent: Students identified as single parents are those who have legal and physical custody and responsibility for supporting a child. Married/Common Law: For the purposes of the Canada Student Loans Program, this refers to students who are married, or who have been living in a situation similar to a conjugal relationship for at least one year. Single independent student living away from home:
#Check my student loan history how to#
Single dependent student living away from home: Check with your province or territory to find out how to notify us. You are living at home if you are living with your parent(s) or going to school within 25 km of your parent’s home.you have not worked full-time for two years or more.you have been out of high school for less than 4 years before the start of the study period and.
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