| By now, undergraduates are making their final | | | | loan with NextStudent, students must also meet |
| preparations for school: deciding on class schedules, | | | | certain guidelines. Children of parent PLUS applicants |
| arranging housing and finalizing financial aid awards. | | | | need to be undergraduates attending a Federal Family |
| While some lucky students have received enough aid | | | | Education Loan Program (FFELP) school, have their |
| and grants to see them through the semester or | | | | Student Aid Report and meet the following eligibility |
| maybe even the school year, others may be taking on | | | | requirements:  Under 24 years old |
| additional work hours to help pay for their college | | | |  Single with no dependents  Not in |
| expenses. Some undergraduate students who have | | | | the military or a military veteran  Not a ward |
| already used all their available resources like grants, | | | | of the court  U.S. citizen or permanent |
| student loans, scholarships and federal work-study | | | | resident  Have a valid Social Security |
| may still find themselves falling short on their college | | | | number One of the great things about PLUS loans ( is |
| expenses. These students may want to ask mom or | | | | that the amount a parent qualifies for is based on the |
| dad to consider taking out a credit-based Federal | | | | entire cost of attendance, which isn't just tuition and |
| Parent Loan for Undergraduate Students, otherwise | | | | room and board, but also includes a reasonable |
| known as PLUS loans ( A PLUS loan may be a good | | | | allowance for other education-related expenses, like |
| way for parents to meet their child's educational | | | | student fees, books and educational supplies. Each |
| financing needs, according to NextStudent, a leading | | | | year, qualifying parents can take out up to the PLUS |
| Phoenix-based education funding company. The Ins | | | | limit, which is the cost of attendance minus any other |
| and Outs for Mom and Dad With a PLUS loan, parents | | | | financial aid their child receives. Some parents who |
| can borrow money for dependent children who are | | | | take out PLUS loans may find there's money left over |
| undergraduates enrolled in college at least half time. | | | | after tuition and on-campus housing payments are met, |
| Either parent can apply, and because the PLUS | | | | which they can use to cover their children's other |
| program isn't a need-based aid program, it doesn't | | | | educational expenses. With a Federal PLUS Loan |
| matter how much mom and dad make. But parents do | | | | from NextStudent, both parents and children can have |
| have to fill out a Free Application for Federal Student | | | | the peace of mind that comes from knowing that |
| Aid (FAFSA) and meet the following eligibility | | | | college, plus those extra college-related expenses, are |
| requirements:  Creditworthy  Not | | | | taken care of. NextStudent believes that getting an |
| in default on any federal student loans (  U.S. | | | | education is the best investment you can make, and |
| citizen or permanent resident  Have a valid | | | | we are dedicated to helping you pursue your |
| Social Security number The Ins and Outs for Students | | | | education dreams by making college funding simple. |
| For their parents to be able to take out a parent PLUS | | | | |