Cosign today. Help a student get approved.
Congratulations parents! Your son or daughter is headed off to college or graduate school. This is the moment you have probably been planning (or dreading) for years: Paying for their education.
In the ideal scenario, his or her education can be funded either through your savings and/or scholarships. But borrowing money may also need to be part of the financial equation for students and parents alike.
College students themselves may be eligible to borrow both federal and private loans under their own name, or with a cosigner . Parents can also borrow student loans for their child and there are both federal and private loans available just for them. Below, we’ll focus only on the loans available for parents.
Do You Qualify for Parent PLUS Loans? Complete the FAFSA
No matter what your financial situation, the first step for parents and college-bound students is completing the FAFSA, or the Free Application for Student Aid.
This form will ask for your family finances to determine how much your child (who is considered a dependent as an undergraduate) is eligible to receive in financial aid and borrow based on the school’s cost of attendance.
You also may be eligible to borrow through the federal government’s Parent PLUS Loan program. Lees verder