WHAT IS A FEDERAL PLUS LOAN?

i recieved my monetary assist endowment from NYU with my Acceptance. I am confused on what it equates to is a sovereign and loan a loan i have to take out and when do i compensate it back. does this monetary assist endowment appear good? can someone insist it all to me since it is unequivocally conversion my preference to go to possibly NYU or UVA since at UVA i would compensate a third of what i compensate at NYU since i get in state. NYU is my tip propagandize but i cannot means 47000 dollars in loans in the prolonged run so i only need a good reason and any knowledge would be great.
Spring 2014
12.000

Award DescriptionCategoryOfferedAccepted
Pell Grant
Grant
2,822.00
2,822.00
Federal Work Study
Work/Study
1,500.00
0.00
Federal Perkins Loan
Loan
1,200.00
0.00
Subsidized Loan 1
Loan
1,750.00
0.00
Unsubsidized Loan 1
Loan
1,000.00
0.00
Federal PLUS Loan 1
Loan
23,780.00
0.00
Term Totals

32,052.00
2,822.00

Anticipated Credits:

Fall 2013
12.000

Award DescriptionCategoryOfferedAccepted
Pell Grant
Grant
2,823.00
2,823.00
Federal Work Study
Work/Study
1,500.00
0.00
Federal Perkins Loan
Loan
1,200.00
0.00
Subsidized Loan 1
Loan
1,750.00
0.00
Unsubsidized Loan 1
Loan
1,000.00
0.00
Federal PLUS Loan 1
Loan
23,779.00
0.00
Term Totals

32,052.00
2,823.00

{ 2 comments }

Myesha C March 18, 2014 at 5:20 am

PLUS loans are federal loans that graduate or professional degree students and parents of dependent undergraduate students can use to help pay education expenses. The U.S. Department of Education makes Direct PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program.

Here’s a quick overview of Direct PLUS Loans:

The U.S. Department of Education is the lender.
The borrower must not have an adverse credit history.
Loans have a fixed interest rate of 7.9%.
The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

Achelios March 18, 2014 at 5:23 am

you said: i cannot afford 47000 dollars in loans in the long run

I hope you realize that you are actually talking about $200,000 in loans for 4 years of education

most likely, your parents (given your pell grant eligibility) can not afford this

You need a cheaper school — better to go in-state

Comments on this entry are closed.

Previous post:

Next post: