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PLUS Loans Pay The Way To College For More Students

June 27, 2005 -- As the fall college semester begins, more and more students are receiving less and less federal financial aid in proportion to rising college costs. At Northeastern University in the heart of Boston, tuition, room & board, and fees are expected to equal $39,226 per student, up from $36,946 per student in 2004, while federal financial aid in the form of student loans is expected to remain level, at approximately $3,242 per student. Northeastern students are expected to pick up a tab of approximately $20,030 for the year after scholarships and loans - an increase of more than $6,280 from three years ago. Such rapid increases are leaving bewildered students wondering how to cover these costs. [1]



Katie Dexter, a recent graduate of Northeastern University, said, "The cost increases don't really surprise me. It's really sad to think that someone might not be able to go to school because of rising costs."



Parents of undergraduate students have a lesser known option available to them to help finance the cost of a college education - the Parent Loan for Undergraduate Students, or PLUS Loan. Created in 1980 as part of the Higher Education Act reauthorization, PLUS Loans allow creditworthy parents to borrow up to the cost of education.



PLUS Loans have several distinct advantages over other forms of education financing. First, they are credit-based, so parents of any income level can apply as long as their child is an undergraduate student. Second, the loans are federally guaranteed, which allows lenders to offer low interest rates compared to other forms of financing, currently 6.1% for the 2005 - 2006 school year. Third, PLUS Loans do not require collateral or equity thanks to the federal guarantee. PLUS Loans also do not have any deadlines, unlike other federal loan programs, so parents can apply when the need arises.



As college costs continue to rise, families seeking additional financing options should consider the PLUS Loan in their financial aid portfolio.



To apply for a PLUS Loan, parents should visit http://www.PLUSLoan.net on the Web.



[1] http://www.customerservice.neu.edu/Costs-UG.html



Contact Christopher S. Penn at e-mail protected from spam bots for more information. PLUSLoan.net is a service of The Student Loan Network, a multi-national education services company offering students options for managing the entire education lifecycle, from getting into their college of choice to financing their education and beyond. The Student Loan Network is based in Quincy, Massachusetts, with offices in Quincy and London, England. Visit them on the web at http://www.StudentLoanNetwork.com for more information.

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