Your child can earn sophomore status at 1,400+ institutions nationwide, before stepping a foot inside their doors. Read about the AP Program.
Expert Advice
"Saving for college does NOT penalize a family -- assets, such as college savings, are protected in current financial aid formulas." Savings and Aid Jack Joyce, director, Guidance Services, College Board
It can be a way to come up with additional money when you can't afford the family share from current income and assets.
It can alleviate a cash flow problem when you can come up with the family share, but not by the time payments are due.
Federal PLUS Loans
The Federal PLUS Loan Program is designed to supplement other forms of student aid.
It's available regardless of income or assets.
The interest rate is fixed, at either 8.5 or 7.9 percent, depending on whether the college participates in the Federal Family Education Loan (FFEL) Program or the Federal Direct Loan Program.
You can borrow to cover your child's total cost (tuition, room, board, books, and personal expenses) minus financial aid.
There are flexible repayment options, with up to 10 years to repay.
A minimal credit check is conducted. To qualify, you only need to demonstrate the absence of adverse credit. The application is easy to complete. Many lenders offer online preapproval for PLUS Loans.
