The Federal PLUS Loan Program

The Federal PLUS Loan Program College is a time filled with important decisions and problems that must be solved in order to ensure your future and positive results at time of your college graduation. Everything from choosing a college to choosing your roommate to choosing your computer for college can rack your brain and make decisions that much harder. So, why not let one decision fall squarely on shoulders of your old standby? Your parents. With Federal PLUS Loan Program, your parents can help you to obtain loans that will put you through college.

First Steps To Applying The first thing when thinking about applying for a Federal PLUS Loan is to do some research and understand exactly how a Federal PLUS Loan works. If you are a dependent and a future undergraduate student enrolled, at least, part-time at any college or university, you are eligible for a Federal PLUS Loan, whereby your parents can obtain a loan to help pay for your college expenses. In addition to these requirements, status of a PLUS loan also depends heavily upon your parents’ credit history. If they do not have a good credit history, chances are that your parents will not be approved for a Federal PLUS Loan.

Home Equity Loan or Home Equity Line of Credit – Which is right for you?

The most common type of home equity loan is term loan. This loan is set for a fixed amount of time, anywhere from five to fifteen years. Such loans are typically granted for up to 80% of value of home, but some lenders will lend up to 125% of home’s value.

Is this type of loan right for you? The term loan works best for those who need to borrow a fixed amount of money for a specific purpose – paying for a wedding, a home remodeling project, a fixed educational expense, or debt consolidation. This would give borrower a fixed repayment schedule, where he or she would pay a set amount of money each month for a specific period of time.

An increasingly popular alternative to home equity loan is a line of credit. This type of loan works like a credit card, and has a revolving line of credit, in which borrower may borrow