Qualifying For A Direct Plus Loan
Getting an education is one of the most expensive things that many people will do in their lifetime. It often requires going to multiple different sources to acquire enough funding to cover just tuition, let alone the cost of living on campus and paying for necessities like books and meal plans. By making sure that you can qualify for a Direct Plus Loan, you will make it more likely that you will be able to get an education in a manner that you can afford.
Though the government strives to make sure that the Direct Plus Loan will be available to as many people as possible, it is still important that someone who is signing for the loan has a solid credit history. After all, no one wants to lend money to someone who has an established history of failing to repay money as agreed. As far in advance as possible, you should be doing things like taking extra care to pay bills on time, paying down credit card debt, and checking to make sure that all of the information on your credit report is correct. This is easier than ever now that the government has mandated that everyone have access to their credit report for free once annually.
It is also important to make sure that you are eligible to take out a Direct Plus Loan for this particular student. For example, it is generally only the biological or adoptive parents who can take out such a loan, though step-parents can in limited situations. In addition, the student in question must still qualify as a dependent. This means that he or she can not be over the age of 24, and can not have legal dependents of their own. They must also be enrolling as at least a half time student.
Checking that you meet these conditions to participate in the Direct Plus Loan is a good way to make sure that you are on good financial footing when you are deciding how to pay for a child's education. Planning ahead is the best way to avoid ending up in a nasty crunch.
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