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You can borrow up to the total cost of undergraduate education expenses, minus other financial aid already received. Also unlike federal student loans, PLUS Loans require an application fee. If you are a parent with dependent students attending college at least part-time and you have a good credit history, you are eligible to receive a PLUS Loan. Unlike federal student loans, payment is not deferred until after graduation; instead, your first loan payment will be due about 60 days after the loan is disbursed. But which is the better option - student loans or parent loans? Each has distinct advantages and uses. So which type of loan should I get? This really comes down to a personal decision. These loans are not needs-based. Federal student loans Federal student loans have the lowest interest rates and best repayment options. Terms are basically the same for these loans, although students may be able to have their repayment deferred until after graduation. Another consideration is that students may wish to take out small loans to begin to establish a credit history. Such a statistic can lead to students graduating with an unmanageable debt load. These often have rates as good as private loans. Other options Parents do have some additional options for college funding, such as home equity loans. An alternative is for parents to help out by taking out loans themselves. Parents can always help their children pay off these loans once repayment begins after graduation. Just be sure to accept only the funds you need, even if you are offered much more. Private loans Both students and parents can take out private loans to cover funding gaps. If you need to take out loans and you qualify for federal loans, this is your best choice. Ask yourself these questions as you are trying to decide: What level of debt do you feel is manageable for your child to graduate with? -How important is it to you that your child takes responsibility for paying student loans? -Will you and your child work out a repayment plan to repay
