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University of Arizona Parent Plus loan information, including application and eligibility criteria. Find out if you qualify for additional financial aid to help pay for school!
Arizona ParentPlusLoan University
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Parent Plus Loan at the University of Arizona—Application & Eligibility Criteria
Application & Eligibility Criteria: University of Arizona Parent PLUS Loan
All prospective applicants must meet the following eligibility requirements:
be enrolled full time (12 or more credit hours) at the university. You may not be eligible if you are receiving fewer than 12 credit hours.
have demonstrated financial need based on the Free Application for Federal Student Aid (FAFSA). Your award amount will depend on the total cost of attendance and your family’s income level. Learn more about FAFSA eligibility here.
Satisfy federal work study guidelines (if applicable).
must have completed at least a half-time course load at the University of Arizona.
The University of Arizona offers many programs that allow students who wish to pursue their education at a lower tuition rate to attend classes without paying the full price. However, only those students who meet certain qualifications are able to receive these reduced rates. To learn more about how you qualify for a reduction, visit our Financial Aid page.
University of Arizona Parent Plus Loan
University of Arizona Parent Plus Loans
The University of Arizona Financial Aid Office offers Parent PLUS loans at competitive rates. Parents borrow their own money to pay for college. Then they use those funds to repay their student loan debt after their child graduates—or after 10 years if no repayment is required. If a parent’s income is low enough, the parent may qualify for government-backed Parent PLUS loans at an interest rate lower than private lenders offer. To sign up for a Parent PLUS loan, parents should contact the UofA Financial Aid office.
Federal Direct Student Loans
Federal direct student loans are available to students who meet certain eligibility requirements. These types of loans provide flexible terms and allow borrowers to make payments while enrolled in school.
Stafford loans are federal loans offered directly by the U.S. Department of Education. There are two kinds of Stafford loans: subsidized and unsubsidized, depending on whether or not the lender pays interest on the loan while the borrower attends school. Borrowers have the option to leave school before completing their degree without paying back any of the money borrowed.
Perkins loans are federal grants offered to students attending eligible schools directly through the U.S. Dept. of Education. Students do not need to borrow any money to receive these grants. Available only to undergraduate students, Perkins loans require borrowers to start repaying their loan once they begin earning more than $50,000 per year (after taxes). Repayment begins six months after the borrower stops attending school. Perkins loans are meant to help defray the cost of higher education and are typically forgiven after 20 years of payments.
Private Loans and Grants
Private loans and grants can be an alternative to borrowing money from family and friends, along with federal loans and grants. However, a high credit score is required, and borrowing money privately means taking out a larger amount of debt over a longer period of time. Parents who cannot afford to contribute financially toward their children’s education may wish to consider private options.
Scholarships are financial awards based on merit and academic achievement. Most scholarships are awarded based on factors such as GPA, extracurricular activities, test scores, community service, and talent. Scholarship applications often require specific documentation, including letters of recommendation, transcripts, test scores, and sometimes even résumés or portfolios. Many scholarships are designated specifically for students whose families earn less than a certain amount annually.
Programs for Work-Study
Work study programs may be an attractive way to finance a postsecondary education. By working on campus under a work study program, students may be able to cover some of the expenses related to tuition, room and board, books, transportation, and other educational costs. Often, these positions involve student employment, but other opportunities exist.
University of Arizona Parent Plus Loan
You have two options to borrow money under Parent Plus Loans:
Option 1: A fixed annual interest rate of 4.99% (for a period of 12 months).
Option 2: A fixed annual interest rate of 6.00% (for 24 months).
The fixed rates listed above apply only if the loan amount exceeds $10,000.
In addition, the university may charge additional fees not included in the loan calculation. These terms and conditions apply only to borrowers whose loan amounts exceed $10,000. If the borrower’s monthly payment includes any portion of the principal balance, the borrower must repay the entire principal balance at maturity.
University of Arizona Parent Plus Loan
Parent PLUS Loans are offered only to undergraduate students who have parents who meet certain income eligibility requirements and may be eligible to borrow based upon their financial need. These loans are intended to provide additional funds for postsecondary education costs.
Students applying for Parent PLUS Loans should fill out the FAFSA (Free Application for Federal Student Aid) prior to submitting loan applications to obtain estimated federal student aid.
Loans may not exceed the cost of attendance at the school attended and may require repayment regardless of whether the borrower completes the program or graduates. Repayment begins six months after graduation or withdrawal from college. There are no deferment options available.
Loan payments are expected to begin approximately eight weeks after graduation or withdrawal from school. Payments are graduated monthly at a rate determined by the amount borrowed. If the student fails to make any payment, the entire principal balance becomes immediately due. Parents must pay interest on overdue balances until they are repaid in full.
The Federal Family Education Loan Program (FFELP):
The FFELP offers qualified borrowers an opportunity to consolidate their federal student loan debt under one set of terms and conditions. Borrowers may choose to take advantage of either subsidized or unsubsidized consolidation. Subsidized consolidation involves consolidating loans while receiving payments from the government to cover a portion of the total loan balance. Unsubsidized consolidation does not involve payments from the government; however, borrowers must repay the entire consolidated loan balance over time with interest.
For information about these programs, contact the U.S. Department of Education’s loan servicing office at 1-800-857-4772 (voice) or 1-800-433-3444 (TTY). All callers will be asked to leave a message and then be called back within two business days. Visit the USDE website at usdoe.gov/consolidation for additional details.
Borrowers must be enrolled in an eligible educational institution and pursuing a degree or certificate leading to the completion of a baccalaureate level program.
Borrowers must demonstrate satisfactory academic progress toward meeting degree or diploma requirements.
Borrowers’ parents, legal guardians, and spouses must demonstrate their own inability to pay and their willingness to contribute to the borrower’s educational expenses.
Income Eligibility Guidelines
University of Arizona Parent Plus Loan
Parents have always played a big role in helping their children achieve goals and reach milestones in life. By providing financial help, they ensure that a child will succeed and not fall behind in life. A parent loan can give parents the opportunity to provide financial assistance to their children while being able to pay back the money borrowed.
Student loans are a debt that students incur after completing a college or university education. It’s almost impossible to get a job without having some sort of student loan.
There are different types of student loans depending on what type of institution you attended. Private schools generally don’t offer student grants, and public institutions do not require parental contributions for tuition. However, private schools may ask you for a contribution towards the cost of books and supplies.
When applying for a parent loan at the University of Arizona, your eligibility factors include academic achievement and financial need. Your student status determines whether you qualify for federal student aid or not. Financial need is determined based on your expected family contribution (EFC). An EFC is calculated using income information provided by both parents and the applicant. If you meet the income requirements and need-based criteria, you should apply for a parent loan to cover your educational expenses.
The amount of money you borrow is dependent on how many years you plan to attend school. In general, a parent’s loan covers 12 months of schooling at most institutions. You might also find yourself borrowing money if you enroll in online courses. These types of programs are often offered through distance learning institutions, and you must complete them before earning a degree.
If you decide to take out a parent loan, make sure you understand all the terms and conditions, including repayment options, interest rate, lender fees, and penalties. You may want to obtain additional information about your loan by visiting the National Student Loan Data System website.
Repayment schedules vary according to your program. At universities, you are responsible for paying monthly installments until you graduate. Once you receive your diploma, you are no longer obligated to repay any remaining balance. If you drop out or fail to finish your program, you may still need to pay off the entire loan.
After graduation, you may need to start repaying your parent’s loan within ten years. However, if you already have a career lined up, you may be able to put off payments for several years.
Make sure you only accept payments from lenders who are members of the Consumer Finance Protection Bureau. These organizations ensure borrowers are treated fairly and they comply with legal regulations.
If your child decides to go back to school, he or she can use his or her parent’s loan as collateral for additional funding.
If you work full time and spend more than $50,000 per year on educational expenses, you can apply for a parent PLUS loan. You must submit a FAFSA application to determine eligibility.
If you choose to consolidate your student loans, you can reduce the total number of payments. Additionally, you won’t face any prepayment penalties. The higher your credit score, the lower your interest rates.
You can also add your high school student to your parent loan. Doing so means your child will begin making payments immediately upon graduating.
Before signing anything, read all documents carefully. Understand all the terms and agree to them before you sign anything. You may need to consult with a lawyer regarding any potential concerns.
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