These loans are government-sponsored and have a variable interest rate that is capped at 9 percent. Families must pass a credit check to qualify for a PLUS loan. Monthly payments begin within 60 days of the loan disbursement. When choosing a private lender, the most important things to look for are cost and customer service. Seek out the advice of the university's financial aid department.
Most schools have a list of preferred lenders.
Plus, there's origination fees. The whole financial aid process can get a bit overwhelming. It's natural to have concerns and questions. Be sure to speak up. If you don't ask, your family could lose out on aid.