Question for the Money Doctors
Question submitted on Dec 27, 2013.
QuestionI''m in college as well as my child. I need to apply for a parent plus loan for my child. will applying for that parent plus loan negatively affect me getting financial aid, federal & private student loans, & pell grants?
A Parent Plus loan is intended to subsidize college tuition beyond what is funded by other financial aid sources. Because the Parent Plus loan is granted based on your credit history, not financial need, it is unlikely that it will negatively affect your own financial aid eligibility.
Contact the school’s financial aid office for more specific help tailored to your situation. You may be able to include yourself as a student on your child’s FAFSA, thus increasing his/her eligibility for financial aid and reducing the amount of your Parent Plus loan.
For additional information visit http://www.360financialliteracy.org/