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Parents with a good credit history can help their child through college with the federal Parent PLUS Loan. This is a loan that allows parents or legal guardians of an eligible student to borrow their child's remaining cost of attendance minus any other financial aid.
This loan is credit-based and requires a credit check. The federal Parent PLUS loan can't be transferred to the student after graduation. It's a loan designed specifically for parents or guardians and must remain in their name. This is a viable option for those with a good credit history when they have maximized their need-based financial aid but can't afford to pay the remaining cost of college on their own.
|Jennifer Mathes, Ph.D.|