What is plus credit counseling?

Do parents have to complete entrance counseling for PLUS loans?

In general, no, your parents do not have to complete entrance counseling for a Parent PLUS loan. … Your parent will log in using their Federal Student Aid ID.

Is loan exit counseling required?

Exit counseling is required for all federal student loan borrowers. Borrowers who received a subsidized, unsubsidized or PLUS loan under the direct loan program must complete exit counseling when they drop below half-time enrollment, leave school or graduate. … Understand your loan repayment terms and plan options.

What is financial aid entrance counseling?

Entrance counseling ensures you understand the terms and conditions of your loan and your rights and responsibilities. You’ll learn what a loan is, how interest works, your options for repayment, and how to avoid delinquency and default.

How often do you have to complete entrance counseling?

Once on file, entrance counseling has no expiration date and your MPN is valid for ten years as long as you are borrowing loans. You are not required to complete them annually, though you are able and certainly welcome to do so.

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Who do you contact if you have questions about repayment plans?

Contact the Department of Education’s (ED) Office of Federal Student Aid (FSA) if you have questions about your loans or payments.

Is a PLUS loan a federal loan?

Direct PLUS Loans are federal loans that graduate or professional students and parents of dependent undergraduate students can use to help pay for college or career school. PLUS loans can help pay for education expenses not covered by other financial aid.

How much is the maximum parent PLUS loan?

1. You can borrow as much as you need. Unlike other types of federal student loans, Parent PLUS Loans have virtually no limits when it comes to borrowing. You can borrow up to the cost of attendance minus any other financial aid received.

Can a federal Parent PLUS loan be forgiven?

How to get parent PLUS Public Service Loan Forgiveness. Public Service Loan Forgiveness is available to all federal student loan borrowers, including parent PLUS loan holders, who make 120 qualifying payments while working full time in a government position, or for an eligible nonprofit employers.

What happens if I don’t do exit counseling?

Exit counseling is required by federal law. What happens if you don’t complete it depends on your school. Typically, the Bursar’s office will put your transcripts and diploma on hold until you finish exit counseling. Generally, you’ll still be able to graduate.

When should I do exit counseling?

You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. You’ll learn about what your federal student loan payments will look like after school.

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What is the difference between delinquent and past due?

A student loan is considered delinquent when the borrower does not make a payment by the due date. Most lenders report delinquency to credit bureaus when the loan is 30 or more days past due. A serious delinquency occurs when the borrower is 90 or more days past due.