Financial Student Loan Advice?
I NEED HELP! I filled out financial aid for this school year and I didn’t quite know how it worked. I had a couple grants and I have a subsidized and an unsubsidized loan, but in my MPN (Mastery Promissory Note) it included in my tuition a PLUS loan. I didn’t read on about it, but I now know that it is a loan for my parents to take out. I really need that loan towards my U-Bill and for personal expenses, but I don’t want to ask my parents to have to take out a loan (as the economy is not good right now and I know that would be stressful). I personally will have to pay for my own college either way, but I don’t know if I should have them take a loan out or if I should go to a bank and do it, but either way I will have to have a co-signer.
I’m trying to make the best decisions here, but it’s really hard. I’m active at school and I’m trying to get good grades, so this financial pressure is a HUGE burden on me! Please let me know what you think!
Yes, the PLUS loan is one that your parents take out to help you pay for your education. You need to talk to them, ask them if they are willing to sign for the loan. If you do not want to ask them, or if they are unable then you would need to either get your own federally subsidized loan or a private loan. Take a look at the information from the Department of Education site: http://studentaid.ed.gov/students/attachments/siteresources/Loan_Programs_Fact_Sheet_04_2009.pdf
They have additional information available here: http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
