Federal Plus Loan

Applying for a Federal Parent Plus Loan.?

So I am going to a College in New Jersey and would like to know a little bit more about applying for a federal parent plus loan. Do I have to inform my school first? Or do I just apply for myself. I was told to go to the financial aid office for a form first. Is this true?

You need to do a fafsa at http://fafsa.ed.gov if you have not done so already. When you do, you need to list your college and indicate on the fafsa that your parents are interested in a parent PLUS loan. If you have already done your fafsa, then you simply need to go to your schools fin aid office and let them know your parents are willing to borrow for you (and make payments on THEIR loan) immediatly and they will tell you the next steps they need to take to take out this loan for you.

Word of advise, parent PLUS loans require your folks to start repaying on that loan immedialty, Also, if you are attending a school that is so expensive you need them to borrow for you, then they need to know they will be borrowing for you ALL FOUR YEARS and by the time you graduate will have 4 loans (with 4 payments) or you’ll end up a drop out. Be sure they know that… the amount you are able to borrow in stafford loans doesn’t go up that much every year.

What is a Federal Direct PLUS Loan?