PLUS Loan application 1011 - the University of Maine at Fort Kent - umfk-2025

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Re: Parent PLUS loan approved? You should go to Studentloans.Gov to check the status. You are approved for Plus Loan for your kid. They do Hard Pull on Equifax. You should receive a notice from Equifax.
What Are Some Reasons to Avoid PLUS Loans? First, PLUS loans have no automatic grace period. Then theres the fact they arent eligible for most IDR plans. Then, borrowing too much is easy to do, and finally, theyre nearly impossible to get out of, even in bankruptcy.
Parent Plus loans have higher interest rates and fees, so theyre generally not a good idea. Plus, its your degree, not your parents, so you should be responsible for the costs. Stick with private loans and focus on manageable debt.
Parent PLUS loans can be a good alternative to private student loans because they offer more flexible repayment options. But Parent PLUS loans can be costlier than other options, and consequences are harsh for default, including the potential for wage and Social Security garnishment.
Drawbacks of the Parent PLUS Loan Discharge: Federal parent PLUS loans are rarely discharged for financial difficulties resulting from unemployment, age-related or other illnesses and injuries, or bankruptcy. Nontransferable: Parents cannot transfer the PLUS loan to their student to repay after they finish school.

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For most majors, a minimum cumulative GPA of at least 2.0 on a 4.0 scale is required. Students applying for the Nursing program must have a minimum cumulative GPA of at least 2.5 on a 4.0 scale.

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