UK Plus Loans
Plus loan has low interest rate for undergraduate students’ education. It is also called Federal Parent Loan for Undergraduate Students. Plus loan is taken by the parents on behalf of their children [students], and the loan is not granted on the basis of the borrower’s income and financial status. A parent can apply for this loan and can borrow up to 100% of the amount they think will be required for their child’s tuition, room and board, books, transportation and any other expenses. Plus loans are different from grants and scholarships, as they are not need-based.
Eligibility For UK Plus Loans:
To apply for a plus loan, you have to be a natural, step or adoptive parent of a student. For this loan, you have to pass a credit check. The student should be dependent upon the parent, and should be not more than 24 years of age, and should be unmarried.
Parents with a bad credit history can apply for a plus loan but s/he will require an endorser to qualify for the loan.
Interest Rates Of UK Plus Loans:
Plus loans have variable interest rates but will not exceed 9%. These loans are not secure loans. These loans can be paid in ten years time period. In case you make a repayment before time, no repayment penalty is asked for.
You can also apply online for these governments sponsored loans. Within 48 hours, a financial advisor will call you and discuss the loan with you, and advise you according to your requirement. Once you qualify for the loan by passing the credit check, a form will be mailed to you. You will only be required to fill the form and mail it back at the given address.
The money is directly paid to the school. The school will confirm the enrolment of the student and use that money according to the requirements of the student.