Can we apply for both Parent PLUS loans and private loans for TCNJ tuition?

Yes, you can absolutely apply for both Parent PLUS loans and private loans simultaneously. There's no rule against using both funding sources for the same academic year. However, I would recommend waiting until you receive the final aid package from TCNJ before applying for either loan. The package will show exactly how much you need to cover, and you might qualify for institutional grants or scholarships that reduce your borrowing need. If you do decide to use both loan types, apply for the Parent PLUS loan first. Federal loans generally have better protections (income-driven repayment options, potential forgiveness programs, etc.) than private loans. Then use private loans to fill any remaining gaps.

congrats on TCNJ! my son goes there!! we did exactly this last yr. got parent plus for about 60% of what we needed and then shopped around for private loan with best rate for the rest. just make sure u don't borrow more than the cost of attendance minus any other aid or they'll reduce something.

I worked in financial aid for 8 years, and I always recommend maximizing federal loan options before turning to private loans. The Parent PLUS loan has a fixed interest rate (currently 6.28% for the 2024-2025 academic year) and offers more flexible repayment options than private loans. That said, you absolutely can use both in the same academic year, but there are a few things to consider: 1) The total amount of ALL aid (including loans) cannot exceed TCNJ's official Cost of Attendance (COA) 2) Parent PLUS loans do require a credit check, though the standards are less stringent than private loans 3) The origination fee on Parent PLUS loans (around 4.228%) means you get less than the amount you're borrowing 4) Private loan interest rates and terms vary widely based on your credit score My recommendation: Accept any subsidized/unsubsidized direct loans in your daughter's name first, then Parent PLUS up to what you're comfortable with, and only then turn to private loans for any remaining gap.

Just wanted to share my experience - we tried applying for Parent PLUS for my son at Rutgers (another NJ school) and got denied because of some old credit issues. It was super stressful because we found out late in the process. If you have ANY concerns about your credit, I'd suggest applying for the PLUS loan ASAP to see if you're approved before counting on it. If you get denied, your daughter becomes eligible for additional unsubsidized loans in her name, which might actually be better in some ways. We ended up doing a combo of the additional unsubsidized loans plus a smaller private loan with me as cosigner.

I've had to call Federal Student Aid like 5 times during my daughter's college process and was getting NOWHERE with wait times over 2 hours each time I called. I found this service called Claimyr (claimyr.com) that got me connected to a live agent in under 15 minutes! Saved me so much time and frustration. They have a video showing how it works: https://youtu.be/TbC8dZQWYNQ Might be worth trying if you need to talk to someone at FSA about loan options. They were able to explain exactly how the Parent PLUS application process works and what to expect.

listen be CAREFUL about taking out too many loans!!! we did parent plus loans for my oldest and now we're DROWNING in debt. my advice is wait for the aid package and then see what institutional scholarships TCNJ offers. my niece goes there and got a merit scholarship that covered like 30% of tuition after her first semester because of her GPA. also look into payment plans!!! most schools let you pay monthly instead of all at once and sometimes that's better than more debt.

One thing to consider that hasn't been mentioned yet: timing of disbursements. Federal Parent PLUS loans typically disburse directly to the school at the beginning of each semester. Private loans may have different disbursement schedules depending on the lender. Make sure you understand when the funds will be available to cover your costs, especially for things like the housing deposit which might be due before loans disburse.

Has anyone actually calculated whether parent plus loans are better than private? My daughter's at Rowan and we got a 4.1% private loan rate compared to the parent plus rate of over 6%! Plus we avoided that ridiculous origination fee that parent plus charges. Just saying don't automatically assume federal is better without comparing actual numbers...