When should we consider Parent PLUS loans for FAFSA - timing confusion

You need to apply for the Parent PLUS loan once you've accepted the aid package. Don't wait too long though - when my son went to college last year, the process took about 3 weeks to get approved and disbursed. You'll need to go to studentaid.gov, log in with YOUR FSA ID (not your student's), and complete the application and master promissory note. Just be aware they'll do a credit check, and if you have adverse credit history you might get denied.

we did parent plus last yr & honestly wish we didnt. the interest rate is CRAZY high like 8.05% right now!! see if ur daughters school has a payment plan option instead, thats what were switching to this yr

The Parent PLUS loan application can be submitted anytime after the FAFSA is processed and your daughter receives her financial aid award letter. There's no need to officially accept the other aid first, though most families do. The application process is quite straightforward: 1. Parent logs into studentaid.gov with their FSA ID 2. Complete credit application (takes about 20 minutes) 3. Complete Master Promissory Note if approved 4. School will be notified automatically of approval Most schools require the PLUS loan to be approved before finalizing the student's bill. I recommend applying at least 30-45 days before tuition is due to allow for processing time, especially if it's your first time applying. The credit check is valid for 180 days, so there's no disadvantage to applying early.

have u looked into private loans?? my daughter got a wayyy better rate through sallie mae than the parent plus loan. just sayin might be worth checking

DONT DO IT!!!! Parent PLUS loans are a TRAP!!! We're $78,000 in debt for our son's education and he's only a junior!!! The government WANTS you to take these loans because they make SO MUCH MONEY off the interest. Look into community college for 2 years then transfer or ANY other option. Your retirement savings is WAY more important than putting your kid in their "dream school"!!! TRUST ME!!!

I was in this exact situation 2 months ago and was struggling to get through to anyone at FSA about my PLUS loan questions. Spent hours on hold and kept getting disconnected. Someone on this forum recommended Claimyr (claimyr.com) and it was a gamechanger. They actually connect you to a real person at Federal Student Aid without the wait. Totally worth checking out their video demo: https://youtu.be/TbC8dZQWYNQ. The agent I talked to explained all the PLUS loan deadlines and helped me understand how it would affect my daughter's overall package.

Something no one has mentioned yet - if you're planning to apply for Parent PLUS loans, make sure you understand how they affect your student's overall financial aid package. Sometimes schools will reduce institutional aid when they see PLUS loan approval, effectively making you cover more of the cost. To directly answer your timeline question: you can apply for the PLUS loan as soon as you receive the financial aid award letter. You don't need to accept the other components first, but you do need to have a completed FAFSA on file. Most families apply 1-2 months before tuition payments are due. I always recommend families contact their school's financial aid office directly to understand their specific PLUS loan timeline requirements, as they can vary slightly by institution.

when my son went to NYU we got parent plus loan and its been fine for us. we just add it to our monthly bills. yeah the interest is high but what else can u do right? kids education comes first. btw if ur income isnt super high also check if ur eligible for that Pell Grant thing too we got like $3800 from that

Thanks everyone for all the helpful advice! I just got off the phone with the financial aid office, and they actually recommended we start the Parent PLUS application process now, rather than waiting. They said we can submit the application even before officially accepting the aid package, which gives me some peace of mind about the timing. They also mentioned they have an institutional payment plan that might help us reduce the loan amount we need to take out. Going to look into both options this week and weigh the pros and cons.

Great to hear you got some clarity from the school's financial aid office! That's always the best first step. Just wanted to add that when you're comparing the Parent PLUS loan vs. the institutional payment plan, make sure to factor in your family's cash flow situation too. The payment plan might save you on interest, but it also means larger monthly payments during the school year. Some families find it easier to spread the payments over the longer loan term, even with the higher interest cost. Also, if you do go with the Parent PLUS loan, remember that you can always make extra payments toward the principal to reduce the total interest paid over time. Whatever you decide, sounds like you're being really thoughtful about weighing all your options!