{"id":22923,"date":"2022-03-19T21:40:29","date_gmt":"2022-03-19T20:40:29","guid":{"rendered":"http:\/\/the-bucketlist.de\/?p=22923"},"modified":"2022-03-19T22:05:14","modified_gmt":"2022-03-19T21:05:14","slug":"if-you-are-a-parent-of-an-undergraduate-student-23","status":"publish","type":"post","link":"http:\/\/the-bucketlist.de\/?p=22923","title":{"rendered":"If you are a parent of an undergraduate student, one option is to take out a federal Parent PLUS Loan"},"content":{"rendered":"<p><title>If you are a parent of an undergraduate student, one option is to take out a federal Parent PLUS Loan<\/title><\/p>\n<h4>Parent Student Loans<\/h4>\n<p><img src=\"https:\/\/lookaside.fbsbx.com\/lookaside\/crawler\/media\/?media_id=10158245278456864\" alt=\"bad credit personal loans banks\" width=\"450\" align=\"left\"><\/p>\n<p>Be aware though that PLUS Loans have the highest interest rate of all federal loans-as of 2020, the interest rate is 7.08%.<\/p>\n<p>If you have good credit and are a Wells Fargo customer and can take advantage of its customer loyalty discounts, you could qualify for a lower interest rate with a Wells Fargo parent student loan. You can borrow up to $25,000 per year. Take note that deferring your payments until after graduation isn&#8217;t an option with Wells Fargo as repayment begins immediately.<\/p>\n<h4>Private Student Loans for Career Training and Community Colleges<\/h4>\n<p>If you plan to attend a two-year school or a career training program rather than pursuing a bachelor&#8217;s degree, you may be eligible for a Wells Fargo loan for community colleges. With these loans, you can borrow up to $15,000 per year for a two-year public or private school, and $20,000 per year for a four-year proprietary school. These loans have a six-month grace period after you leave school.<\/p>\n<h2>Loan Eligibility<\/h2>\n<p><img src=\"https:\/\/biggiesboxers.com\/wp-content\/uploads\/bfi_thumb\/blackberry-keyone-n4x73oyoa38u582clnz3emlpywiaqhfzqh6rmv7ib4.jpg\" alt=\"personal loans in tennessee\" width=\"450\" align=\"left\"><\/p>\n<ul>\n<li>You must be enrolled as a student at an eligible school seeking a degree, certificate, or license.<\/li>\n<li>Students can qualify for loans if they are enrolled less than half-time.<\/li>\n<li>You must be a U.S. citizen or permanent resident, or be a permanent resident alien or a Deferred Action for Childhood Arrivals (DACA) individual with a current U.S.<!--more--> address. DACA applicants must show evidence of deferred action status.<\/li>\n<li>Applicants must meet income and credit score requirements. If you don&#8217;t meet those limits on your own, you may need a co-signer to qualify for a loan.<\/li>\n<\/ul>\n<h2>Is Loan Prequalification Available?<\/h2>\n<p>Wells Fargo does not offer loan prequalification <a href=\"https:\/\/worldpaydayloans.com\/\">$255 payday loans online<\/a>. To figure out if you&#8217;re eligible for a loan and what interest rate you&#8217;d receive, you must submit your application and go through a hard credit inquiry, which can impact your credit score.<\/p>\n<h2>Loan Fees<\/h2>\n<p>There is also no penalty if you choose to pay off your loan early, which is a smart way to save money on interest charges.<\/p>\n<h2>Loan Discounts<\/h2>\n<ul>\n<li>Automatic payment discount: When you sign up for automatic payments, Wells Fargo will lower your interest rate by 0.25%.<\/li>\n<li>Wells Fargo customer discount: If you are an existing Wells Fargo customer, you could qualify for an additional interest rate discount.<\/li>\n<li>Prior Wells Fargo student loan customers: 0.25%<\/li>\n<li>Wells Fargo consumer checking account customers: 0.25%<\/li>\n<li>Portfolio by Wells Fargo customers: 0.50%<\/li>\n<\/ul>\n<h2>Repayment Options<\/h2>\n<p>With most Wells Fargo student loans, you have a six-month grace period, which means you don&#8217;t have to start making payments on your loans until six months after you graduate or leave school. Interest will accrue on your loans while you&#8217;re in college, but you aren&#8217;t required to make payments during this time.<\/p>\n<h2>Rewards<\/h2>\n<p>When it comes to rewards and benefits, borrowers are likely to be disappointed; Wells Fargo doesn&#8217;t offer any extra perks. That&#8217;s in stark contrast to other lenders like SoFi, which offer robust benefits, such as referral bonuses, career counseling, and member events.<\/p>\n<h2>Are Co-Signers Required?<\/h2>\n<p>Wells Fargo doesn&#8217;t require applicants to have a co-signer. But if you don&#8217;t have excellent credit and steady income, you can improve your chances of qualifying for a loan and a competitive interest rate by adding a co-signer to your application. Plus, Wells Fargo allows borrowers to apply for co-signer releases after 24 months of on-time payments.<\/p>\n<h2>Forbearance and Loan Discharge Options<\/h2>\n<p>Wells Fargo does have support programs in place for borrowers experiencing financial hardships. If you can&#8217;t find a job, get laid off, or have an unplanned medical expense, you could qualify for short-term payment relief for up to two months if you&#8217;re up-to-date with your payments. Or, you may be eligible for Wells Fargo&#8217;s loan modification program, where your monthly payment is temporarily or even permanently reduced to make it more affordable for you. To discuss your options, call 1-800-658-3567.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are a parent of an undergraduate student, one option is to take out a federal Parent PLUS Loan Parent Student Loans Be aware though that PLUS Loans have the highest interest rate of all federal loans-as of 2020, the interest rate is 7.08%. If you have good credit and are a Wells Fargo [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=\/wp\/v2\/posts\/22923"}],"collection":[{"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22923"}],"version-history":[{"count":1,"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=\/wp\/v2\/posts\/22923\/revisions"}],"predecessor-version":[{"id":22924,"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=\/wp\/v2\/posts\/22923\/revisions\/22924"}],"wp:attachment":[{"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22923"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/the-bucketlist.de\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}