In this day and age of international business that knows no borders and foreign relations that demand at least a familiarity with foreign cultures, many students are seeking to expand their perspectives through studying abroad. No longer content with a singular understanding of the world, a large number of college graduates are rounding out their college experience by immersing themselves in a foreign learning experience.
The Federal PLUS Loan (Parent Loans for Undergraduate Students) is a little-known but wise method for covering the costs of study abroad programs, according to NextStudent, the Phoenix-based premier education funding company. The reason PLUS Loans are such a great choice for study abroad students is because it is available year-round, and just about everyone is eligible since it is not need-based. The major stipulation is that borrowers must have completed their FAFSA in order to qualify for a PLUS Loan.
Streamlined Application Process for PLUS Loans
Applying online for a NextStudent PLUS Loan is a simple, easy procedure. When parents contact NextStudent, they are assigned their own personal Education Finance Advisor who will guide them step-by-step through the student loan process, from start to finish. Borrowers usually know within minutes if they are qualified and may consolidate multiple PLUS Loans, even if they are from different students. In order to qualify for the Federal Student Loan Consolidation Program, all PLUS Loans must have been disbursed through one parent’s Social Security number. Since there is no grace period for Federal PLUS Loans, repayment begins after 60 days of loan disbursement.
Parents may apply for PLUS Loans even if they already have taken care of all other education expenses for the year, including tuition. As long as the study abroad program is sponsored by an accredited college in the United States, they may use PLUS loan funds for this purpose. The federal government funds these student loans, and NextStudent offers distinguishing benefits and incentives to parents.
Enticing Incentives for PLUS Loan Borrowers
In order to take advantage of significant savings, parents may opt for several benefits. If they choose to pay via Auto-Debit, they will receive an automatic .25 percent reduction in interest. Once they make 12 months of consecutive on-time payments, they will receive a 3 percent cash rebate on the remaining principal balance of their student loan. If they continue to keep their payments current, after 48 months of consecutive on-time payments, they will receive a 2 percent interest rate reduction.
PLUS Loans Makes It Possible
Whatever a student’s background, studying abroad can be the opportunity of a lifetime. Not the extended international vacation that many students perceive it to be, studying abroad can be a challenging endeavor that encompasses learning a foreign language, immersing oneself in a different culture and surviving in a foreign environment. Contrary to popular belief, funding the experience does not have to be from cash savings, but may be covered by the Federal PLUS Loan through NextStudent.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about student loans and student loan consolidation at http://www.nextstudent.com/.
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more at http://www.NextStudent.com.
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