| Type
Program |
Program
Information |
Annual
Limits |
Requirements |
Federal
PLUS Loan
see
PLUS program
apply
now
or dial
1-800-320-1830
|
Federal
loan program available to parents of dependent
undergraduates only.
Loan funds will be sent to the school. The loan
will be disbursed in at least two installments;
no installment will be greater than half the loan
amount.
The funds will first be applied to pay tuition,
fees, room and board, and other school charges.
Any remaining funds must be used for paying education-related
expenses. |
The
annual limit is equal to the total cost of attendance
minus any financial aid received. |
Parent
must file the FAFSA form.
see
FAFSA links
Parent must pass a credit check to qualify or
have a relative or friend who can pass the credit
check co-sign the promissory note.
Loan restricted to education-related expenses
only.
Loan restricted for dependent undergraduate students
only.
Student must be enrolled at least half-time in
a degree or certificate program at an approved
school. |
| State
Agencies link
to your individual state for information |
Individual
states offer financial aid programs for state
residents and in some cases out-of-state residents
attending in-state schools.
Financial aid may include grants, scholarships,
financial aid assistance, and some loan programs.
|
Financial
assistance may vary by state.
|
Financial
aid qualifications can vary by individual state.
|
| Home
Equity Line of Credit see
alternative aid
apply
now |
Private
loan program where the lender opens a credit line
on your behalf, which credit line is secured by
the equity value of your home.
You will use equity line checks or online transfer
capabilities to pay for education or other expenses.
The line of credit can be used at any time and
for any expense up to your approved credit line
balance. |
No
annual limit restrictions.
Your amount is subject to your approved equity
line balance. |
You
must have equity value in your home.
Calculate
your equity value.
You must meet the lenders credit criteria and
credit check.
There is no limitation or restrictions on the
use of the funds. |
| Home
Equity Loan see
alternative aid
apply
now
|
Private
loan program where the lender extends a loan amount
secured by the equity value of your home.
This is a fixed loan amount with no draw capabilities.
The loan can be used to pay any expense up to
the available loan amount. |
No
annual award limit restrictions.
Your amount is subject to your approved equity
loan balance. |
Same
as the home equity line of credit.
You must estimate your total education costs
since you will be taking out an one-time loan. |
|
Private Education Loans
see
Private Loans
apply
now
or dial
1-866-230-4578
|
Available
to undergraduate and graduate students.
The student will submit the application as the
borrower. The parent will become the co-borrower
to the application if the student is unable to
meet the credit guidelines.
The loan can be used for education-related expenses,
including the purchase of a personal computer.
|
Borrow
from $1,500 to $30,000 annually. |
You
must have a satisfactory credit history.
Learn
about sustaining and repairing your credit history
at our affiliated site
You must meet the credit guidelines of employment
and residency.
Student must be enrolled at least half-time in
a degree or certificate program at an approved
school. |
| State529
Plans see
alternative aid
|
Qualified
investment plans that can be used to pay education
expenses. Contributions are after-tax, but earnings
in the fund are tax exempt.
Funds are available to any named beneficiary.
The beneficiary can be the contributor.
Two types of plans:
(view
our State529 Center)
- Prepaid College Tuition Plans
- College Savings Plan
|
Limitations
subject to the available amount in the plan. |
Plan
must be setup in the name of the beneficiary.
Withdrawals are tax-exempt if the funds are used
to pay for education-related expenses.
Penalties may apply for payment of non-education
expenses.
View
plans |
| Education
IRAs see
alternative aid |
IRA
plans that can be setup for education. Contributions
are after-tax, but earnings in the fund are tax
exempt.
The IRA can be used to pay for higher education
and K-12 education expenses.
|
Limitations
subject to the available amount in the plan. |
Distributions
from the fund must be for education-related expenses.
Distributions are tax-exempt unless used for
non-education related expenses.
A beneficiary must be named to the account. |
IRA
Plans
More information from the IRS:
http://www.irs.gov
|
You
can make withdrawals from your IRAs for qualified
higher education expenses without having to pay
the 10% penalty tax. |
Limitations
subject to the available amount in the plan. |
You
will owe income tax on at the amount withdrawn from
the plan. |
chart
for: 
Financing
Notes
