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Trying to decide between two schools; both have offered some loans and grants, and we are waiting on smaller local scholarships, which won't be awarded until later in the spring. DS was offered the sub and unsub loans, which he will take.
I'm looking at whether to apply for a PLUS loan to cover the remainder; how long does it take after you apply for a PLUS loan to find out if you are approved? And how do you know how much to apply for? One school's award letter specifically gave the max amount that we could apply for, but I don't think the other one did. And then if you do get some of the various scholarships, would that reduce the amount of your PLUS loan?
Or is a PLUS loan more like a line of credit in that you apply for the max amount, but then you can only use it if you need to?? You might be approved for $5 million but, after all is said and done, you really only need to use $3.5 million . . . that's a joke, but an example.